CIP Secures US$510 Million for Solar-BESS Project in Campeche

Copenhagen Infrastructure Partners secured US$510 million in debt financing and initiated construction on La Esperanza Solar in Campeche, integrating a 420 MWdc solar plant with a 150 MW battery storage system. Designated as a strategic priority by SENER and secured by a long-term PPA with CFE Calificados, the project marks the first large-scale development under Mexico's updated energy planning framework to achieve financial close. The asset addresses grid transmission constraints across the Yucatán Peninsula while offering institutional investors and industrial power consumers a model for utility-scale renewable energy storage.

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Copenhagen Infrastructure Partners secured US$510 million in debt financing to begin construction on La Esperanza Solar in Campeche, marking its first utility-scale renewable energy project in Mexico. The infrastructure complex combines a 420 MWdc solar photovoltaic generation plant with a 150 MW, five-hour (750 MWh) battery energy storage system, creating one of the largest integrated solar and storage facilities in the country. The project is designed to strengthen the National Electricity System while expanding power capacity across the Yucatán Peninsula.

Peter Halmø, Partner, Managing Director, and Head of Latin America at Copenhagen Infrastructure Partners, stated that reaching financial close represents a major milestone for the firm following several years of pre-development activity in the Mexican market. "This step reflects both the strength of the team and project and the close collaboration with contractors, authorities, and partners," Halmø said. "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." 

Ole Kjems Sørensen, Partner at Copenhagen Infrastructure Partners, added that the project reflects the long-term investment strategy of CIP’s Growth Markets Fund II, which targets fast-growing emerging markets. Sørensen emphasized that constructing high-quality energy assets in economies like Mexico delivers attractive risk-adjusted returns for institutional investors while accelerating a cost-efficient transition toward cleaner energy sources.

The debt financing structure was underwritten by an international syndicate of five commercial institutions comprising BNP Paribas, JPMorgan Chase Bank, Natixis CIB, Santander, and Scotiabank. Project equity is funded directly by Copenhagen Infrastructure Partners through its Growth Markets Fund II, alongside an anticipated co-investment from Profuturo, one of Mexico's largest retirement fund administrators (Afore). Heavy civil construction and equipment procurement are currently underway, with commercial operations targeted to start in 2028. Once operational, the complex will provide grid stabilization and firm renewable capacity for industrial off-takers across the Peninsula.

Copenhagen Infrastructure Partners is among the world's largest greenfield infrastructure fund managers, overseeing 15 specialized funds representing approximately US$40 billion in raised capital from more than 200 institutional investors globally. CIP's industrial portfolio spans onshore and offshore wind, solar photovoltaics, utility-scale battery storage, electrical transmission networks, advanced bioenergy, low-carbon fuels, and carbon capture technology across more than 30 countries.

Project Background

The complex is situated in Campeche, where sustained industrial, commercial, and tourism growth has outpaced regional power generation and electrical grid infrastructure. According to analytical data from the Mexican Institute for Competitiveness, Mexico's National Transmission Network expanded by only 3.8% between 2018 and 2024, whereas national power demand surged by 15% over the same period, generating severe transmission bottlenecks and localized supply deficits throughout southern state corridors. 

In recognition of these technical constraints, the Ministry of Energy (SENER) designated La Esperanza Solar as a priority project within the binding energy planning framework established under the Electric Sector Law. This designation made La Esperanza Solar the first project approved under SENER's strategic generation and storage program to achieve financial close and begin civil works.

To secure long-term revenue predictability, the project established a commercial Power Purchase Agreement with CFE Calificados, the specialized subsidiary of state electric utility Comisión Federal de Electricidad focused on power supply contracts for large industrial and commercial consumers. 

The debt financing arrives amid a favorable regulatory shift for utility-scale battery storage in Mexico. Under technical criteria established by national energy regulators, Battery Energy Storage Systems are now recognized as standalone market participants in the wholesale power market, enabling projects like La Esperanza to monetize firm capacity, voltage control, and ancillary grid services. The facility serves as the flagship asset in CIP's regional footprint through its developer, Sunstone Power, which holds 1,044MW in total generation approvals across Campeche between La Esperanza and its companion project, La Alegría.