ACWA Power, announces that it has completed the refinancing of the Rabigh 3 Independent Water Project (IWP).
The transaction is an important milestone for Saudi Arabia’s infrastructure and capital markets, and demonstrates strong international investor appetite for high-quality, investment-grade projects across the Kingdom.
The refinancing was executed through an innovative structure, capital-markets-led approach, anchored by the issuance of a long-term senior secured project bond that achieved a high investment-grade credit rating from one of the top global rating agencies. The rating reflects Rabigh 3 IWP’s strong contractual framework, stable and predictable cash flows, robust operational performance, and ACWA Power’s proven track record as sponsor, developer, and operator of essential infrastructure assets.
The new transaction replaces the project’s previous debt facility with a diversified financing structure that broadens the investor base and enhances long-term funding resilience. It also highlights ACWA Power’s ability to structure complex financings that meet the requirements of global institutional investors while aligning with international sustainability standards.
Rabigh 3, Saudi Arabia’s 600,000 m³/day seawater reverse osmosis desalination plant serving the Makkah region has delivered strong performance, with availability levels exceeding 99%, reinforcing its importance to national water security. The refinancing was anchored by KKR as the largest lender and joined by other leading global investors including Barings, Hong Kong Mortgage Corporation, Clifford Capital, Sumitomo Mitsui Trust Bank, and SBI Shinsei Bank, with regional support from Riyadh Bank and Abu Dhabi Commercial Bank (ADCB).
The refinancing represents ACWA Power’s first alignment with IFC Blue Finance Guidelines, reinforcing the plant’s strong operational performance while supporting Saudi Arabia’s Vision 2030 infrastructure goals.
