Covington Advises ACWA Power as Sponsor in Hassyan Water Desalination Plant Financing

Covington Advises ACWA Power as Sponsor in Hassyan Water Desalination Plant Financing

May 28, 2024

LONDON– Covington advised Saudi Arabia’s ACWA Power in connection with the financing of the Hassyan independent water project (IWP), the world’s largest renewable energy-powered reverse osmosis seawater desalination plant. The financial closing follows the October 2023 signing of a 32.5-year water purchase agreement with Dubai Electricity and Water Authority (DEWA) and ACWA Power for the first phase of the project.

Almost $1 billion of debt and equity funding will be used to finance the solar powered independent seawater reverse osmosis desalination plant, the seawater intake and outfall facilities, the potable water storage tank, and all associated facilities and infrastructure. The Hassyan IWP will have an aggregate capacity of 180 million imperial gallons per day.

ACWA Power is a developer, investor and operator of power generation and desalinated water plants with 82 assets in operation, construction or advanced development across 13 countries. Its portfolio, with an investment value of $85.7 billion, can generate 55.1 GW of power and produce 8 million m3/day of desalinated water.

The Covington team was led by Agnieszka Klich and included Rhulani Nkomo, Jecolia Horn, Samya Idi, and Azumah Cofie.