As data center demand accelerates, execution and contract risk are being mispriced by some developers. Committing to fixed‑price, long‑dated delivery terms without clear visibility on power, equipment and labour can leave assets exposed as projects scale. Disciplined contract structures, location selection and delivery certainty matter more than headline capacity growth.

Access to contracted power is the key factor when committing capital to data center development, with limited appetite for speculative sites without a clear path to power. Power will remain the main constraint in winning and developing sites, driving interest in solutions such as on‑site generation, microgrids and renewables. While water and cooling technologies are evolving, securing power — often through more creative procurement strategies — remains the central focus.

The data center debt market is becoming more competitive as banks and credit funds all deploy capital across construction and stabilised assets. With senior debt pricing tight, he noted that lenders are increasingly looking at second‑lien and holdco structures to enhance returns, supported by strong contracts and cash flows. He also flagged the growing gap between bank and ABS financing, and the unanswered question of how large volumes of construction debt will ultimately be refinanced as projects reach completion.

Private credit and banks play complementary roles in infrastructure finance rather than competing with one another. While private credit typically provides longer‑dated term loans and takes on higher‑risk tranches, banks continue to supply essential products such as revolvers, letters of credit and hedging. Many deals are structured collaboratively, with private credit and banks working side by side to meet borrowers’ full financing needs.

Banks remain the cornerstone of infrastructure financing. Borrowers will always turn to banks first, but as infrastructure funding needs continue to expand, bank capital alone will not be sufficient. Forward‑thinking borrowers need to approach financing more holistically and encourage partnerships between banks and private credit, those who fail to diversify their funding sources may face constraints over the long term.

Infrastructure is still an emerging investment class with significant capital needs ahead, creating a growing role for private capital. Despite regulatory noise, geopolitical uncertainty and market caution, Marie expressed confidence that private credit can step in—particularly in the short to medium term—to support the next wave of infrastructure projects globally, while highlighting the resilience of her firm’s portfolio through inflation, rising interest rates and COVID and her optimism for the sector’s future.