Infrastructure is evolving beyond its traditional scope of transport networks and social assets. Today it increasingly encompasses interconnected systems where logistics, energy, industry and digitalisation converge, reflecting broader economic and technological transformation.
"In Italy, this shift is occurring alongside the need to modernise existing assets and align infrastructure development with EU objectives on decarbonisation, resilience and competitiveness."
In Italy, this shift is occurring alongside the need to modernise existing assets and align infrastructure development with EU objectives on decarbonisation, resilience and competitiveness. This means not only upgrading established networks, but enabling new functions linked to energy transition, electrification and integrated supply chains.
These trends are also reshaping delivery models. The scale and complexity of current investment needs are putting pressure on public finances, reinforcing the role of public-private partnerships (“PPP”) and concession frameworks as key tools to attract private capital and expertise. At the same time, evolving infrastructure profiles require more adaptable and sophisticated financing structures, able to accommodate longer investment cycles and more complex risk allocation.
Recent policy initiatives suggest a gradual restructuring of governance and funding mechanisms, aimed at creating a more stable and predictable investment environment and encouraging project financing structures. This is particularly relevant in sectors undergoing structural transformation, where coordination across different levels of government and industry participants is essential to ensure bankability.
Italy faces the challenge of combining infrastructure renewal with the development of new strategic assets, within coherent and financeable frameworks.
This article reviews recent developments in the Italian infrastructure market, highlighting emerging investment trends and the evolving role of PPP models.
On 12 May 2026, the Italian Ministry of Infrastructure and Transport (“MIT”) presented the new National Airports Plan (“PNA”) 2026–2035, prepared by the Italian Civil Aviation Authority (“ENAC”), a strategic framework for the development of Italy’s airport system over the next decade. The PNA updates and builds on existing frameworks and policy guidelines, focussing on sustainability, resilience, technological innovation and intermodal integration. Its objective is “to enhance the specific features of Italy’s airport systems and support increasingly efficient development,” with final approval expected in the coming months.
The PNA is centred around continued traffic growth – approximately 230 million passengers handled in 2025 – and outlines a particularly ambitious trajectory, targeting 305 million passengers by 2035. To support this expansion, the PNA introduces a significant restructuring plan, creating 13 integrated airport systems to reduce fragmentation across the current 41 airports. This approach marks a shift towards a more coordinated model, aimed at optimising overall capacity – including that of smaller airports – whilst preserving local dynamics.
A central feature of this reorganisation is the adoption of the ‘Puglia model’ – the integrated management of Bari, Brindisi, Foggia and Taranto-Grottaglie – presented as a benchmark for cooperation, functional specialisation and territorial integration. The PNA uses this model to promote a network-based system capable of enhancing competitiveness, sustainability and efficiency. According to the President of Aeroporti di Puglia, recognition of this model “confirms the validity of a strategy based on cooperation, innovation and the overcoming of a fragmented system.”
From a strategic standpoint, the PNA identifies several key areas – including the North-West, North-East, Milan (Linate and Malpensa), Emilia-Romagna, Tuscany, Lazio, Campania, Puglia, Calabria, Sicily (east and west) and Sardinia – where integrated airport systems will operate. To improve accessibility, approximately €1.2bn has been allocated for rail connections to airports including Bergamo, Venice and Verona, all part of a broader effort to reduce environmental impact through closer integration with high-speed rail and sustainable mobility systems.
The PNA also places considerable emphasis on the development of the cargo sector, currently heavily concentrated at Milan Malpensa. The objective is to diversify logistics capacity by strengthening the role of other airports, including Brescia, Grottaglie, Rome and Bologna, thereby supporting national supply chains and industrial competitiveness. In parallel, major hubs such as Rome Fiumicino are expected to undergo significant expansion, including the development of a fourth runway.
More broadly, the PNA aligns with EU sustainability objectives, promoting a shift towards collective transport, the optimisation of existing infrastructure and clearer defined roles for individual airports, aimed at reducing overlaps between airports in close proximity. The ENAC President notes the PNA represents “a starting point for a new phase of development of Italian air transport,” building on a strong post-pandemic recovery and a shared ENAC–MIT vision focussed on improving infrastructure and environmental sustainability.
Italy’s major airports are launching significant infrastructure investments to substantially enhance operational capacity, environmental sustainability and the overall competitiveness of the aviation industry.
Rome Fiumicino Airport has unveiled a comprehensive Sustainable Development Plan worth €9bn which will provide for both the maintenance and modernisation of existing infrastructure as well as the development of new assets. Key components include the construction of a new runway to reduce noise pollution by up to 80%, the development of a new terminal covering approximately 350,000 sqm with 76 gates and a passenger handling capacity exceeding 35 million per year, and the creation of 5,000 additional parking spaces.
Similarly, Milan Malpensa Airport is undertaking the approximately €85m ‘T1XL Project’, which involves the expansion of Terminal 1 by adding new facilities and refurbishing existing areas. Completion is expected by 2028.
Meanwhile, Venice Marco Polo Airport’s 2023–2037 Master Plan provides for investments of approximately €2bn, of which €380m will be allocated to environmental sustainability initiatives, including the expansion of the passenger terminal from 90,000 sqm to approximately 190,000 sqm.
Recent developments also highlight a growing trend towards consolidation and private investment in the Italian airport sector. SAC, which operates Catania-Fontanarossa and Comiso airports, has launched a privatisation process, inviting expressions of interest for the sale of a majority stake of at least 51%.
The sector has also witnessed significant transactions involving major infrastructure investors. Notably, CDP Equity is expected to acquire a minority stake in 2i Aeroporti, Italy’s largest airport network operator, whilst preserving F2i’s majority position.
In February 2026, Ardian and Finint Infrastrutture, together with Sviluppo 87, completed the acquisition of Milione S.p.A., the parent company of SAVE which manages Venice Marco Polo Airport as well as Verona, Treviso and Brescia airports.
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"Italy’s 2026 port reform introduces a shift towards a more centralised governance and investment model, designed to accelerate execution and strengthen the overall infrastructure pipeline."
Italy’s 2026 port reform introduces a shift towards a more centralised governance and investment model, designed to accelerate execution and strengthen the overall infrastructure pipeline.
At the core of the reform is the establishment of Porti d’Italia S.p.A., a state-controlled entity acting as the national implementation body for major port investments. The company is entrusted with the planning, design and delivery of strategic infrastructure, primarily through long-term concession schemes.
This reform reallocates responsibilities: Port System Authorities retain regulatory oversight and coordination functions, whilst investment and execution become centralised.
On the financing side, the reform introduces a structured funding architecture based on stable and predictable revenue streams. A dedicated national maritime infrastructure fund will aggregate public resources and be supplemented by 15%-25% of annual port tax revenues, ensuring funding continuity and visibility for investors.
Overall, the reform establishes a pipeline of large-scale projects, providing a clear framework for private sector participation.
Italian ports are being repositioned as strategic industrial hubs supporting offshore wind development and the broader energy transition.
The Ports’ Decree of 4 July 2025 formally recognises ports as integrated platforms for the assembly, staging and deployment of renewable energy components. Within this framework, Taranto and Augusta are priority hubs.
The current implementation phase (2025–2027) is supported by €78.3m, financed through the reallocation of CO₂ emission allowance proceeds. Investments focus on:
In parallel, a dedicated feasibility study has been launched for the development of offshore wind infrastructure at the Port of Ortona, promoted by Renexia S.p.A., expanding the national network of candidate hubs and strengthening project visibility in the Adriatic.
This coordinated investment programme positions Italian ports as key enablers of offshore wind deployment, fully aligned with energy transition objectives and supported by targeted public funding.
Cold ironing is one of the most advanced and rapidly developing aspects of port infrastructure in Italy, combining large-scale public investment, regulatory incentives and private participation.
Italy is in a full deployment phase (2024-2030), supported by PNRR (M3C2) and TEN-T programmes, in line with EU requirements mandating shore-side electricity by 2030.
Between 2021 and 2026, total port investments amount to €3.4bn, with approximately €700m dedicated to quay electrification.
Projects are already being delivered, for example the Ravenna cold ironing project (approximately €42m) will be completed by mid-2026.
The regulatory framework is also evolving to support scale-up and bankability. In particular, the draft “Guidelines for the granting of cold ironing service licences” – aimed at guiding Port System Authorities in award procedures under Article 6(10) of Law No. 84/1994 and Legislative Decree No. 36/2023 – confirms the concession-based model for cold ironing as a service of general economic interest (“SGEI”), whilst strengthening the role of public-private partnership structures, including project finance and mixed concession schemes, as key delivery mechanisms.
The draft guidelines have been circulated by the MIT for stakeholder consultation, with comments requested by 25 June 2026. They also introduce enhanced coordination with maritime authorities, particularly in relation to navigation safety and port security, ensuring operational alignment within complex port environments.
From a financial standpoint, bankability is reinforced by ARERA Resolution No. 492/2024, which grants a 100% exemption from electricity system charges between 2025 and 2029, significantly reducing operating costs during the initial phase.
Italy therefore offers a mature and increasingly structured framework for cold ironing investments, combining regulatory clarity, public funding, and concession-based delivery models with growing emphasis on PPP solutions and institutional coordination.
The Italian government has introduced a regulatory framework for the methanisation of Sardinia, a region that remains largely outside the national gas transmission network and relies on more carbon-intensive energy sources.
The Prime Ministerial Decree of 10 September 2025 (“DM Gas Sardinia”) defines the first phase of this process, aiming to support Sardinia’s energy transition and gradual phase-out of coal-fired power generation, in line with the National Energy and Climate Plan (“NECP”).
Implementation of the virtual pipeline network (“VNP”) is expected to be led by Snam, the main Italian operator for the transport and dispatching of natural gas, leveraging its expertise in the development and management of energy networks at national level.
Within this framework, priorities include the development of around 300 km of transmission pipelines, the construction of a regasification terminal and the rollout of LNG logistics, storage and local distribution infrastructure across Sardinia.
The scheme combines new gas infrastructure with LNG-based solutions, providing a flexible and technologically advanced approach that ensures security of supply whilst supporting the decarbonisation of the energy system.
The required investment is approximately €1.5bn and will be supported by a tariff-based cost recovery mechanism, providing long-term sustainability and financial visibility.
A key step in the implementation process has been the ARERA consultation (DCO 135/2026), which is expected to provide a clearer and more robust regulatory framework for the rollout of the project. This process should further strengthen the initiative’s overall bankability and encourage investor confidence.
Under Snam’s 2026-2030 Strategic Plan, approximately €9bn of a total €14bn investment is allocated to transport and storage networks. A significant share of these investments is directed towards repurposing the gas network to make it hydrogen-ready, including the conversion of around 1,000 km of pipeline.
Within this framework, Snam is developing the Italian Hydrogen Backbone, a national hydrogen transmission system spanning 1,900 km. Around 60% of this network will be realised by repurposing existing gas pipelines, supported by several hundred megawatts of compression capacity.
The system is designed to ensure import capacity from North Africa of approximately 448 GWh per day and is structured along three main corridors:
This is in addition to around 530 km of branches connecting major industrial hubs.
This also forms part of the broader SouthH2 Corridor which links North Africa with Central Europe and reinforces Italy’s standing as a major Mediterranean energy hub.
From a financial perspective, hydrogen-related investments remain at an early stage. The plan allocates around €200m to develop the initial backbone network, compared with €400-600m earmarked for hydrogen investment in the previous strategic cycle under the broader ‘Energy Transition’ programme.
"Italy is currently experiencing a phase of strong expansion in the data centre market, thanks to both structural demand drivers and significant capital inflows."
Italy is currently experiencing a phase of strong expansion in the data centre market, thanks to both structural demand drivers and significant capital inflows. Investment levels have reached unprecedented scale, with approximately €7.1bn committed between 2023 and 2025 and a pipeline exceeding €25bn for 2026–2028.
This trajectory reflects broader developments within the digital economy. The Italian cloud computing market reached approximately €4.8bn in 2023, whilst the budding AI sector has grown rapidly to €760m. These figures highlight the growing demand for high-performance digital infrastructure, many of which require high-density, GPU-enabled data centres capable of large-scale data processing.
Despite this expansion, Italy’s share of global demand remains limited, accounting for less than 1% worldwide. This suggests significant room for growth, especially in light of Italy’s industrial base, its role as a European manufacturing hub and its increasing integration into global data networks. Investor confidence is reinforced by policy trends favouring data localisation, digital sovereignty and the growing demand for secure, compliant infrastructure from regulated sectors such as finance and public administration.
Whilst the Italian data centre market is expanding rapidly, its geographical distribution is highly uneven. Much of the capacity is concentrated in Northern Italy, particularly Lombardy and Piedmont, with Milan emerging as the principal hub thanks to its strong international connectivity which includes subsea cable routes, as well as its proximity to major industrial hubs.
However, this concentration gives rise to structural constraints. The rapid increase in electricity demand places considerable strain on the national grid, particularly in areas with existing high consumption. The number of connection requests has grown exponentially in recent years, increasing from around 1 GW in 2021 to over 50 GW in 2025. This surge has caused congestion across transmission networks and substations, resulting in delays in grid connections and increased uncertainty for project developers.
Consequently, there is a growing focus on geographical diversification. Alternative regions, including the North-East, Central Italy and southern areas with greater renewable energy potential, are being considered viable for future developments. This shift reflects a broader recognition that the sustainable growth of the sector will depend on a more balanced geographical distribution, coupled with coordinated energy and infrastructure planning at national level.
Regulatory framework governing Italy’s data centres is evolving in response to the sector’s growing strategic importance. One of the most significant recent developments is the introduction of a single authorisation procedure aimed at simplifying and accelerating the permitting process.
This new regime consolidates multiple approvals – including environmental impact assessments, integrated environmental authorisations and various sector-specific permits – into a unified administrative process. The objective of this reform is to enhance legal certainty, reduce execution risk and align Italy with broader European trends towards streamlined permitting for strategic infrastructure.
However, several issues remain. In particular, the relationship between the new authorisation process and existing planning and zoning regulations may create conflicts, especially in high demand areas. This is because approval for a data centre does not automatically amend local planning schemes.
Implementing accelerated timelines also presents challenges, given the complexity of environmental assessments and limited administrative capacity in certain jurisdictions. As a result, further legislative developments are expected, including the possible adoption of a dedicated data centre law to provide a more coherent and integrated regulatory framework.
From a financial perspective, data centre projects share many of the characteristics of large-scale infrastructure investments, including high capital intensity, long development cycles and significant operational complexity. As such, they are increasingly structured using project finance models, whereby debt is repaid through cash flows generated by the project.
A key bankability factor is the existence of long-term contractual arrangements with clients, providing stable and predictable revenue streams. These service agreements, often spanning several years with extension options, form the backbone of financing structures and underpin the credit profile of the project.
Financing arrangements typically involve a combination of term facilities and ancillary lines, supported by comprehensive security packages including pledges over shares, mortgages over assets and assignments of receivables. Financial covenants, such as minimum debt service coverage ratios and limits on leverage, are carefully calibrated to reflect the risk profile of the project.
In parallel, there is increasing interest in alternative structures, including public-private partnerships and joint ventures between infrastructure operators and technology partners. These approaches are expected to play a more prominent role as the sector matures and as public policy increasingly recognises data centres as strategic digital infrastructure.
Energy remains critical to data centre development, both in terms of operational requirements and environmental impact. It is estimated that data centres in Italy could consume up to 11 TWh annually by 2030 – approximately 3% of national electricity demand.
This growing demand necessitates careful integration with the national energy system. There is increasing reliance on PPAs with renewable energy providers, offering both cost stability and environmental benefits. At the same time, technological innovation is contributing to improved energy efficiency, through the adoption of advanced cooling systems and the recovery of waste heat for use in district heating networks.
Sustainability is becoming a greater focus as new EU regulations require greater transparency on energy consumption, resource use and environmental performance. New approaches such as off-grid data centres and facilities located alongside energy generation assets, highlight how energy and digital infrastructure are becoming increasingly linked. These models may offer viable solutions to grid constraints, whilst supporting the transition towards a more sustainable and resilient energy system.
Modernising sports infrastructure is a key priority for Italy particularly ahead of UEFA Euro 2032. A Prime Ministerial Decree approving the Euro 2032 Intervention Plans designates stadium projects as works of strategic national interest and introduces a centralised governance mechanism with Extraordinary Commissioners appointed to oversee and speed up project delivery. The Decree also promotes the use of a single authorisation procedure, aimed at consolidating multiple administrative approvals into a unified process to ensure compliance with UEFA deadlines.
The Decree includes a broad list of candidate stadiums, including five in Italy which will be selected to host the UEFA Euro 2032 tournament. Three options are in Rome, including two which correspond to new or redeveloped infrastructure projects:
Milan is included in the Plan through the New Milan Stadium project in the San Siro area, which envisages the construction of a 71,500-seat venue. The project forms part of a wider infrastructure development strategy involving the metropolitan area and neighbouring cities, including Settimo Milanese, Lecco and Brescia.
"Italy’s infrastructure market is evolving rapidly, with investment opportunities emerging across the transport, energy, digital and social infrastructure sectors."
In Naples, the Plan identifies the Diego Armando Maradona Stadium as a strategic asset for the Italian UEFA Euro 2032 bid, prompting the local administration to prioritise a programme aimed at compliance with UEFA standards. At the same time, the possibility of constructing a new stadium remains under consideration, subject to the submission of technically and economically viable proposals.
Italy’s infrastructure market is evolving rapidly, with investment opportunities emerging across the transport, energy, digital and social infrastructure sectors. Despite challenges within each sector, common themes are clear: the drive to modernise existing assets, support the energy transition, strengthen resilience and improve market competitiveness – all of which is supported by transformative regulatory frameworks and concession models.
Together, these trends point to a market that is becoming broader in scope, more integrated and increasingly focussed on delivering long-term strategic value.
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