Why debt discipline matters as infrastructure’s definition expands
IFM Investors' David Cooper and Solas Capital's Sebastian Carneiro analyze how rapid fundraising growth is pushing sponsors to stretch the boundaries of infrastructure debt. They discuss underwriting criteria for energy-as-a-service models, managing elevated interest rate and refinancing risks, navigating institutional demand across insurers and pension funds, and deploying AI across asset management operations and underlying portfolio assets.
- Sebastian Carneiro of Solas Capital rejects moving down the capital structure into mezzanine debt, proving that senior debt in bank-neglected niches yields equivalent spreads without junior risk. Read →
- Solas Capital treats demand-side decarbonization not as corporate credit or venture risk, but as classic infrastructure project finance using bankruptcy-remote Special Purpose Vehicles (SPVs). Read →