The anticipated slump in global activity across greenfield finance – and refinance – of infrastructure and energy has played out this quarter with significant declines recorded in Q1 2023.

IJGlobal data show that Q1 2023 compares poorly when held against the corresponding quarter from 2022… a trend that IJGlobal anticipates will continue for the medium term.

To access the Q1 2023 league table report (apologies, it takes 2 clicks), CLICK HERE…

In an economic climate where governments seek to virtue signal by clamping down on infrastructure spend and where most industry professionals view an end to the war in Ukraine as the pivot point for change – reduced deal flow looks set to remain the status quo for the coming few years.

However, this general trend will be bucked by the likes of hydrogen where projects – while currently at an early stage in procurement (proof of concept, some would say) – are being pushed through at an alarming pace.

IJGlobal data for Q1 2023 show a decline of 8% when held against the corresponding quarter from the year before, which is matched a slump in deal flow – down 21% with 726 transactions closed, compared to 942 in Q1 2022.

As to sector focus, IJGlobal data show that oil and gas demonstrated strongest growth at a time when most sectors have been suffering due to geopolitical issues and market uncertainty. O&G projects marked a 5.5x uptick on the corresponding quarter from 2022 trending up from just $4 billion of transactions closed in 2022 against $25.8 billion in Q1 2023.

The most successful region infrastructure finance in the first quarter was North America, bucking the trend by logging an increase of 4x in project finance transactions. This result was supported by Port Arthur LNG Phase 1 and Plaquemines LNG Export Facility Phase 2. In total, across North America, project finance rose by 7% while infrastructure finance – the catch-all category – went up by 11% (by value). However, the total number of deals fell by 9%.