Barings, the MassMutual-owned global investment manager, has structured a strategic infrastructure financing package with ACWA Power, marking the firm’s first private infrastructure investment in the Kingdom of Saudi Arabia. The financing supports Rabigh 3, ACWA Power’s large-scale desalination facility, a cornerstone asset in the country’s water security and a key part of its broader expansion of energy and water infrastructure across high‑growth markets.  

“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.”  

The transaction comes as Barings steps up its infrastructure activity globally. Earlier this month, the firm launched Barings Infrastructure CLO Ltd. 2025‑I, its first infrastructure CLO, a $508 million vehicle that packages diversified infrastructure loans for institutional investors.  

Since 2014, Barings has deployed approximately $25 billion across nearly 500 global infrastructure debt transactions.