AI infrastructure needs more than power. It needs proof. For most of the last cycle, a data centre was a demand story, and demand was the easy part to underwrite.

That has changed, writes Jonathan Siegel, partner, Altes Capital, 41 minutes ago. The shift means investors now look for concrete evidence that the infrastructure can deliver, not just the availability of electricity.

Siegel’s comment comes as the market grapples with the rapid growth of AI workloads and the corresponding rise in energy consumption. While traditional data centre projects were straightforward to fund on the basis of projected usage, the new reality demands verifiable performance metrics and resilience plans. The article underscores that without proof, the appetite for large‑scale AI facilities remains limited. Related coverage includes South Korea’s sovereign wealth fund planning a $14bn domestic industry investment, Liberty Mutual backing GDEV’s renewable energy debt strategy, Brookfield raising $9.3bn, Ares preparing a debt fund close, KKR’s European renewables play, APG’s APAC infrastructure head exiting, ECP closing an $8.1bn fund, and Agallas Equities targeting a $5bn Caribbean infra fund. These developments highlight a broader trend of capital seeking credible, power‑aligned AI infrastructure solutions.