KBRA analyst Karim Nassif and Ken Egan review the European project finance and infrastructure (PF&I) market’s performance in 2024 and discuss the themes that will likely take centre stage in 2025. The supportive policy environment, slightly improved economic conditions with a relative softening in commodity prices should act as tailwinds to the sector. KBRA also expects PF&I to act as a growing funding tool to support the energy transition and digital sector but will be reliant on greater involvement from private credit in the year ahead to achieve the national and European Union targets.