Copenhagen Infrastructure Partners (CIP), through its Growth Markets Fund II (GMF II), has reached final investment decision (FID) and achieved financial close for the La Esperanza Solar project, a 420 MWdc solar photovoltaic plant paired with a 150 MW/5-hour (750 MWh) battery energy storage system (BESS) in Campeche, on Mexico’s Yucatán Peninsula. The project marks CIP’s first investment in Mexico to reach financial close and represents a key milestone in the company’s expanding renewable energy portfolio across Latin America.
Construction of the project is currently underway, with commercial operations expected to commence in 2028. Once operational, La Esperanza Solar is expected to enhance the reliability, resilience, and flexibility of the Yucatán Peninsula’s electricity grid by addressing rising regional power demand. The integrated battery storage system, one of the largest in Mexico, will provide up to five hours of energy storage to improve grid stability and support the delivery of renewable electricity during peak demand periods.
The project has secured approximately USD 510 million in debt financing from a consortium of international and regional commercial banks, including BNP Paribas, JPMorgan Chase Bank, Natixis CIB, Santander, and Scotiabank. Equity financing is being provided by CIP Growth Markets Fund II, with an expected co-investment from Mexican retirement fund administrator Profuturo.
Peter Halmø, Head of Latin America and Managing Director at CIP, said the project represents a significant milestone for the firm’s Growth Markets Fund II and its operations in Mexico. He noted that integrating solar generation with battery storage will play a vital role in enabling greater renewable energy integration while supporting the development of a more reliable and lower-carbon electricity system.
La Esperanza Solar has been designated a priority project by Mexico’s Ministry of Energy (SENER) under the country’s national energy planning framework. The project is being developed in close collaboration with federal authorities and is supported by a long-term power purchase agreement (PPA) with CFE Calificados, the commercial arm serving large customers of Comisión Federal de Electricidad (CFE).
Ole Kjems Sørensen, Partner at CIP, said the project reflects the long-term investment strategy of the company’s Growth Markets funds, which focus on developing energy infrastructure in fast-growing emerging economies while supporting the global energy transition and delivering long-term value for investors.
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