KKR & Co. Inc.
12/22/2025 | Press release | Distributed by Public on 12/22/2025 01:11
December 22, 2025 | KKR and ACWA Power Announce Strategic Infrastructure Financing in Saudi Arabia
KKR's first investment in the Kingdom supporting vital national infrastructure
Riyadh, Saudi Arabia, 22 December 2025 -KKR, a leading global investment firm, today announced a strategic financing transaction with ACWA Power, the world's largest private water desalination company, a leader in energy transition and a first mover in green hydrogen. The transaction marks KKR's first investment in the Kingdom of Saudi Arabia, underscoring the firm's growing momentum across the Middle East and its long-term commitment to partnering with national champions to support critical infrastructure across the Kingdom in support of Vision 2030.
As part of the transaction, KKR will serve as the anchor lender in a long-duration financing solution for the Rabigh 3 desalination facility, a mission-critical asset providing a substantial share of water to the Makkah region. The transaction brings together ACWA Power's industry-leading operational expertise with KKR's global capabilities in structuring and delivering long-dated, investment-grade private credit solutions.
The Rabigh 3 transaction aligns with KKR's thematic focus on efficient and sustainable utility and energy solutions, and supports Saudi Arabia's agenda to enhance long-term water security and modernize essential infrastructure. Water desalination remains a core national priority under Vision 2030, with scalable and cost-effective technologies playing a critical role to meet the needs of a growing population.
The project is majority-owned by ACWA Power, which provides a quarter of the Kingdom's desalinated water capacity and operates over 110 assets across 15 countries. ACWA Power, a Saudi-listed company, has been a central partner to the Kingdom's infrastructure and energy strategy for more than two decades.
Abdulhameed Al Muhaidib, Chief Financial Officer of ACWA Power, also commented: "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. We're very proud to issue our first ever blue bond that attracts new international investors to our Saudi fleet."
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. 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. We look forward to expanding our engagement and supporting the Kingdom's transformation."
The investment builds on KKR's long-standing commitment to Saudi Arabia, where it has maintained a local presence since 2014, and reflects the firm's conviction in the Kingdom's long-term economic growth agenda supported by ongoing regulatory reforms that encourage long-term foreign capital. It also follows a year of significant deployment across the Middle East, including investments in Gulf Data Hub, ADNOC Gas Pipelines, ART Fertility Clinics and Premialab. Momentum has been supported by the continued expansion of KKR's regional footprint, including the relocation of its Saudi office to King Abdullah Financial District (KAFD) and the opening of a new office in Abu Dhabi, complementing the firm's long-standing presence in Dubai.
The transaction is being funded by capital accounts advised by KKR.
About ACWA Power
ACWA Power (TADAWUL:2082) is a Saudi-listed company and the world's largest private water desalination company, the first mover into green hydrogen, and a leader in the global energy transition. Registered and established in 2004 in Riyadh, Saudi Arabia, ACWA Power employs over 4,000 people and is currently present in 15 countries in the Middle East, Africa, Central Asia, and Southeast Asia. ACWA Power's portfolio comprises 110 projects in operation, advanced development, or under construction with an investment value of SAR 431 billion (USD 115 billion) and the capacity to generate 93 GW of power (of which 52GW is renewables) and manage 9.3 million m3/day of desalinated water. This energy and water are delivered on a bulk basis to address the needs of state utilities and industries on long-term, off-taker contracts under utility services outsourcing and public-private partnership models.
Learn more: www.acwapower.com
ACWA Power Media contacts:
Halah Mohsen
Director - Media Affairs & External Comms
[email protected]
[email protected]
About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR's website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group's website at www.globalatlantic.com.
For media queries, please contact:
KKR
Annabel Arthur, KKR
[email protected]
Riyadh, Saudi Arabia, 22 December 2025 -KKR, a leading global investment firm, today announced a strategic financing transaction with ACWA Power, the world's largest private water desalination company, a leader in energy transition and a first mover in green hydrogen. The transaction marks KKR's first investment in the Kingdom of Saudi Arabia, underscoring the firm's growing momentum across the Middle East and its long-term commitment to partnering with national champions to support critical infrastructure across the Kingdom in support of Vision 2030.
As part of the transaction, KKR will serve as the anchor lender in a long-duration financing solution for the Rabigh 3 desalination facility, a mission-critical asset providing a substantial share of water to the Makkah region. The transaction brings together ACWA Power's industry-leading operational expertise with KKR's global capabilities in structuring and delivering long-dated, investment-grade private credit solutions.
The Rabigh 3 transaction aligns with KKR's thematic focus on efficient and sustainable utility and energy solutions, and supports Saudi Arabia's agenda to enhance long-term water security and modernize essential infrastructure. Water desalination remains a core national priority under Vision 2030, with scalable and cost-effective technologies playing a critical role to meet the needs of a growing population.
The project is majority-owned by ACWA Power, which provides a quarter of the Kingdom's desalinated water capacity and operates over 110 assets across 15 countries. ACWA Power, a Saudi-listed company, has been a central partner to the Kingdom's infrastructure and energy strategy for more than two decades.
Abdulhameed Al Muhaidib, Chief Financial Officer of ACWA Power, also commented: "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. We're very proud to issue our first ever blue bond that attracts new international investors to our Saudi fleet."
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. 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. We look forward to expanding our engagement and supporting the Kingdom's transformation."
The investment builds on KKR's long-standing commitment to Saudi Arabia, where it has maintained a local presence since 2014, and reflects the firm's conviction in the Kingdom's long-term economic growth agenda supported by ongoing regulatory reforms that encourage long-term foreign capital. It also follows a year of significant deployment across the Middle East, including investments in Gulf Data Hub, ADNOC Gas Pipelines, ART Fertility Clinics and Premialab. Momentum has been supported by the continued expansion of KKR's regional footprint, including the relocation of its Saudi office to King Abdullah Financial District (KAFD) and the opening of a new office in Abu Dhabi, complementing the firm's long-standing presence in Dubai.
The transaction is being funded by capital accounts advised by KKR.
About ACWA Power
ACWA Power (TADAWUL:2082) is a Saudi-listed company and the world's largest private water desalination company, the first mover into green hydrogen, and a leader in the global energy transition. Registered and established in 2004 in Riyadh, Saudi Arabia, ACWA Power employs over 4,000 people and is currently present in 15 countries in the Middle East, Africa, Central Asia, and Southeast Asia. ACWA Power's portfolio comprises 110 projects in operation, advanced development, or under construction with an investment value of SAR 431 billion (USD 115 billion) and the capacity to generate 93 GW of power (of which 52GW is renewables) and manage 9.3 million m3/day of desalinated water. This energy and water are delivered on a bulk basis to address the needs of state utilities and industries on long-term, off-taker contracts under utility services outsourcing and public-private partnership models.
Learn more: www.acwapower.com
ACWA Power Media contacts:
Halah Mohsen
Director - Media Affairs & External Comms
[email protected]
[email protected]
About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR's website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group's website at www.globalatlantic.com.
For media queries, please contact:
KKR
Annabel Arthur, KKR
[email protected]
KKR & Co. Inc. published this content on December 22, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on December 22, 2025 at 07:12 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]