Current State of New Project Runway
Global project finance commitments for new infrastructure and energy projects reached approximately $1.3 trillion in 2024, according to Project Finance International, with a notable shift toward renewable energy and digital infrastructure. The new project runway now spans solar, wind, battery storage, data centers, and critical minerals processing. Major banks including JPMorgan Chase, HSBC, and Mizuho have expanded dedicated project finance desks to capture this pipeline read more on Forbes.
New project runway activity is concentrated in the United States, China, India, and the Middle East. The U.S. Inflation Reduction Act continues to drive clean energy project finance, while India's National Infrastructure Pipeline targets over $1.5 trillion in spending through 2025. The new project runway reflects a structural reallocation from traditional oil and gas toward green hydrogen, offshore wind, and grid modernization.
Key Sectors Driving New Project Runway
Renewable Energy and Storage
Global renewable energy investment hit a record $1.77 trillion in 2023, with solar and wind dominating the new project runway. Battery storage project finance grew by over 40% year-over-year, driven by grid-scale installations in the U.S., Europe, and China. Tesla Energy and major developers like NextEra Energy and Ørsted are anchoring large-scale project finance deals Tesla Energy.
Data Centers and AI Infrastructure
Hyperscale data center projects have become a dominant segment of the new project runway, with companies like Equinix, Digital Realty, and Vantage Data Centers securing billions in project finance commitments. The new project runway for AI-related infrastructure is expanding rapidly, supported by dedicated debt funds and infrastructure funds from Blackstone, KKR, and Brookfield Asset Management.
Major Companies and Funding Sources
Private credit and infrastructure debt funds now account for a growing share of new project runway financing, with firms like Apollo Global Management, Ares Management, and Blue Owl Capital launching dedicated project finance vehicles. The new project runway increasingly relies on non-bank lenders, green bonds, and blended finance structures. The SEC has also approved several infrastructure-focused ETFs that channel capital into project finance assets SEC.
SpaceX and other private space companies are tapping the new project runway through project finance-style contracts for satellite manufacturing and launch services, while traditional oil majors like Shell and TotalEnergies are redirecting capital toward low-carbon projects. The new project runway is increasingly measured by the volume of final investment decisions (FIDs) signed, which rose sharply in 2024 across clean energy, transport, and digital infrastructure sectors SpaceX.