Infrastructure and Project Finance Asia Pacific Regional Report – H1 2025

The Asia Pacific region saw a decrease in infrastructure finance activity in the first half of 2025, when compared against the corresponding half from 2024. According to IJGlobal data – at the time of publication, but subject to change as more data become available – infrastructure finance decreased by 5.22% in H1 2025 with $125.26 billion worth of deals closed, compared with H1 2024 which amounted to $132.17 billion.

For clarity, “infrastructure finance” is a catchall category from the IJGlobal database that is designed to incorporate all private investment into infrastructure and energy, including primary finance, refinance and restructurings. It takes in all project finance, broader debt vehicles as well as all equity invested across the infra/energy sectors. On the market activity front, deal flow in H1 2025 is also consistent with the downward trend, with 259 transactions closing, a 34% decrease compared with the 391 closed in the same time period last year.

IJGlobal favours project finance as a more honed dataset and across Asia Pacific, the decrease in overall infra finance was tempered by an increase in PF activity. In H1 2025, project finance values came in at $45.65 billion, an increase of 13% compared to the H1 2024 value of $40.58 billion. To put that PF performance in a global perspective, the $45.65 billion of financial closes across APAC accounts for 13% of the $348.19 billion worth of PF deals to have closed globally in H1 2025.

Interestingly, a total of 92 PF deals closed in H1 2025, significantly down on the first half of 2024 when 123 closed, and H1 2023 which recorded 149. This shows that the project finance deals that made it over the line in the first half of 2025 in the region were much larger than in previous years. Back to the broader infra finance category, commercial lending against infrastructure and energy across APAC came in at $34.09 billion in the first half of 2025. This was a 9.51% decrease compared with the $37.67 billion recorded in H1 2024…

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