Infrastructure Quarterly: Q1 2025

This report was produced by CBRE IM, a member of IPFA. 

Since the start of 2025, policy uncertainty in the U.S. caused by the Trump administration’s policies on tariffs, immigration and government spending is reverberating across the globe. U.S. clean energy incentives remain in limbo, however, the considerable planned capacity and market signals point to a slower baseline growth of renewable energy rather than a decline in investment volumes.

The release of the DeepSeek reasoning model by a Chinese startup caused another ripple, albeit temporary, in the financial markets. Private infrastructure continues to garner investor attention as a shelter against persistent inflation and public equity volatility, as well as a playfield to take advantage of energy and Generative AI growth.

This edition of the Quarterly also features a Q&A with Raul Martynek, CEO of Databank, discussing why DeepSeek is beneficial for the data center sector.