Danish investment firm Copenhagen Infrastructure Partners (CIP) has reached financial close of the La Esperanza Solar energy storage-plus-solar PV project in the state of Campeche on Mexico’s Yucatán Peninsula.
Announced on 6 August, CIP achieved financial close via its Growth Markets Fund II (GMF II) for the 420MW solar PV and 150MW/750MWh battery energy storage system (BESS) project.
La Esperanza Solar is CIP’s first investment in Mexico to reach financial close and the company claimed that it represents a significant milestone in its growing renewables portfolio in Latin America.
The project financing comprises approximately US$510 million in debt facilities provided by a consortium of five international and regional commercial banks, including BNP Paribas, JPMorgan Chase Bank, Natixis CIB, Santander and Scotiabank.
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Equity is funded by the project owners, GMF II, with an expected co-investment from the leading Mexican retirement fund administrator, Profuturo.
According to CIP, La Esperanza Solar has received priority project status from Mexico’s Ministry of Energy (SENER) within the country’s binding planning framework. The project is being developed in collaboration with the federal government and relevant authorities.
La Esperanza Solar also reflects a joint commitment between CIP and the Government of Mexico to bolster the National Electricity System via long-term strategic energy infrastructure investment. The project is underpinned by a long-term power purchase agreement (PPA) with CFE Calificados, the large client commercial arm of Comisión Federal de Electricidad (CFE).
In October 2024, Mexican President Claudia Sheinbaum announced a target of 38%-45% clean energy by 2030.
This May, SENER launched a new call for renewables, including generating and storage assets. To guide project development, the decree included reference examples of potential storage needs across seven regions, totalling approximately 935MW of 3-hour duration BESS.
CIP has been active elsewhere in Latin America, beginning construction on the 300MW/1,500MWh Patache BESS in Northern Chile, in June.
CIP claimed that the solar power shifting and balancing services provided by Patache will reduce reliance on thermal generation during peak hours, lower CO2 emissions, and enabling further integration of large-scale solar energy into the Chilean power system.
Our publisher Solar Media, part of Informa Connect, will host the Energy Storage Summit Latin America 2026 on 26-27 October, 2026, in Santiago, Chile. Energy-Storage.news readers can use our discount code ESN20 at checkout for 20% off tickets.
