What are the views of global investors on North American energy and infrastructure since President Donald Trump’s budget bill (the One Big Beautiful Bill Act) was signed into law in 2025? Operational and development-stage solar and wind assets borne the brunt of the immediate shock, with some, such as Ørsted’s Revolution Wind and Idaho’s Lava Ridge Wind, under stop-work orders.
The Trump administration has reversed commitments to renewable-energy projects, leading to more than $18 billion worth of clean-energy projects to be cancelled in 2025. Combined with tariff uncertainty and the phasing out of various tax credits, has this conspired to make limited partners (LPs) nervous about the U.S. infrastructure picture?
Although these impacts are specific to renewables, our discussions with LPs representing the world’s deepest pools of capital show that the United States is a polarizing region when it comes to the asset class. U.S.-based LPs remain bullish on their
