Covington closes USD12 billion JV for ACWA Power and Air Products

ACWA Power, Aramco, Air Products, and Air Products Qudra announced completion of the asset acquisition and financial close of project financing for the USD12 billion air separation unit, gasification, and power joint venture in Jazan Economic City, Saudi Arabia. Covington advised the joint venture on the transaction. The joint venture was formed in 2018 to enhance the overall value of Jazan refinery and integrated gasification and power plant. The Covington team was led by Agnieszka Klich and included Robin Mizrahi, Gregor Frizzell, Richard Oliver, Florence Cock, Jecolia Horn, and Karolina Reiter.