Saudi Arabia's Acwa Power Secures Water Project Financing Deal with KKR

06:58 AM EST, 12/22/2025 (MT Newswires) -- Acwa Power (SASE:2082) completed the refinancing of the Rabigh 3 Independent Water Project in Saudi Arabia, with investment company KKR & Co. serving as the anchor lender in the long-term financing deal. The new transaction, which marks KKR's maiden investment in the Middle Eastern country, replaces the previous debt facility of the project, the two companies said in separate Monday releases. Rabigh 3 is a desalination facility using seawater reverse osmosis, with a capacity of 600,000 cubic meters per day. It primarily serves Saudi Arabia's Makkah region. The refinancing also represents the water desalination company's first alignment with the International Finance Corp.'s Blue Finance Guidelines, which support investments in projects that contribute to the preservation of ocean and coastal areas, as well as clean water resources. "This transaction demonstrates ACWA Power's commitment to responsible finance, sustainable water infrastructure, and long-term environmental stewardship," Acwa Chief Financial Officer Abdulhameed Al Muhaidib said, highlighting the project as a "cornerstone asset" for the country's water security. "We're very proud to issue our first ever blue bond that attracts new international investors to our Saudi fleet." Furthermore, the facility is part of the country's wider Vision 2030 strategy aimed at diversifying the local economy, along with plans to bolster the country's water security over the long term and modernize key infrastructure. "Our investment reflects KKR's broader ambition to scale our presence across the Kingdom, deepen partnerships with leading corporates, and deploy capital behind essential infrastructure that contributes to long-term, sustainable growth," said Julian Barratt-Due, managing director and head of Middle East Investing at KKR. Other investors that participated in the financing deal include Barings, Hong Kong Mortgage Corp., Clifford Capital, Sumitomo Mitsui Trust Bank, SBI Shinsei Bank, Riyadh Bank and Abu Dhabi Commercial Bank. As of early Monday afternoon, Acwa Power shares were trading marginally lower on the Saudi bourse.