Grupo México merges power assets with BlackRock-backed Saavi Energía in 4,500 MW deal

The Mexican conglomerate Grupo México announced plans on Monday to combine its power generation assets with Saavi Energía, a company controlled by Global Infrastructure Partners (GIP), a subsidiary of the world’s largest asset manager, BlackRock. 

According to a Grupo México press statement, the merger covers 14 power plants located in high-demand areas across Mexico, with a total capacity of 4,510 megawatts (MW). Further, the firm will take on a project pipeline of an additional 5,000 MW. 

“Grupo México hopes that this alliance will lead to a long-term relationship with GIP, allowing the parties to explore new opportunities for collaboration in the infrastructure sector, both in Mexico and abroad,” the firm’s press statement reads. 

The new entity will operate under the name Saavi Energía, with Grupo México holding a 70% share and retaining operational control of the company, and GIP holding the remaining 30% share. 

The merger will expand Grupo México’s portfolio and position it as one of the leading private electricity providers in Mexico. 

On April 7, BlackRock’s CEO Larry Fink and GIP’s CEO Adebayo Ogunlesi met with President Claudia Sheinbaum at the National Palace, in a meeting attended by Mexican Finance Minister Édgar Amador Zamora and other officials. 

On April 16, Mexico’s Energy Ministry published three new sets of regulations as part of the President’s energy reform, covering voluntary migration of existing energy permits to the new legal framework, cogeneration, and the integration of electricity storage systems into the national grid. Taken together, the rules open the door to greater private sector involvement in Mexico’s energy industry, provided the state-owned electricity company CFE retains a 54% share of the country’s electricity generation. 

The Grupo México-GIP transaction is now subject to regulatory approvals and is expected to close in the third quarter of 2026. 

Grupo México is mainly known for its mining operations, and is one of the world’s largest integrated copper producers, with operations in Mexico, Peru and the United States.

It is also a major player in infrastructure and transportation, with major highway, railway and oil drilling services projects.

With reports from Expansión, El Financiero and Bloomberg Línea

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