Key Takeaways
- Copenhagen Infrastructure Partners (CIP) reached financial close on La Esperanza Solar, its first project in Mexico.
- The project pairs 420 MWdc of solar with a 150 MW battery that stores five hours of output, or 750 MWh.
- Debt financing totals about $510 million from five international banks.
- Power will be sold under a long-term agreement with CFE Calificados in Campeche.
- Construction is underway, with commercial operations expected in 2028.
CIP Closes Financing on La Esperanza Solar
Copenhagen Infrastructure Partners (CIP) reached financial close and started construction on La Esperanza Solar in Campeche, on Mexico’s Yucatan Peninsula, its first project in the country. The plant pairs 420 MWdc of solar with a battery rated at 150 MW and five hours of duration, or 750 megawatt-hours, letting it store midday solar output and release it when demand and prices peak in the evening.
A $510 Million Bank Package
The roughly $510 million in debt came from BNP Paribas, JPMorgan Chase Bank, Natixis CIB, Santander and Scotiabank. Equity came from CI Growth Markets Fund II and Profuturo, a Mexican pension-fund manager. The plant will sell power under a long-term agreement with CFE Calificados, the commercial arm of Mexico’s state utility, Comision Federal de Electricidad, giving the project a contracted revenue base.
“Pairing solar with battery storage is central to bringing more renewable energy onto the Mexican grid,” said Peter Halmo, Head of Latin America and Managing Director at Copenhagen Infrastructure Partners.
CIP’s First Project in Mexico
La Esperanza is the first Mexican investment for CIP’s Growth Markets funds, which back energy projects in emerging economies. Construction is underway, with commercial operations expected in 2028. “La Esperanza Solar reflects the long-term strategy of CIP’s Growth Markets funds investing in fast-growing, emerging economies,” said Ole Kjems Sorensen, Partner at Copenhagen Infrastructure Partners.
