Global law firm Clifford Chance has advised Copenhagen Infrastructure Partners (CIP) on the financing for La Esperanza Solar, a 420 MWdc solar photovoltaic project combined with a 150 MW/5-hour (750 MWh) battery energy storage system (BESS) in the state of Campeche, on Mexico’s Yucatán Peninsula.
The financing comprises approximately US$510 million in debt facilities provided by five commercial banks: BNP Paribas, JPMorgan Chase Bank, Natixis CIB, Santander and Scotiabank. Equity contributions are funded by CIP-owned CI Growth Markets Fund II and an expected co-investment from Mexican retirement fund administrator Profuturo.
The project is CIP’s first investment in Mexico. Once operational, it will be one of Mexico’s largest combined solar and BESS projects and is expected to strengthen the electricity system in the Yucatán Peninsula.
The team was led by partner Fabricio Longhin and associate Alejandro Leon, with support from associate Ava Scott and law clerk Daniela Hernandez, all in Washington, DC. They worked alongside partner Jose Guardo, senior associate Marta Ruiz and paralegal Alejandro Gómez-Coronado in Madrid. Additional support was provided by counsel Jacqueline Landells (Regulatory, Washington, DC), associate Kade Moural (Tax, Houston), partner Jefferey LeMaster and associate Dennis Morrisroe (Funds, New York), and partner Gareth Old and associate Elizabeth Kennedy (Hedging, New York).
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