Germán Larrea, the second richest man in the country, is redoubling his bet on the energy sector in Mexico, through an alliance with BlackRock, the world’s largest fund manager. The Mexican conglomerate, with businesses in infrastructure, transport, and mining, announced this Monday the combination of its assets with Saavi Energía, a company that is part of the Global Infrastructure Partners portfolio, which in turn is part of BlackRock. “The operation will create an energy platform that will have 14 generation plants strategically located in high-demand areas throughout Mexico, with greater scale, operational synergies, and a reinforced combined power of 4,510 megawatts, in addition to a portfolio of growth projects of approximately 5,000 megawatts,” Grupo México indicated through a statement on the Mexican Stock Exchange.
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As part of the agreement, the participation in the new energy platform will be divided between Grupo México and Global Infrastructure Partners. The Mexican company will own 70% of the assets and the rest will be held by Global Infrastructure Partners. “Through the combination, Saavi is expected to consolidate its leadership position as a private generator and strengthen its capacity to meet the growing energy demand in the country,” Grupo México reported. The operation is subject to obtaining the usual regulatory authorizations; however, the corporate expects its completion in the third quarter of 2026.
The conglomerate owned by the so-called ‘king of copper’ trusts that this alliance will provide an opportunity for a long-term commercial relationship with Global Infrastructure Partners, which will allow the parties to explore new collaboration opportunities in the infrastructure sector, both in Mexico and abroad. “This transaction also demonstrates Grupo México’s confidence in the country and its commitment to continue investing and creating opportunities,” it concludes.
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With a fortune of more than 71 billion dollars, Larrea is one of the Mexican magnates with the most businesses in Mexico. With this operation, Grupo México will strengthen its role in private electricity generation in the country. The conglomerate, through its mining division which mainly includes operations in Mexico, Peru, and the United States, is one of the largest integrated copper producers in the world. However, the diversification of its businesses also ranges from highways and railways to oil drilling and, starting this year, with greater impetus, electricity generation.
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