Danish energy infrastructure investor Copenhagen Infrastructure Partners (CIP) has reached final investment decision and financial close of the 420MW solar-plus-storage La Esperanza Solar project in Mexico.
Located in the southeastern state of Campeche, in the Yucatán Peninsula, the 420MW solar PV project will be combined with a 150MW/750MWh battery energy storage system (BESS).
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Construction of the project is underway, with commercial operations expected to begin in 2028. It is CIP’s first investment in Mexico to reach financial close and the company claimed it represents a significant milestone in its growing renewables portfolio in Latin America.
Financial close was achieved via CIP’s Growth Markets Fund II (GMF II) and 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.
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.
Ole Kjems Sørensen, Partner at CIP, said: “La Esperanza Solar reflects the long-term strategy of CIP’s Growth Markets funds investing in fast-growing, emerging economies such as Mexico. By building high-quality energy infrastructure in these markets, we can deliver attractive returns for our investors while helping accelerate a cost-efficient shift energy transition.”
This article was first published on our sister-site Energy-storage.news.
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