Global decarbonization targets demand trillions of euros in annual investment in clean-energy infrastructure. Yet, despite the abundance of institutional capital, not enough of it is reaching the kinds of projects and platforms that will move the needle on emissions. In our view, that shortfall is not simply a function of capital availability, but of how that capital is deployed.
Institutional infrastructure capital has historically focused on acquiring fully derisked, operational assets. While this model has generally delivered predictable yields for investors, it has limited rea
