Structured finance in a new global investment cycle
Large-scale infrastructure and energy projects are entering a renewed phase of global expansion. The acceleration of the energy transition, the growing demand for digital infrastructure and persistent investment gaps across developed and emerging markets are reshaping the project finance landscape. In this context, structured finance has become a strategic lever for mobilising capital, allocating risk efficiently and enabling complex projects to reach execution.
An article published in Expansion on 13 February 2026 highlighted Santander Corporate & Investment Banking’s (Santander CIB) position at the forefront of this market. Drawing on Infralogic data, the publication reported that Santander ranked number one globally in 2025 both as financial adviser and as lender in structured finance transactions, marking the strongest year in the bank’s history in this segment.
Acting as financial adviser in project finance requires designing robust structures, aligning sponsors and lenders, and ensuring that transactions withstand scrutiny from multiple credit committees across jurisdictions. As Benoît Felix, global head of Structured Finance at Santander CIB, explains: “Our first place in the financial advisers’ ranking demonstrates the change in model the bank is pursuing. Acting as adviser does not guarantee that the bank will also act as lender, although this happens in many transactions. Our objective is to find the best structure and the best transaction for the client.”
Building a global structured finance platform
Santander’s trajectory in structured finance spans more than 25 years, beginning with early renewable energy project financings in Europe and evolving into a global platform covering infrastructure, energy, digital assets and real estate.
Today, the team comprises more than 200 specialists across 15 countries in Europe, the Americas and Asia, with strong hubs in Spain, the United Kingdom, the US and Brazil. This footprint combines local client proximity with global sector expertise.
As Felix notes: “We have a competitive advantage through the combination of our global sector expertise and local presence. Some banks execute Latin American transactions from abroad. We have specialised teams in each country who understand the local market, supported by sector experts from New York, São Paulo, London or Madrid.”
Advisory strength and balance sheet commitment
In 2025, Santander advised on 67 structured finance transactions with an attributed volume approaching €30.6 billion. At the same time, it committed €24.1 billion as lender, leading global rankings on both fronts.
This dual role reinforces credibility with infrastructure developers, energy sponsors and institutional investors. The structured finance platform is organised into five verticals, covering mega-infrastructure projects, renewable energy, selected data centre financings, real estate and structured credit solutions for funds and corporates.
Importantly, structuring discipline remains central. “In our team we look for professionals who stay grounded, who do not propose financing structures that the credit committees of financing banks will ultimately reject,” explains Felix. In a market where execution risk can delay or derail projects, pragmatic and realistic structuring is as critical as financial innovation.
Strategic focus on the United States and beyond
The Expansion coverage also underscored Santander’s progress in the United States, where the bank rose to second place in both advisory and lending rankings in 2025, up from sixth position the previous year. Renewable energy transactions played a significant role in this expansion.
“We have focused on the US and delivered results,” Felix states. The US market remains a strategic priority for 2026, alongside continued development in Latin America, Europe and Asia, where the bank has reinforced its presence with teams in Singapore and Hong Kong.
Positioning for the next phase of investment
Looking ahead, the outlook for structured finance remains underpinned by structural drivers. Infrastructure deficits remain significant, decarbonisation targets demand sustained investment and digital transformation continues to generate new asset classes requiring specialised financing frameworks.
Felix highlights the long-term nature of the opportunity: “There is enormous potential in infrastructure worldwide. We are entering a new international investment cycle because there is still a gap to close, and it is very important for the bank to be there with our clients, innovating alongside them.”
As the global investment cycle evolves, structured finance will continue to require disciplined structuring, cross-border coordination and close collaboration between sponsors, lenders and investors. In this environment, advisory leadership combined with balance sheet strength positions, institutions contribute meaningfully to the next generation of infrastructure and energy development.