Context

The Engineering & Construction sector encompasses all activities related to the design, planning, financing, construction, and maintenance of infrastructure and buildings. The Utilities sector refers to companies that provide essential services for daily life and industries (electricity, gas, water, sanitation, and waste management).

These sectors are undergoing unprecedented structural transformation, driven by the energy transition and digitalization. This dynamic creates new interdependencies: utilities are investing heavily in green infrastructure (€800 billion by 2030 in Europe – REPowerEU), generating sustained demand for engineering & construction players, who in turn rely on a heavy industry in full evolution.

The metals and mining industry benefits from this structural demand (copper for electrical grids, lithium for storage, steel for wind power), while traditional sectors (refining, chemicals, steelmaking) face the energy shock and global overcapacity. Engineering & construction capitalizes on infrastructure investments while managing material inflation (+25% since 2022 – Eurostat) and supply tensions.

These three ecosystems share common challenges:
• Securing supply chains in a shifting geopolitical context
• Adapting to new regulations (European CBAM, green taxonomy)
• Financing the energy and digital transition
• Managing currency, raw material, and counterparty risks on increasingly complex projects