CIP reaches financial close on first Mexican solar-plus-storage project

Copenhagen Infrastructure Partners has reached financial close on a 420MW solar farm in Mexico. The project, which pairs the array with 150MW of battery storage, is CIP's first in the country to move into construction, according to Net Zero Investor.

Called La Esperanza Solar, it carries roughly $510m of debt from five banks: BNP Paribas, J.P. Morgan, Natixis, Santander and Scotiabank. Equity comes from CIP's Growth Markets Fund II and Profuturo, a Mexican pension provider, so a local retirement fund takes a direct stake in the country's energy transition. Mexico's energy ministry has designated the plant a priority, and utility CFE Calificados has signed a power purchase agreement. Commercial operations are expected in 2028.

The financing follows the $3 billion final close of that fund, as ESG Capital Daily reported. The vehicle is nearly three times the size of its predecessor and already had $1.6 billion committed before the close. La Esperanza's announcement came about two weeks before the final close was reported, so CIP was putting money to work while still raising it. That leaves roughly $1.4 billion for further emerging-market infrastructure. Peter Halmø, managing director and head of Latin America, says CIP has been active in Mexico for several years.

Halmø, who leads CIP's Latin American business, called the financial close a major milestone for the fund, crediting close collaboration with contractors, authorities, and partners. Partner Ole Kjems Sørensen framed it in the growth-markets playbook: high-quality energy infrastructure in fast-growing economies, delivering returns for investors while advancing a cost-efficient transition.

The 150MW battery system gives the solar output a dispatchable component, so La Esperanza works as a single integrated solar-plus-storage facility. The priority designation and the CFE Calificados PPA give the project the government and offtake backing that underpins infrastructure finance in emerging markets. For CIP, this is a construction foothold in a major Latin American energy market. Commercial operations are scheduled for 2028.