This transaction marks Barings’ first private infrastructure investment in the Kingdom of Saudi Arabia, demonstrating the firm’s growing commitment to supporting essential infrastructure across the region.

The financing will support ACWA Power’s desalination facility, Rabigh 3, as part of its continued expansion of critical energy and water assets across key growth markets. Barings’ involvement underscores its commitment to backing high‑quality infrastructure projects that deliver long‑term, sustainable value.

“ACWA Power plays a pivotal role in the development and operation of essential infrastructure in Saudi Arabia,” said Richard Parker, Head of Barings' EMEA 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.”

Barings has deployed approximately $25 billion across nearly 500 global infrastructure debt transactions since 2014.The platform is supported by dedicated investment professionals located around the globe, ensuring deep sector knowledge and local market expertise.

About Barings
Barings is a $470+ billion* global asset management firm that partners with institutional, insurance, and intermediary clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual, seeks to deliver excess returns by leveraging its global scale and capabilities across public and private markets in fixed income, real assets and capital solutions. Learn more at Barings.com.

*As of September 30, 2025

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