The module presents the categories of investors in the infrastructure sector. The initial introduction provides a high-level view of the two categories (the public investor and the private investor) and the investment motivations underlying each of the two groups. It then moves on to an examination of public financing of infrastructure: the driving role of infrastructure on the growth of the economic system and jobs (fiscal multiplier and job multiplier) is clarified, but it is also pointed out that in recent years privatisation policies and budget constraints have led to a steady reduction in public investment and an increase in the infrastructure gap. The plans of the US government (IRA), the EU (NextGen and Repower EU) and Italy (PNRR) are a response to this decline. Finally, private financing of infrastructure is considered and the attributes of infrastructure that are attractive to a private investor are clarified. The different types of investors (greenfield and brownfield) are clarified and it is shown that infrastructure investments are very stable even in times of market crisis and recession (recession-resilient investments).

The module clarifies why the concept of infrastructure is 'in motion', evolving. The general introduction gives a high-level overview of why what we define as infrastructure today may no longer be so in the coming years (the 'stranded assets') as well as investments that were not considered infrastructure until a few years ago are perfectly so today. The first interview presents the energy sector and the evolutions it has undergone (decarbonisation and ecological transition), the situation in Italy is assessed and the possible implications for the future. The second interview focuses on a very innovative sector and therefore seemingly far removed from the concept of infrastructure (but not resource infrastructure as seen in module 1) such as agritech. It is clarified why agriculture is the infrastructure of the future, the Italian situation and the implications for investors. The third interview focuses on an even more innovative sector such as the space economy. The perimeter of the space economy, the implications for investors and the Italian situation are clarified. The last interview with F2i's Alberto Ponti clarifies sustainability issues in infrastructure investment. From the perspective of a large national infrastructure investor, we analyse how ESG issues enter into the investment process of a large fund and guide its strategic decisions.

The module introduces the financial technique used for greenfield infrastructure projects: project financing. A high-level overview of this technique is given in the introduction together with some data on the market in question. In the first part, a simple definition of project finance is presented using the example of the "time bomb" to clarify the difference with traditional financing of any other investment. It then goes on to examine the network of contracts used in project finance transactions by identifying the four key contracts that are essential to the success of the operation (EPC, supply of raw materials, sale of products or services, maintenance and operation contracts).Finally, it clarifies the main categories of risk underlying infrastructure projects, both during the construction and operational phases, and presents the main solutions that can be used to reduce/mitigate these risks.

This Week is dedicated to the final evaluation of the course.