LONDON—Covington’s Project Development and Finance practice has been recognized at the PFI Awards 2024 for the team’s work on three groundbreaking transactions around the world.
Taiba-2 and Qassim-2, combined cycle gas turbine (CCGT) plants in Saudi Arabia developed by Saudi Power Procurement Company (SPPC), have been named Power Deal of the Year. Covington advised a sponsor consortium led by Aljomaih Energy & Water Company (JENWA) on the development and financing of the two plants.
Each of the plants is a greenfield gas fired combined cycle gas turbine power plant with a total net capacity of 1,980 MW, designed to accommodate future installation of carbon capture technology.
The Covington team was led by Agnieszka Klich and included Richard Oliver and Karolina Reiter with support from Georgia Ling.
The Hassyan Independent Water Project (IWP), the world’s largest renewable energy-powered reverse osmosis seawater desalination plant located in the UAE, has been named Deal of the Year (Middle East & Africa). Covington advised Saudi Arabia’s ACWA Power in connection with the financing of the project.
Almost $1 billion of debt and equity funding will be used to finance the solar powered 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.
The Covington team was led by Agnieszka Klich and included Rhulani Nkomo, Jecolia Horn, Samya Idi, Azumah Cofie, Nitin Banerjee and Georgia Ling.
The Mayakan and Cuxtal Pipeline located in the Yucatan Peninsula in Mexico has been named Gas Deal of the Year (Americas). Covington advised Energía Mayakan S. de R.L. de C.V., a subsidiary of ENGIE Mexico, on the financing of the natural gas pipeline.
The construction of nearly 700 km of pipeline and related infrastructure makes the project one of the most important greenfield energy projects in Mexico in recent years.
This project aims to ensure the supply of natural gas needed for energy generation in the Yucatan Peninsula in the coming years and to drive economic development and potentially reduce electricity generation costs, which could positively impact the electricity bills of millions of users. The pipeline expansion will vastly increase capacity in a region that faces energy deficits.
The Covington team was led by Agnieszka Klich and included Julie Scotto and Christoph Schulz.
PFI is a leading publication for global energy and infrastructure finance news, data and analysis.
Back
