Copenhagen Infrastructure Partners reached financial close on La Esperanza Solar, a 420 MW solar-plus-storage project in Campeche, Mexico. Construction starts, operations by 2028.
Copenhagen Infrastructure Partners reached financial close on La Esperanza Solar, a 420 MW solar photovoltaic project paired with a 150 MW battery storage system in Campeche, Mexico. Construction is now under way, with commercial operations scheduled for 2028.
The project is CIP’s first investment in Mexico to reach this stage. The battery provides up to five hours of storage, or 750 MWh, one of the largest such installations in the country. It will help stabilise the grid on the Yucatán Peninsula, where electricity demand from tourism, industry, and population growth has outpaced new generation capacity.
Financing totals roughly $510 million in debt facilities from a consortium of five international and regional banks: BNP Paribas, JPMorgan Chase Bank, Natixis CIB, Santander and Scotiabank. Equity comes from CIP’s Growth Markets Fund II and an expected co-investment from Profuturo, a Mexican pension fund administrator. JPMorgan Chase Bank, a lender on the deal, has a long history in Latin American project finance. The bank’s shares are up 0.48% today at $359.24, with an Alpha Score of 66, indicating moderate sentiment.
Peter Halmø, Head of Latin America and Managing Director at CIP, said the milestone reflects years of work in Mexico and close collaboration with contractors, authorities, and partners. “Pairing solar with battery storage is central to bringing more renewable energy onto the Mexican grid,” he said in a statement. “We are proud to help build a more reliable, lower-carbon power system.”
La Esperanza Solar has been designated a priority project by Mexico’s Ministry of Energy under the country’s binding planning framework. It is backed by a long-term Power Purchase Agreement (PPA) with CFE Calificados, the commercial arm of state-owned utility Comisión Federal de Electricidad. The project’s recognition by the federal government and the PPA with a creditworthy off-taker provide a stable revenue structure that helped secure the bank financing.
Ole Kjems Sørensen, Partner at CIP, said the project reflects the long-term strategy of the Growth Markets funds, which invest in fast-growing emerging economies. “By building high-quality energy infrastructure in these markets, we can deliver attractive returns for our investors while helping accelerate a cost-efficient energy transition,” he said.
For the broader renewable energy sector, the deal shows that a solar-plus-storage model with a government-backed PPA and international bank financing can work in Mexico. The battery’s five-hour duration is relatively long for a hybrid facility, and its performance will be closely watched by grid operators and developers. If the project meets expectations, it could unlock more capital for similar installations across Latin America.
Construction on the Yucatán Peninsula is now under way. The project will create hundreds of jobs in Campeche. Commercial operations are expected in 2028.
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