KKR Inks Private Credit Deal With Utility Giant Acwa, Marking Saudi Debut

KKR & Co. is providing private credit financing to a desalination plant in Saudi Arabia, marking the alternatives giant’s first foray into the kingdom and highlighting the region’s growing appeal to global investors.

The buyout firm will come in as an anchor lender in a long-term financing deal for a desalination facility majority owned by Acwa Power Co. The Saudi utility, backed by the Public Investment Fund and listed in the kingdom, is largely responsible for delivering water to the Mecca region, home to the Islamic world’s holiest city.