Infrastructure Investing Interview Questions & Complete Guide 2026

Infrastructure investing has quietly become one of the most attractive long-duration asset classes in private markets — and one of the fastest-growing hiring verticals. Whether you're targeting Macquarie, Brookfield, KKR Infrastructure, Global Infrastructure Partners (now part of BlackRock), or Stonepeak, you need a fundamentally different mental model than traditional private equity. This guide covers everything: the market, the metrics, the career path, and 40+ interview Q&As with model answers.

What is infrastructure investing?

Infrastructure investing means providing equity (and sometimes debt) capital to essential physical assets — the systems that society depends on for energy, transportation, water, communications, and social services. The defining characteristic: these assets typically generate long-duration, contracted or regulated cash flows with low sensitivity to economic cycles.

Three types of infrastructure assets (know these cold)

1. Regulated assets

Return is set by a government regulator (utility commission, transport authority). Examples: electricity distribution networks, water utilities, gas transmission pipelines. The regulator sets an allowed rate of return on the Regulated Asset Base (RAB) — the value of the asset recognized by the regulator for return purposes.

• Risk: Regulatory risk (regulator lowers allowed returns), political interference
• Return profile: Low volatility, yield-oriented — typically 4–6% total return for core regulated assets

2. Contracted (availability-based) assets

Revenue comes from long-term contracts with creditworthy counterparties — not dependent on volume or usage. Examples: PPAs (power purchase agreements), availability-based toll roads (government pays based on road availability regardless of traffic), some social infrastructure (hospitals, schools built under PFI/PPP contracts).

• Risk: Counterparty credit risk, contract renewal risk
• Return profile: Stable, bond-like, often with inflation escalators

3. Merchant (demand-risk) assets

Revenue depends on market prices or volume. Examples: merchant power generators, uncontracted toll roads, commodity pipelines without take-or-pay agreements.

• Risk: Volume risk, price risk, competitive dynamics
• Return profile: Higher return potential, more volatile — behaves more like PE in stress

Investment strategies: core, core-plus, and value-add

Why infrastructure in 2026?

Three structural forces are reshaping capital allocation toward infrastructure — and making this a compelling career destination.

1. Energy transition and decarbonization

The IEA estimates global clean energy investment exceeded $2 trillion in 2024, with infrastructure (grids, renewables, storage, hydrogen) representing the majority. The transition requires trillions in grid modernization, renewable capacity additions, EV charging networks, and energy storage. This is a multi-decade capex cycle that needs private capital — and specialist infrastructure funds are best positioned to deploy it.

• Grid modernization in the US: the Department of Energy estimates $3.5–4T of transmission and distribution investment needed by 2035
• Offshore wind, solar, and storage require PPA-backed financing structures that infrastructure funds understand well
• Carbon capture, hydrogen, and emerging clean tech represent the next wave of greenfield deals

2. Digital infrastructure boom

Data centers, fiber networks, cell towers, and satellite infrastructure have been reclassified from "tech" to "infrastructure" in investor thinking. The AI buildout has supercharged data center demand: hyperscaler capex hit record levels in 2025, and private infrastructure funds (DigitalBridge, Stonepeak, Macquarie) have become major capital providers to this space. GIP raised a $12.5 billionAI infrastructure fund in early 2026 as a direct response.

3. Deglobalization and supply chain infrastructure

Reshoring of manufacturing requires ports, warehouses, intermodal terminals, and logistics infrastructure. Political risk and supply chain security concerns are driving public capital toward infrastructure investment — which in many cases requires private capital co-investment. NATO commitments and national security considerations are accelerating defense-related infrastructure spending across Europe and the US.

Key metrics: the infrastructure metric toolkit

Infrastructure uses a distinct set of metrics from traditional PE. Master these before any interview.

Regulated Asset Base (RAB)

The RAB is the regulator-recognized value of a utility's asset base on which it earns an allowed return. Think of it as the equity and debt book value the regulator recognizes for return calculations.

EV/RAB multiple is the primary valuation metric for regulated assets — it tells you how much premium (or discount) the market pays vs. regulatory book value. A premium to RAB (e.g., 1.3× RAB) implies investors expect regulatory resets to remain favorable or asset growth to outpace regulatory depreciation.

Debt Service Coverage Ratio (DSCR)

A DSCR below 1.0× means the project cannot service its debt from operations — a covenant breach and potential default trigger.

Inflation linkage and escalators

Infrastructure cash flows are often partially or fully indexed to inflation, which is a core part of the investment thesis. Types of inflation linkage:

• Direct CPI linkage: tariffs or revenues automatically adjust with CPI (common in regulated utilities and some toll roads)
• Regulatory reset with inflation component: allowed returns incorporate an inflation assumption (RPI linkage common in UK regulation)
• Contractual escalators: PPA prices step up annually by a set percentage

EV/EBITDA vs. EV/RAB

Other key metrics to know

• FFO (Funds From Operations): EBITDA minus maintenance capex and taxes — measures distributable cash; common in infrastructure trust structures
• Leverage (Net Debt/RAB or Net Debt/EBITDA): infrastructure can carry higher leverage than PE due to cash flow predictability; 50–70% LTV on regulated assets is common
• Availability factor: for availability-based contracts, the percentage of time the asset is available drives revenue; key KPI for roads, bridges, hospitals under PPP
• IRR vs. yield split: core infrastructure returns are often 70–80% yield, 20–30% capital appreciation; value-add flips this ratio

Infrastructure vs. PE: how the mindset differs

If you come from traditional PE, you need to rewire your thinking significantly. Infrastructure investing is structurally different in its objectives, risk tolerance, and time horizon.

Career map: roles in infrastructure investing

Infrastructure private equity (equity deals)

The largest category. Funds like Macquarie, Brookfield, KKR Infra, GIP, and Stonepeak buy equity stakes in infrastructure assets or platform companies. Work involves:

• Deal sourcing and origination
• Financial modeling (long-duration DCF, project finance waterfalls)
• Due diligence (regulatory analysis, technical, environmental)
• Portfolio monitoring (DSCR, regulatory resets, capex programs)

Infrastructure debt / project finance

Lending to infrastructure projects. ING, MUFG, Natixis, and dedicated infra debt funds (Meridiam, IFM) are key players. Work is credit-oriented: DSCR analysis, loan documentation, project review, monitoring. Entry from IB (project finance group) or lending-side roles.

Infrastructure asset management

Managing existing portfolio assets — working with management teams, regulators, and lenders on capital programs, tariff reviews, and optimization. This is distinct from deal-oriented PE roles — it's more operational and relationship-focused.

Common entry paths

• IB (Project Finance / Power & Utilities / Infrastructure): cleanest overlap; deal structuring, financial modeling, sector knowledge
• Big 4 infrastructure advisory: strong for regulatory analysis and project monitoring
• Management consulting (infra practice): good for regulatory/strategy work
• Engineering + MBA: technical expertise + financial skills; especially valued at funds with heavy greenfield or operational involvement

40+ infrastructure investing interview questions (with model answers)

Category 1: Fundamentals and Asset Classes

Q1. What is infrastructure investing, and how does it differ from traditional PE?

Infrastructure investing focuses on essential physical assets (utilities, transportation, energy, communications) with long-duration, contracted or regulated cash flows. Unlike PE, the goal is stable income + capital preservation over long hold periods, not short-term value creation and exit. Returns are predominantly yield-driven for core assets; EBITDA multiples and exit arbitrage are less relevant. Risk comes primarily from regulatory, contractual, and operational sources rather than competitive and cyclical dynamics.

Q2. What is the Regulated Asset Base (RAB)?

The RAB is the regulator-recognized asset value on which a utility earns an allowed return. The regulator sets an allowed WACC (e.g., 4–7% for UK water, adjusted periodically) and multiplies it by the RAB to determine the company's permitted regulatory income. RAB grows as the company invests in new assets (capex) and shrinks as assets are depreciated. Investors pay a premium or discount to RAB depending on the quality of the regulatory regime and growth expectations.

Q3. Explain the difference between regulated, contracted, and merchant assets.

Regulated: revenue set by a government regulator based on RAB and allowed return — lowest demand risk. Contracted: revenue from long-term agreements with creditworthy parties; not regulated but equally predictable (e.g., PPA-backed wind farm). Merchant: revenue exposed to market prices and volume — much more volatile, behaves like cyclical equity. Core infrastructure funds prefer regulated and contracted; value-add and opportunistic funds accept merchant risk for higher returns.

Q4. What is a Power Purchase Agreement (PPA)?

A PPA is a long-term contract (typically 10–25 years) between an energy generator and a buyer (utility, corporate, or government). The buyer agrees to purchase electricity at a fixed or escalating price, giving the generator contracted, predictable revenues. PPAs are the backbone of renewable energy project finance — they make wind and solar assets behave like contracted infrastructure rather than merchant power.

Q5. What is greenfield vs. brownfield infrastructure?

Brownfield = existing, operational asset. Lower risk because cash flows are established, ramp-up is complete, and regulatory/permitting hurdles are cleared. Greenfield = new asset being built. Higher risk (construction, permitting, ramp-up) but higher return potential. Most core funds focus on brownfield; opportunistic funds accept greenfield risk at a significant return premium (300–500 bps additional IRR typically required to compensate for development risk).

Category 2: Metrics and Valuation

Q6. Walk me through how you value a regulated utility.

Primary method is EV/RAB: the market values regulated utilities as a multiple of their RAB. A premium to RAB implies the market expects regulatory resets to remain generous or growth to continue. Supplement with a long-duration DCF: project regulatory income (allowed return × RAB) for 20–30 years, model RAB growth from capex programs, terminal value based on RAB at the end. EV/EBITDA is secondary for context. Always cross-check implied equity return vs. the allowed regulatory WACC.

Q7. What is DSCR and why does it matter?

DSCR = Operating Cash Flow / (Principal + Interest). It measures how many times the project's cash flow covers its debt service. In project finance, lenders require minimum DSCR covenants (often 1.2–1.4× in the operating case, tested quarterly). A DSCR below 1.0× means the project cannot service debt without external cash — a default trigger. As an equity investor, I monitor DSCR because covenant breach gives lenders control rights and can restrict distributions to equity.

Q8. How does inflation linkage affect the value of an infrastructure asset?

Inflation linkage is a core value driver. If revenues grow with CPI, the real cash flow is preserved over time — which is why infrastructure is often described as an inflation hedge. In a DCF, CPI escalation means nominal cash flows grow, partially offsetting higher nominal discount rates. The sensitivity: a 1% increase in long-term inflation, if fully passed through in revenues, can increase EV by 8–12% depending on the duration of the asset. This is why regulated and contracted assets outperformed most asset classes in the 2022 inflation shock.

Q9. What is the difference between maintenance capex and growth capex in infrastructure?

Maintenance capex keeps the asset operational (routine replacement, regulatory compliance, safety work) — it doesn't grow the RAB or increase capacity. Growth capex adds new capacity or new assets, which grows the RAB and earns a return. For regulated utilities, growth capex is particularly valuable because it directly expands the income-generating asset base. For project finance analysis, maintenance capex is a deduction from distributable cash flow (similar to sustaining capex in PE).

Q10. How do you think about the right leverage level for an infrastructure asset?

Leverage depends on the cash flow stability. For a regulated utility with near-certain revenues, 50–70% LTV is typical because lenders can rely on contractual cash flows for debt service. For a contracted renewable with a long PPA, 60–75% LTV is common. For a merchant asset, leverage should be far lower (40–50%) because the cash flow can swing significantly with market prices. The key test is DSCR under a stress scenario — lenders want to know the asset services debt even if revenues drop 20–30%.

Category 3: Deal Types and Transaction Mechanics

Q11. How would you structure the financing for a greenfield wind farm?

Classic project finance structure: (1) SPV (special purpose vehicle) holds the asset, ring-fenced from sponsor; (2) debt financing at project level, non-recourse to sponsor — typically 60–70% LTV against contracted revenues; (3) senior debt sized to DSCR of 1.3× under base case; (4) lenders require PPA in place before financial close; (5) construction risk managed via fixed-price EPC (engineering, procurement, construction) contract; (6) equity from sponsor fills the remaining 30–40%.

Q12. What is a concession agreement?

A concession is a government contract giving a private operator the right to build, operate, and collect revenues from an infrastructure asset (e.g., toll road, airport, port) for a defined period (typically 20–50 years), after which the asset transfers back to the government. The key terms: allowed tariffs, traffic guarantees (if any), regulatory obligations, and end-of-concession conditions. Concession quality determines investability — weak concession terms (no tariff indexation, no minimum revenue guarantee) make assets look like merchant rather than contracted.

Q13. What is a PPP (Public-Private Partnership)?

A PPP is an arrangement where a private party finances, builds, and operates public infrastructure (e.g., hospital, school, road) under a long-term contract with a government body. Revenue comes from "availability payments" — the government pays based on asset availability, not usage. This makes PPPs among the most bond-like infrastructure assets: revenue is contractual, government-backed, and unrelated to economic cycles. Risk is primarily operational (maintaining availability) and construction (for new builds).

Q14. How would you think about the risks of acquiring a toll road?

Key risks: (1) Traffic/volume risk — is revenue linked to usage or is there a minimum guarantee? (2) Tariff risk — can tolls be increased with inflation? Is there a regulatory body that can cap increases? (3) Concession length — how long until asset returns to government? (4) Competition risk — alternative routes, rail, or future infrastructure that diverts traffic. (5) Political risk — governments can revoke concessions or claw back windfall profits. (6) Leverage — toll roads often carry significant project debt; what is DSCR in a traffic-down scenario?

Category 4: Returns, Market, and Strategy

Q15. What total return would you target for a core infrastructure asset?

Core infrastructure (regulated or long-term contracted, brownfield) targets 4–7% net IRR, with returns predominantly from income yield rather than capital appreciation. Core-plus: 8–11%. Value-add: 12–15%+. Greenfield/opportunistic: 15–20%+. The premium over investment-grade credit reflects illiquidity, complexity, and operational management responsibilities. In 2026, these return targets are under pressure as more institutional capital chases the same assets — especially in digital infrastructure and renewables, where valuations have compressed significantly.

Q16. Why has digital infrastructure (data centers, fiber) attracted infrastructure investors?

Digital infrastructure shares key attributes of traditional infrastructure: essential services with high switching costs, long-term contracts (data center leases are typically 10–20 years with large hyperscalers), high barriers to entry (permitting, power access, location), and sticky revenues. The AI buildout has dramatically increased demand — hyperscaler capex (Microsoft, Google, Amazon, Meta) hit record levels in 2025. GIP's $12.5B AI infrastructure fund closed in early 2026 specifically to capture this opportunity.

Q17. What are the key risks in infrastructure investing today?

(1) Regulatory risk: tighter regulatory resets (e.g., UK water sector controversies in 2024–2025 over Thames Water) can materially reduce allowed returns. (2) Construction/technology risk: greenfield energy assets face cost overruns and technology evolution (what happens to solar panel assets in 20 years as efficiency improves?). (3) Interest rate sensitivity: long-duration assets with stable cash flows behave like bonds — rising rates compress valuations. (4) Political/expropriation risk: particularly in emerging markets. (5) ESG pressure: assets in fossil fuel infrastructure face stranded-asset risk as energy transition accelerates.

Q18. How has the energy transition changed infrastructure deal flow?

Massively. Five years ago, infrastructure deal flow was dominated by mature utility M&A, toll roads, and airports. Today, renewables (wind, solar, battery storage), grid modernization, EV charging networks, hydrogen, and carbon capture represent an enormous and growing pipeline of greenfield and early-stage deals. The scale of investment required is unprecedented — the IEA estimates $2T+ per year in clean energy investment is needed to achieve net-zero pathways. This has created enormous demand for infrastructure professionals with sector expertise in energy transition.

Category 5: Case Study and Analysis

Q19. Walk me through how you would analyze a toll road acquisition.

Step 1 — Revenue model: Understand traffic (historical trends, economic sensitivity, future capacity), tariff structure (inflation linkage, cap?), and revenue guarantee terms (if any).
Step 2 — Cost base: O&M costs, major maintenance schedule, regulatory compliance.
Step 3 — DSCR analysis: Model project debt service under base and downside traffic scenarios. Identify covenant breach points.
Step 4 — Concession terms: Length, renewal options, tariff approval process, end-of-life asset condition obligations.
Step 5 — Valuation: Long-duration DCF (20–30 year projection + terminal), EV/EBITDA vs. comparable toll road transactions.
Step 6 — Downside: Traffic down 15–20%, tariff freeze — what does DSCR look like? Can we still service debt and distribute equity returns?

Q20. Walk me through how you would analyze a solar farm acquisition.

Key assumptions: Energy yield (MWh per year based on irradiance data + panel degradation), PPA price (fixed or escalating), PPA counterparty creditworthiness, grid connection and curtailment risk, O&M costs (typically $10–15/MWh for utility-scale solar), asset life (25–30 years), panel replacement schedule (major capex at year 15–20 typically).
Model revenue as: Energy yield × PPA price. EBITDA margin typically 80–90% (solar O&M is low). Project finance leverage: 60–70% LTV against contracted revenues. Key sensitivities: irradiance (10-year P90 production forecast from a reputable energy consultant), PPA contract length vs. asset life (what happens after the PPA expires?), and panel technology risk.

Q21. What questions would you ask in due diligence on a regulated water utility?

(1) What is the current RAB and the allowed regulatory return (WACC)? (2) When is the next regulatory reset, and what are the regulator's current positions on allowed returns? (3) What is the capex program for the next regulatory period, and is it realistic and pre-approved? (4) What is the state of the asset base — is there deferred maintenance creating future liabilities? (5) What is the water loss rate and are there regulatory penalties? (6) Are there environmental compliance obligations (e.g., storm overflow requirements) that will require significant capex? (7) What is the management team's track record with regulators?

Category 6: Behavioral and Fit

Q22. Why infrastructure investing and not traditional PE?

Strong answer framework: Articulate the genuine intellectual appeal of long-duration, yield-oriented investing. You should say something like: "I'm drawn to the intersection of policy, regulation, and finance — infrastructure investing requires understanding not just financial analysis but also regulatory dynamics and the role these assets play in society. The long-duration nature forces deeper analytical thinking about what a business looks like in 10–15 years, not just 3–5. And I find the energy transition particularly compelling — it's the largest capital reallocation in history, and infrastructure funds are at the center of executing it."

Q23. Pitch an infrastructure asset you would invest in today and why.

Strong answer framework: Choose an asset type relevant to the fund's strategy. For a digital infra fund: "I'd look at hyperscale data center platforms in markets with constrained power supply — Northern Virginia, Frankfurt, Singapore — where the supply-demand imbalance for AI workloads creates pricing power and contract duration is extending." For a traditional infra fund: "I'd look at European grid modernization assets where the energy transition capex cycle is creating RAB growth of 10–15% per year, driving equity value even at regulated return levels." Always back it up with numbers.

Q24. How do you think about the right hold period for an infrastructure asset?

Depends on the strategy and the asset type. Core regulated assets can be held indefinitely — the cash flow doesn't deteriorate if the regulatory regime is stable, and selling introduces reinvestment risk. Core-plus assets with active management plans might be held 10–15 years until the value-creation thesis is realized. Value-add and opportunistic assets are typically held 5–10 years with a defined exit (IPO, trade sale, infrastructure fund secondary). The key point: infrastructure is not a "buy and flip" asset class — patience and long-duration thinking are genuine competitive advantages.

Q25. What is the biggest challenge in infrastructure investing today?

Valuation compression and competition for quality assets. Institutional capital inflows have pushed valuations for core and core-plus assets to levels where prospective returns in many sectors barely compensate for illiquidity. Pension funds and sovereign wealth funds are increasingly investing directly (without paying fund fees), putting further pressure on fee-charging fund managers. The solution is differentiation: moving earlier in the value chain (greenfield, development), specializing in sectors with higher complexity (digital infrastructure, hydrogen), or expanding into new geographies.

Additional questions (Q26–Q40+)

• Q26. What happens to infrastructure valuations when interest rates rise? (Long-duration assets reprice like bonds; EV/RAB multiples compress as discount rates rise.)
• Q27. What is project finance and how does it differ from corporate finance? (Non-recourse lending to an SPV; debt is sized against project cash flows, not sponsor balance sheet.)
• Q28. Explain a take-or-pay contract. (Buyer commits to pay for a minimum volume of product regardless of actual offtake — key in pipelines and LNG.)
• Q29. What is an availability payment? (Government payment based on asset availability, not usage — makes PPP assets extremely bond-like.)
• Q30. How do you think about political risk in infrastructure? (Sovereign risk in emerging markets; regulatory risk in developed markets; concession revocation risk. Mitigation: bilateral investment treaties, political risk insurance, strong contract frameworks.)
• Q31. What is demand risk and how do you quantify it for a toll road? (Traffic volume elasticity to GDP/fuel prices; scenario analysis showing DSCR at traffic −15%, −30%.)
• Q32. Describe the typical capital structure of a project-financed wind farm. (60–70% senior project debt, possibly 5–10% mezzanine, 25–30% sponsor equity; covenants based on DSCR, LLCR, PLCR.)
• Q33. What is LLCR (Loan Life Coverage Ratio)? (PV of project cash flows over the loan life divided by outstanding debt — forward-looking version of DSCR.)
• Q34. Why do infrastructure funds often use SPV structures? (Ring-fencing — lenders have recourse only to the SPV's cash flows and assets, not to the sponsor. Enables non-recourse project finance at lower cost.)
• Q35. What is the difference between an infrastructure fund and an infrastructure REIT? (Infrastructure funds are closed-end private vehicles with 10–15 year lock-ups; infrastructure REITs (American Tower, Crown Castle) are public, liquid, dividend-paying.)
• Q36. How would you value an airport? (EV/EBITDA using precedent transactions; supplemented by regulatory return analysis for regulated aeronautical revenues; sensitivity to passenger traffic volumes and aero vs. non-aero revenue mix.)
• Q37. What metrics matter most for a battery storage asset? (Capacity (MWh), round-trip efficiency, degradation rate, revenue source (energy arbitrage, ancillary services, capacity market), contract terms.)
• Q38. What are the main exit routes for an infrastructure investment? (Trade sale to another fund/operator, secondary to another infrastructure fund, IPO as listed infrastructure vehicle, sale to pension fund/sovereign wealth fund direct, concession expiry (return to government).)
• Q39. How do you think about ESG risk in an infrastructure portfolio today? (Stranded asset risk for fossil fuel assets; regulatory risk as emissions targets tighten; investor mandate risk if LPs have net-zero commitments; transition capex requirements for decarbonizing existing assets.)
• Q40. What is the Macquarie "infrastructure model" and how has the industry evolved since? (Macquarie pioneered the "listed infrastructure fund" model in Australia in the 1990s — high-leverage, fee-heavy vehicles that went through stress in 2008. The industry has since adopted lower leverage, longer-term closed-end structures with better alignment. Macquarie itself now manages ~$190B in infrastructure across institutional and core-plus strategies.)

Case study walkthrough: analyzing a toll road or renewable energy asset

Infrastructure case studies differ from PE case studies in structure and focus. Here's a step-by-step framework you can adapt to any asset.

The infrastructure case study framework

1. Asset description and context (5 min): What type of asset? Regulated, contracted, or merchant? Where in the risk spectrum? What is the concession/regulatory structure?
2. Revenue model (10 min): What drives revenue? Volume? Tariffs? Availability payments? What is the inflation linkage? Model base and downside revenues.
3. Cost and capex analysis (5 min): O&M costs, major maintenance schedule, regulatory obligations. Separate maintenance capex from growth capex clearly.
4. Debt sizing and DSCR analysis (10 min): How much project debt is supportable? Model DSCR under base, downside, and stress. Find the DSCR covenant floor and what scenario triggers it.
5. Equity return analysis (10 min): Model equity IRR and cash yield over the hold period. What assumptions drive the equity return? What is the sensitivity to traffic/volume, tariff, or terminal value?
6. Recommendation (5 min): Invest or pass? At what price/structure? What conditions would need to be true? What are the top 3 risks and how do you mitigate them?

30-day infrastructure interview prep plan

Week 1 (Days 1–7): Build the foundation

• Learn the RAB model, DSCR, project finance basics, and the regulated/contracted/merchant distinction
• Read Macquarie's and Brookfield's annual reports — they explain their investment philosophy clearly
• Map the major asset classes: utilities, transport, energy, digital, social
• Understand the energy transition landscape: IEA clean energy investment data, key technologies

Week 2 (Days 8–14): Build your metrics toolkit

• Practice DSCR calculations with different leverage levels and cash flow assumptions
• Build a simple project finance waterfall in Excel (revenue → EBITDA → debt service → equity cash flow)
• Practice valuing a utility: RAB growth + regulatory return = equity value
• Read 2–3 infrastructure deal announcements and understand how they were financed

Week 3 (Days 15–21): Case study practice

• Do one toll road case study end-to-end: model base and downside, calculate DSCR, recommend
• Do one renewable energy case study: model a solar farm with a PPA
• Practice presenting your findings in 5 minutes to a "PM"
• Build your understanding of one fund's strategy in depth (Macquarie, Brookfield, or KKR)

Week 4 (Days 22–30): Interview simulation

• Drill all 40+ questions above until answers are automatic
• Practice the "why infrastructure" and "pitch an investment" questions until they're sharp
• Prepare your market views: energy transition, digital infra, regulatory trends in 2026
• Mock interview with someone who will push back on your DSCR analysis and concession assumptions

Key takeaways

Related Resources

• Breaking Into Private Debt (2026) — Infrastructure debt and project finance lending careers
• Walk Me Through a DCF — Long-duration DCF methodology used in infrastructure valuation
• Real Estate PE Interview Questions (2026) — Related long-duration asset class with overlapping concepts
• LBO Interview Questions: Ultimate Guide — Financial modeling and deal structuring foundations