Barings has completed its first private infrastructure debt deal in Saudi Arabia, providing a financing package to ACWA Power a water desalination company.
The $470bn (£348.8bn) investment manager has agreed the package to support ACWA Power’s desalination facility Rabigh 3.
Barings said the transaction underlines its growing commitment to essential infrastructure across the Gulf. The firm has also recently launched a $500m global real estate debt partnership with Abu Dhabi’s Mubadala Investment Company.
The deal highlights rising appetite for private credit in Saudi Arabia amid a broader expansion by global asset managers in the region. KKR completed its own private credit transaction in the Kingdom in December 2025, also investing in ACWA Power.
Elsewhere, Arrow Global has entered into a strategic partnership with InvestGB, the investment arm of Gulf Bank, while Ares completed a $100m NAV facility with Dubai-based family office Patrimium Asset Management.
“ACWA Power plays a pivotal role in the development and operation of essential infrastructure in Saudi Arabia,” said Richard Parker, head of Barings’ Europe, the Middle East and Africa infrastructure group. “We are pleased to partner with ACWA Power and other lenders on this important transaction, further strengthening our position in the global infrastructure debt market and executing on our strategy to deepen our presence in the Kingdom, where we see a very strong pipeline.”
The transaction follows Barings’ launch last week of its first infrastructure collateralised loan obligation vehicle, which raised $508m.
