Denmark-based Copenhagen Infrastructure Partners (CIP) has reached financial close and started construction on its La Esperanza Solar project in Mexico, the first in a new wave of renewable energy developments in the country to achieve the milestone.

CIP said five of Latin America’s largest infrastructure lenders had agreed to provide US$510 million (mn) of debt finance to La Esperanza Solar.

The financing will be provided by BNP Paribas, JPMorgan Chase Bank, Natixis CIB, Santander and Scotiabank.

Mexican retirement fund administrator Profuturo is expected to provide equity capital, CIP said in a press release on August 6.

La Esperanza Solar is one of 18 private-sector solar and wind projects that were awarded generation permits in December 2025, when President Claudia Sheinbaum reopened the sector to private investment after an eight-year pause.

Located on the Yucatán Peninsula, La Esperanza Solar will consist of 420MW of solar generation capacity and a 150MW, five-hour battery energy storage system (BESS).

It is CIP’s first project in Mexico and one of the country’s largest hybrid solar and BESS projects.

La Esperanza Solar is backed by a long-term power purchase agreement (PPA) with CFE Calificados, the commercial branch for large clients of state-owned utility CFE.

Commercial operations are expected to begin in 2028.

Projects

Another CIP project on the Yucatán Peninsula, La Alegría Solar, was also awarded a generation permit and has signed a PPA with CFE Calificados. Financial close has not yet been announced.

The total cost of the two projects will be up to US$1.5 billion (bn), CIP has told BNamericas.

In total, the 18 projects that were awarded fast-track permits in December represent about 3GW of generation capacity.

CFE has also selected about three dozen solar and wind projects for mixed development that will add more than 7GW. CFE will have a 54% stake in those ventures and sign a PPA for 70% of the electricity, for up to 25 years.

In May, the energy ministry launched two calls for private-sector and mixed projects. Results are expected later this year.

More information: https://www.bnamericas.com/en/news/cip-raises-us510mn-for-first-project-of-mexicos-new-solar-wave