SIPA data reveals that rates bite into Q3 private infrastructure returns but renewables shrug it off
LONDON, 28 October 2026 – Rising rates knocked private infrastructure markets in Q3, according to SIPA infraMetrics’® latest quarterly index reports.
The product of more than a decade of academic research at the EDHEC Infrastructure & Private Assets Research Institute, Scientific Infra & Private Assets (SIPA) joined PEI Group in March 2026, bringing independent, scientifically grounded performance benchmarks and indices that set the standard across private infrastructure and private equity.
The infra100® Market Index, the universe’s large-cap benchmark, fell 3.42 percent as transport weighed down by struggling toll roads and airports posted a 6.35 percent average loss.
The broader infra300® Market Index fared better, down 1.85 percent, while the infra300® Debt Index reversed hard, dropping 1.38 percent after a 2.11 percent gain in Q2, as yields climbed 57 basis points to 5.62 percent.
Interest rates, not cashflow or credit jitters, did the damage: SIPA pins over 80 percent of the quarter’s exit-value swings on the rate move alone, as UK, US and eurozone 10-year yields all rose between 67 and 84 basis points.
Renewables were the exception. The infraGreen® Market Index eked out a flat 0.01 percent return, as wind assets more than offset a sharp solar slide.
The split had an unlikely trigger: LNG disruption through the Strait of Hormuz sent European gas and power prices sharply higher through September, a windfall for merchant wind generators that Spain’s oversupplied solar fleet never saw. Sweden’s Överturingen wind farm led the pack with an 18.94 percent quarterly return, while Brazilian renewable and data-centre assets also featured among the infra100’s top performers, a reminder that rate cycle aside, where (and what) you own still matters.
The full Q3 2026 reports – SIPA infraMetrics®, infra100®, infra300®, infra300® Debt and infraGreen® indices – are available for download here.
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