As per the terms of the deal signed in December 2017, Actis purchased InterGen’s Mexico portfolio including six combined-cycle gas turbine projects with a total generation capacity of 2,200MW and 155MW wind project with partner IEnova.

With the completion of the deal, which is said to be Actis’ largest acquisition till date, the Mexico-focused platform will be rebranded as Saavi Energia.

Additionally, InterGen owns and operates three gas compression stations and one 65km gas pipeline in Mexico.

Actis energy business partner Michael Harrington said: “We are delighted to invest behind the successful business that InterGen has created and continue to build it into a leading platform in the region. This is an important building block that underpins Actis’ focused strategy of creating scalable energy businesses in key growth markets.”

The deal marks Actis’ third investment in Mexico. The firm has earlier launched Mexican renewables platform, Zuma Energ√≠a and also established Atlas Renewable Energy, a pan-regional renewables platform with presence in Mexico, Brazil, Chile and Uruguay.

InterGen CEO Tim Menzie said: “The strategic divestment of our Mexico region allows InterGen to realize value from our portfolio and strengthens our balance sheet. The proceeds will afford us financial flexibility as we execute our long-term strategy to grow our portfolio and deliver value to our shareholders.”

InterGen is jointly owned by the Ontario Teachers’ Pension Plan and China Huaneng Group/Guangdong Yudean Group.

BofA Merrill Lynch and Barclays Capital acted as exclusive financial advisors to InterGen, while Scotia Capital served as exclusive financial advisor to Actis in the transaction.

Recently, Actis has divested Indian renewable energy platform, Ostro Energy, to India-based clean energy independent power producer Renew Power.

Created by Actis in 2014, Ostro Energy has a total capacity of more than 1,100MW including nearly 850MW is operation.