North America H1 2025 Infrastructure and Project Finance Regional Report

The first half of 2025 saw a decrease in North America’s infrastructure finance activity compared to 2024, with transaction activity led by the oil and gas, telecoms, and power sectors.

According to IJGlobal data – at the time of publication, but subject to change as more data becomes available – the value of infrastructure finance transactions in H1 2025 reached $434.78 billion, an 8.7% decrease from the $476.16 billion recorded in the same period last year.

For clarity, “infrastructure finance” is a catch-all 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.

Compared to H1 2024, global infrastructure finance declined to $916.89 billion, with North America accounting to $454.78 billion, or 47% of the total value.

Despite the overall decline in the market, there is a concentrated growth in high-value strategic sectors, such as digital infrastructure which is being driven by large-scale corporate transactions and focused project finance investments. While refinancing slumped and bond issuance weakened, the data shows a notable uptick in M&A and primary financing.

On the market activity front, deal flow in H1 2025 is also consistent with the downward trend, with 671 deals closing, demonstrating a significant 26.9% drop from the 918 deals closed in H1 2024.

IJGlobal favours project finance as a more honed dataset and across North America, the decrease in overall infra finance was tempered by an increase in PF activity. In H1 2025, project finance values in the region came in at $166.91 billion, highlighting a modest increase of 1.67% compared to the H1 2024 value of $164.15 billion.

North America’s increase was in stark contrast to global project finance values in H1 2025, which declined by 10.87% reaching $348.79 billion, down from $390.47 billion in the same period of 2024, according to IJGlobal data.

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