IJGlobal Regional Report – The European Prospective

Europe saw a downward trend in infrastructure finance activity in the first half of 2025 amid global uncertainty, with transaction activity led by the renewable energy and transport sectors.

According to IJGlobal Data – accurate at the time of publication, but subject to change as more data become available – infra finance transactions decreased by 33% in H1 2025 as $251.27 billion worth of deals closed, compared to H1 2024 which saw $376.13 billion worth of deals close.

For clarity, “infrastructure finance” is a catchall category from the IJGlobal database that is designed to incorporate all private investment into infrastructure and energy, including primary finance and refinance. It takes in all project finance, broader debt vehicles as well as all equity invested across the infra/energy sectors. On a global perspective, the $251.27 billion worth of infrastructure finance deals across Europe accounted for 27.41% of the $916.89 billion closed worldwide in H1 2025. Looking at market activity, the number of deals closed in H1 2025 decreased by 33.8%, as only 711 deals were closed in H1 2025 versus 1,074 in H1 2024.

IJGlobal favours project finance as a more honed dataset and across Europe. The decrease in overall infra finance deals is also felt in project finance activity. PF values for H1 2025 are down by 12.5% with $98.12 billion of deals closed in the time period, compared to H1 2024’s $111.69 billion. When it comes to the number of PF deals closed, 260 deals were recorded in H1 2025, while H1 2024 had 338 closed deals.

For commercial lending, H1 2025 saw a drop to $100.93 billion from the $128 billion recorded in H1 2024, representing a 21.15% decrease. Bond values (for all bonds issued, regardless of type) across Europe saw a decrease of 37.24%, with $78.3 billion in H1 2025 versus $124.77 billion in H1 2024.

Despite the decrease of most numbers for the first half of 2025, DFI lending experienced a 54.69% increase to come in at $18 billion in H1 2025 against $11.64 billion in H1 2024

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