Copenhagen Infrastructure Partners (CIP), acting through its Growth Markets Fund II, has reached the final investment decision and successfully achieved financial close for the La Esperanza Solar Project located in Campeche, within Mexico’s Yucatán Peninsula. This milestone represents the first investment by CIP to reach financial close in Mexico, marking a significant step in the firm’s expanding footprint across Latin America.
The development incorporates a 420 MWdc solar photovoltaic facility integrated with a 150 MW/5-hour (750 MWh) battery energy storage system (BESS). Construction of the facility is currently underway, with commercial operations scheduled to begin in 2028. Once active, the complex is designed to bolster grid reliability, resilience, and operational flexibility across the Yucatán Peninsula, helping address the region’s rising demand for electricity.
Financing and Strategic Framework
The project secured approximately USD 510 million in debt financing supplied by a consortium of regional and international commercial institutions, including BNP Paribas, JPMorgan Chase Bank, Natixis CIB, Santander, and Scotiabank. Equity funding is being supplied through CIP Growth Markets Fund II, alongside an anticipated co-investment from Profuturo, a Mexican retirement fund administrator.
Institutional Support and Commercial Commitments
Recognized under Mexico’s national energy planning framework, the La Esperanza Solar Project has been designated a priority initiative by the Ministry of Energy (SENER). Development is progressing in close coordination with federal authorities and is backed by a long-term power purchase agreement (PPA) with CFE Calificados, the commercial branch serving large power consumers for the Comisión Federal de Electricidad (CFE).
The high-capacity battery storage system—among the largest in Mexico—will supply up to five hours of energy storage capacity. This capability will support grid stability and assist the distribution of solar energy during times of peak power demand.
Executive Leadership Perspectives
Peter Halmø, Head of Latin America and Managing Director at CIP, stated that reaching financial close on this project is a significant milestone for Growth Markets Fund II and the firm’s ongoing operations in Mexico. Halmø emphasized that pairing solar energy generation with advanced battery storage is vital to enabling broader renewable energy integration while establishing a reliable, lower-carbon energy grid.
Ole Kjems Sørensen, Partner at CIP, added that the project aligns with the long-term strategy of the Growth Markets funds, which focuses on building critical energy infrastructure in fast-growing emerging markets while advancing the global renewable energy transition and securing long-term value for fund investors.
