Copenhagen Infrastructure Partners has announced financial close on an integrated solar and battery energy storage project in Mexico. La Esperanza Solar – a 420MW solar PV combined with 150MW BESS is CIP’s first project in the country to begin construction.
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The project financing includes roughly $510m in debt facilities from a banking consortium. Lenders include BNP Paribas, JP Morgan Chase, Natixis, Santander and Scotiabank. CIP’s growth markets fund II and Mexican retirement fund provider Profuturo will co-invest on the equity front.
“This is a major milestone for GMF II and our team”, says CIP’s managing director and head of Latin America Peter Halmø.
“We have been active in Mexico for several years, and this will be our first project in the country to start construction – a step that reflects both the strength of the team and project and the close collaboration with contractors, authorities, and partners”, he adds.
Mexico’s energy ministry has recognised La Esperanza as a priority project. The project also has a power purchase agreement with CFE Calificados, a utility provider.
“La Esperanza Solar reflects the long-term strategy of CIP’s Growth Markets funds investing in fast-growing, emerging economies such as Mexico”, commented Ole Kjems Sørensen, a partner at CIP.
“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”, Sørensen adds.
The project is expected to enter into commercial operations in 2028.
