Copenhagen Infrastructure Partners (CIP) has reached final investment decision and financial close for the La Esperanza Solar project, a 420 MWdc solar photovoltaic plant paired with a 150 MW/750 MWh battery energy storage system in Mexico.
Construction is already under way, with commercial operations expected to begin in 2028.
The project is being developed by CIP through its Growth Markets Fund II (GMF II) and marks the fund’s first investment in Mexico to reach financial close. Debt financing of around US$510 million has been provided by BNP Paribas, JPMorgan Chase Bank, Natixis CIB, Santander and Scotiabank, while equity will come from GMF II and an expected co-investment by Mexican pension fund administrator Profuturo.
The project is intended to improve electricity reliability on Mexico’s Yucatán Peninsula, where rising demand has increased pressure on the regional power system. By combining large-scale solar generation with long-duration battery storage, the development is designed to provide greater grid flexibility and deliver renewable electricity during periods of peak demand.
The battery energy storage system, rated at 150 MW with five hours of storage capacity, is among the largest planned in Mexico and is expected to play an important role in balancing intermittent solar generation.
Peter Halmø, Head of Latin America and Managing Director at CIP, said the project marked an important step for the company’s expansion in the country.
“This is a major milestone for GMF II and our team. We have been active in Mexico for several years, and this will be our first project in the country to start construction,” he said. “Pairing solar with battery storage is central to bringing more renewable energy onto the Mexican grid, and 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 (SENER) and is being developed in coordination with federal authorities. The facility is also supported by a long-term power purchase agreement with CFE Calificados, the commercial arm serving large customers of the state-owned utility Comisión Federal de Electricidad.
Ole Kjems Sørensen, Partner at CIP, said the investment reflects the firm’s strategy of targeting fast-growing emerging markets.
“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.
