White & Case advises on financing for CIP’s solar and battery storage project in Mexico

Global law firm White & Case LLP has advised BNP Paribas, JPMorgan Chase Bank, Natixis CIB, Santander and Scotiabank, as lenders, on an approximately US$510 million limited-recourse financing for the construction and operation of the La Esperanza solar and battery storage project in Mexico. The project is owned and operated by a subsidiary of Copenhagen Infrastructure Partners (CIP).

La Esperanza is CIP's first investment in Mexico to reach financial close and is expected to be one of the country's largest battery energy storage systems. The project is backed by a long-term Power Purchase Agreement (PPA) with CFE Calificados, the commercial branch for large clients of Comisión Federal de Electricidad (CFE).

The proceeds of the loan will be used to develop, construct and operate a 420 MWdc solar photovoltaic project combined with a 150 MW, five-hour (750 MWh) battery energy storage system in the state of Campeche on Mexico's Yucatán Peninsula.

The White & Case team was led by Project Development and Finance partners Thomas Pate (New York) and Juan Ruenes (Mexico City) and included partner Francisco de Rosenzweig, local partner Juan Carlos Llorens Rojas, and associates Christopher Bergan, José Daniel Franco, Alberto De Villa Albarran, Gustavo Neyra (all in Mexico City) and Paula Hernandez Garaycoa (Miami).

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