– KKR Partners with ACWA Power on Landmark Rabigh 3 Desalination Financing, Marking First Investment in Saudi Arabia
– KKR announced a strategic financing transaction with ACWA Power, the world’s largest private water desalination company and a leader in energy transition and green hydrogen.
– This marks KKR’s first investment in Saudi Arabia, highlighting its growing Middle East presence and commitment to Vision 2030 by supporting critical national infrastructure.
– KKR will act as the anchor lender for the long-duration financing of the Rabigh 3 desalination facility, a key asset supplying a significant portion of water to the Makkah region.
– The transaction combines ACWA Power’s operational expertise with KKR’s global capabilities in structuring long-dated, investment-grade private credit solutions.
– The Rabigh 3 project aligns with KKR’s focus on efficient, sustainable utility and energy solutions and supports Saudi Arabia’s goals for water security and infrastructure modernization.
– Water desalination is a core priority under Vision 2030, with scalable and cost-effective technologies critical for a growing population.
– ACWA Power is the majority owner of Rabigh 3, providing 25% of Saudi Arabia’s desalinated water capacity and operating over 110 assets in 15 countries.
– ACWA Power has been a central partner in the Kingdom’s infrastructure and energy strategy for over 20 years.
– Abdulhameed AlMuhaidib, Chief Financial Officer of ACWA Power, said: “Rabigh 3 IWP is a cornerstone asset for water security in the Kingdom, and the strong participation from international investors reflects its quality, reliability, and long-term value. This transaction demonstrates ACWA Power’s commitment to responsible finance, sustainable water infrastructure, and long-term environmental stewardship.”
– Julian Barratt-Due, Managing Director and Head of Middle East Investing at KKR, said: “This transaction marks an important milestone as KKR’s first investment and private credit transaction in the Kingdom. ACWA Power is a best-in-class operator and a respected national champion, and we are proud to support one of Saudi Arabia’s most critical utility assets. We look forward to expanding our engagement and supporting the Kingdom’s transformation.”
– KKR’s regional activity includes investments in Gulf Data Hub, ADNOC Gas Pipelines, ART Fertility Clinics, and Premialab over the past year.
