Covington Recognized at IJInvestor Awards 2024

LONDON—IJInvestor Awards recognised Covington for the firm’s role advising ACWA Power in connection with the refinancing of Al Dur 2, a desalination plant in Bahrain. The transaction was named Refinance of the Year, Middle East.

The 1,5GW project uses sea water reverse osmosis (SWRO) technology to produce 227,000 cubic metres per day of desalinated water alongside a CCGT power plant to generate energy.

ACWA Power acted as the sole financial advisor to the Al Dur Phase II IWPP project company. A consortium of lenders participated in financing the project, including institutions such as Ahli United Bank, Apicorp, Al Rajhi Bank, Arab National Bank, Banque Saudi Fransi, Gulf International Bank, KfW Ipex-Bank, National Bank of Bahrain, Riyad Bank, and Standard Chartered Bank.

The Covington team was led by Agnieszka Klich and Ursula Owczarkowski.

The IJInvestor Awards recognise achievements in the infrastructure and energy M&A space and celebrates infra fund successes.