Payment on delivery

European infrastructure investors are facing a new reality in 2026. Deal flow is slightly down from the all-time highs of 2025, and not for a lack of financing. In fact, there has never been more capital available to invest in infrastructure projects. Geopolitics has also returned to the fore, bolstering the investment case of many projects. The war in the Middle East and the disruption of shipping in the Strait of Hormuz have given Europe’s energy transition new impetus, restoring a harder focus on security of supply and system reliability. But at the same time, fewer assets...