Capitalizing on Megatrends: Opportunities in Energy Infrastructure

Given the steep rise in demand, energy infrastructure plays a critical and growing role in our economy

Energy infrastructure underpins every economy and every modern industry. It is essential, capital-intensive, and in the midst of a generational transformation.

The sector is evolving quickly driven by new technologies, shifting demand patterns, and growing regulatory complexity. This creates long-term investment opportunities for those who can successfully navigate the changing landscape.

The energy infrastructure sector is expected to attract over $23 trillion of global investment by 2040¹, as economies decarbonize, and electricity demand accelerates. Three trends—the link between AI and energy, shifts in geopolitics, and disruption in the energy transition—are creating compelling investment opportunities in energy infrastructure today.

Energy and digital infrastructure are closely linked due to the rise of AI

The rapid rise of artificial intelligence, particularly large-scale models and applications like generative AI, is transforming the global energy landscape. AI requires immense computational power, which in turn drives exponential demand for electricity and the infrastructure that enables it.

Data centers are the physical backbone of AI. The infrastructure required to support them goes far beyond just servers, it includes transmission capacity, natural gas infrastructure, battery storage and renewables. As demand for AI accelerates, the investment opportunity extends across both digital and energy infrastructure, including:

• Natural gas and liquefied natural gas (LNG) infrastructure, to meet short- and medium-term power needs
• Electricity generation and storage, especially in regions with unreliable grids
• Transmission upgrades to move power to where it’s needed most
• Data center construction, optimization and efficiency technologies

We see significant convergence here. The energy transformation is enabling the digital economy to expand, and the digital economy is pushing energy systems to modernize and scale. It’s a reinforcing dynamic, not a linear one. The most interesting thing about AI is not just the applications – it’s how we can contribute to the $7 trillion of additional infrastructure it will demand.²

Geopolitical dynamics are reshaping global energy flows

Global energy trade flows are being redrawn in real time. From the Russia-Ukraine war to the regional dynamics in the Middle East, geopolitics continues to influence where energy comes from, how it is moved, and who has access to it.

The Russia-Ukraine conflict fundamentally shifted global energy trade patterns, as Western Europe pivoted away from Russian gas and turned instead to other suppliers for energy, especially LNG. The U.S. has played a major role in backfilling that capacity, placing renewed strategic importance on energy production and infrastructure domestically, to reinforce the U.S.’ position as a global leader in hydrocarbon and natural gas development. It has also spurred infrastructure investment in other exporting markets across the Middle East, Asia-Pacific and Latin America.

By 2030, the U.S. is expected to become the world’s largest exporter of natural gas – a shift that will require significant long-term investment in infrastructure across the value chain. This creates a compelling opportunity for private market investors to help develop new natural gas infrastructure assets.

At the same time, domestic policy in the U.S. is becoming more fragmented. For example, some states are accelerating investment in renewables, while others are taking a slower approach to the transition or focusing on traditional energy security.

Different states have different priorities, which can influence the availability and attractiveness of infrastructure investment opportunities. These shifts underscore a key theme: energy infrastructure is no longer just an economic issue – it’s a strategic one. For investors, this creates a multi-polar opportunity set, where geopolitical dynamics are a key part of the risk-reward equation.

Dislocation in clean energy is creating compelling investment opportunities

The clean energy markets are in a period of significant dislocation. As of September 30, 205, the S&P Global Clean Energy Index is down nearly 60% from the high it achieved in early 2021.⁴ Capital needs are growing, but many companies are struggling to raise funds through traditional avenues. This dislocation provides an opportunity for disciplined investors with private capital, particularly those offering structured capital solutions.

Due to changes in the U.S. regulatory environment and sensitivity to interest rates and commodity prices, project funding timelines are compressing and pricing is coming under pressure. This volatility is creating opportunities for investors who can provide flexible capital at speed, particularly for assets that may be impacted by the shifting policy landscapes.

Infrastructure provides a combination of diversification and alignment with secular tailwinds

Infrastructure offers investors a compelling combination of stability and upside – with a risk profile historically akin to fixed income, coupled with the potential for equity-like returns. Globally, an estimated $106 trillion of investment is needed over the next 15 years to upgrade ageing infrastructure and build new capacity. Yet forecasts suggest a $15 trillion shortfall,⁵– a funding gap that creates a major opportunity for private capital.

The combination of rising power demand and a global shift towards cleaner energy sources is making the energy and energy transition sectors especially capital-intensive and creating an urgent need for long-term private investment. For private wealth investors seeking portfolio diversification and opportunities tied to major global trends, infrastructure investments offer a distinct option.

Stonepeak has committed $26 billion in capital for digital infrastructure investments, $13 billion in transportation and logistics and $15 billion in energy and energy transition investments.⁶ Investments have been made across the energy value chain, from traditional energy assets like natural gas pipelines and LNG transportation to electricity transmission to renewable technologies including solar, wind, and battery storage. Stonepeak has developed a unique track record and set of perspectives on energy infrastructure investing and remains excited by the opportunities present in the space today.

About Stonepeak

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $80 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include transport and logistics, digital infrastructure, energy and energy transition, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh.

1. Source: McKinsey & Company, The Infrastructure Moment, September 2025
2. Source: McKinsey Quarterly, The Cost of Compute, April 2025
3. Source: U.S. Energy Information Administration data as of June 30, 2025
4. Source: S&P Global Clean Energy Index dropped from a high of 2,113 in Jan 8, 2021, to 981 on September 30, 2025.
5. Source: World Economic Forum, “Why We Must Invest in Sustainable Infrastructure” April 2025
6. Source: Stonepeak as of October 2025. Note: All figures as of October 2025, unless otherwise noted. “Investments” may include those that are signed pending close.

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