Construction has officially started on La Esperanza Solar, a 420MWdc solar power project in Mexico, after Copenhagen Infrastructure Partners (CIP) reached a final investment decision and secured full financing through its Growth Markets Fund II (GMF II).
The project marks a significant milestone for CIP, as it represents the company’s first project in Mexico to reach financial close.
Alongside its solar generation capacity, the facility will include a 150MW/750MWh battery energy storage system (BESS) capable of storing energy for five hours, one of the largest such systems planned in the country.
La Esperanza Solar is located in the state of Campeche on the Yucatán Peninsula.
The project is now under construction, with commercial operations expected to begin in 2028.
Financing for the development includes approximately $510 million in debt, provided by a consortium of five international and regional banks: JPMorgan Chase Bank, Santander, BNP Paribas, Natixis CIB and Scotiabank.
Equity funding is being supplied by Copenhagen Infrastructure GMF II, with an anticipated co-investment from Mexican pension fund manager Profuturo.
The battery storage component is expected to play a key role in supporting grid reliability.
It will help deliver energy during periods of peak demand while contributing to broader system stability across the region, an increasingly important function as electricity consumption on the Yucatán Peninsula continues to rise.
That growth in demand has been a driving factor behind the need for new power generation and energy storage capacity in the area.
Supporting the project is a long-term power purchase agreement (PPA) with CFE Calificados, the commercial division serving major customers of the Comisión Federal de Electricidad (CFE), Mexico’s state-owned electric utility.
The arrangement provides a stable revenue foundation for the project as it moves through construction and toward operation.
Mexico’s Ministry of Energy (SENER) has also recognised La Esperanza Solar as a priority initiative within the country’s binding planning framework.
Development of the project is proceeding in cooperation with federal authorities, reflecting its role within national energy planning efforts.
CIP Latin America head and managing director Peter Halmø commented on the milestone, stating: “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 – a step that reflects both the strength of the team and the project and the close collaboration with contractors, authorities and partners.
“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 is being positioned as one of the largest combined solar and battery storage projects in Mexico.
Its scale and the scope of its financing arrangement are seen as indicative of growing international investor confidence in the country’s renewable energy sector.
The project is also viewed as part of a broader push to strengthen Mexico’s national electricity grid through new infrastructure and long-term investment.
As demand for electricity continues to grow, particularly in fast-developing regions like the Yucatán Peninsula, projects that combine solar generation with large-scale battery storage are increasingly seen as essential to maintaining a stable and reliable power supply.
With construction now underway and commercial operations targeted for 2028, La Esperanza Solar is expected to serve as a notable example of how public-private collaboration, spanning federal agencies, international banks and infrastructure investors, can help accelerate the deployment of clean energy at scale in Mexico.
