U.S. fund GIP acquires Mexico's Saavi Energia

MEXICO CITY (Reuters) - Global investment firm Actis sold 100% of Saavi Energia, Mexico’s largest independent power company, to private equity firm Global Infrastructure Partners (GIP), the companies said in a joint statement on Friday.

The terms of the transaction were not disclosed.

Saavi Energía, which has been owned by Actis since 2018, has six combined-cycle plants, a wind farm and three gas compression stations. The firm primarily serves the Mexican energy market, in addition to providing reserve capacity for specific markets in California.

GIP’s acquisition of Saavi follows its investment in the $325-million term loan in 2020, which will be repaid as part of this transaction. Additionally, it marks GIP’s first direct equity investment in Mexico.

Reporting by Diego Ore; writing by Cassandra Garrison; Editing by Nick Zieminski