Saavi has a geographically diverse 2.2GW portfolio of six CCGTs, three compression stations and 65km of related natural gas pipelines
Saavi Energia San Luis de la Paz Mexico. (Credit: Global Infrastructure Partners)
UK-based investment firm Actis has sold its 100% stake in Saavi Energía (Saavi) to Global Infrastructure Partners (GIP), a US-based infrastructure investor, for an undisclosed amount.
Saavi has a geographically diverse 2.2GW portfolio of six CCGTs, three compression stations and 65km of related natural gas pipelines.
It primarily serves the Mexican power market along with providing reserve capacity for specified markets in California.
Saavi is the fourth largest independent power producer and the largest privately held stand-alone power generator in Mexico, said the company.
Actis Energy partner Michael Harrington said: “We are very pleased with the sale of Saavi Energía to Global Infrastructure Partners.
“Our investment in Saavi is a great example of our replicable strategy to build, acquire and grow independent power producers that provide affordable, reliable and clean energy to the communities in which we invest.
“We remain committed to Mexico, where we see a healthy pipeline of investment opportunities to replicate our value creation thesis.”
Saavi was created after Actis acquired InterGen’s Mexico portfolio in April 2018.
The acquisition marks GIP’s first direct equity investment in Mexico. GIP focuses on control and co-control infrastructure investments in its core sectors.
Since 2014, Actis’ Latin America energy team has built and established power generation platforms across the region in Mexico, Brazil, Chile, Uruguay and Central America.
Saavi Energía CEO Jaime Tupper said: “Partnering with a global leader in infrastructure investing is an exciting opportunity to deliver on Saavi Energía’s strategic vision for growth to help meet Mexico’s energy needs.
“During the last three years, we have transformed the Company into an independent, Mexican leader in the energy space.
“Today, Saavi is a high performing company with a deep commitment to safety, sustainability and we are excited for what the future holds.”
In June this year, Fortum has agreed to sell the 250MW Pavagada II and the 250MW Rajasthan solar power plants in India to Actis for around €280m.