Union Budget 2026-27 reinforces India’s infrastructure-first and manufacturing-led growth strategy, backed by sustained public capital investment and wide-ranging structural reforms. With a strong focus on infrastructure creation, urban expansion, logistics efficiency, domestic manufacturing, and micro, small and medium enterprises (MSME) development, the budget lays the foundation for more competitive and resilient supply chains. Strategic measures spanning clean energy, critical minerals and capital market deepening, alongside initiatives to attract foreign capital and strengthen execution, reflect a clear pivot from near-term interventions to long-term economic capacity building. Collectively, these steps advance the vision of Viksit Bharat 2047 and position India for balanced, sustainable and globally integrated growth. Industry experts share their budget reactions for the various infrastructure sectors…
Rinkesh Roy, Joint Managing Director and Chief Executive Officer, JSW Infrastructure Limited
We congratulate the Honourable Finance Minister and the Government of India on a decisive and forward-looking Budget that firmly positions infrastructure as the foundation of India’sgrowth. The thought through push towards port modernisation, inland waterways, coastal shipping, and logistics corridors will make India competitive and marks a structural change.
The additional focus on expanding national waterways, strengthening east coast connectivity, container manufacturing, and digitalisation of ports aligns closely with our vision of building integrated, port-led logistics ecosystems. Creating seamless linkages between ports, evacuation infrastructure, and industrial clusters is a must to achieve the uninterrupted growth.
Equally encouraging is the emphasis on green ports, sustainability-linked financing, ship repair, and smart-port technologies, which will enhance India’s maritime competitiveness while supporting long-term, sustainable growth. Overall, Budget 2026-27 reinforces India’s ambition to emerge as a global maritime and logistics hub and provides strong momentum to port-led industrial development.
Rizwan Soomar, Chief Executive Officer and Managing Director, MENA (Middle East and North 
Africa) and India Subcontinent, DP World
This Budget takes a decisive step towards strengthening India’s end-to-end trade and logistics ecosystem. The Rs 100 billion allocation for domestic container manufacturing directly addresses a critical supply chain vulnerability, while digital customs, AI-enabled inspections and modern warehousing will materially reduce dwell time and improve cargo predictability. Expanded AEO benefits, including 30-day duty deferral, will unlock working capital for trade-intensive businesses, and greater SEZ flexibility will drive better asset utilisation across manufacturing hubs. Sustained investments in freight corridors, inland waterways and ship-repair capabilities reinforce India’s ambition to become a globally competitive, resilient and sustainable logistics gateway.
Abhilesh Gupta, Managing Director and Chief Executive Officer, THINK Gas
Budget 2026 reinforces the role of natural gas as a practical transition fuel that supports both growth and sustainability. Mandating the blending of compressed biogas (CBG) with CNG and PNG is a visionary step toward a greener India and energy security. The Rs 200 billion outlay for Carbon Capture and the focus on ‘net-zero’ by 2070 show that the government is serious about environmental responsibility. This budget provides the structural reforms needed to transition India into a gas-based economy while ensuring that clean energy remains affordable and accessible for all.
Abhinandan Sethi, Managing Director, SPML Infra Limited
As India moves steadily toward the national vision of Viksit Bharat, the infrastructure sector continues to act as a key driver of economic growth, job creation, and long-term financial stability. In the Union Budget 2026–27, the Finance Minister has placed strong emphasis on building robust, modern, and future-ready infrastructure, with a renewed push for the national infrastructure growth plan. A major focus on developing city economic regions aims to improve urban productivity while strengthening regional infrastructure.
The proposed increase in capital expenditure to Rs 12.2 trillion for 2026–27 is a welcome step. It reinforces the government’s commitment to infrastructure modernisation and supports long-term capacity creation across critical sectors.
The Rs 852.22 billion allocation for urban development will help strengthen city infrastructure, improve water supply and sanitation, energy distribution, upgrade transport systems and housing, and enhance the overall quality of life in urban areas. This investment will promote sustainable urban growth, create employment opportunities, and make cities more resilient and future ready.
Significant allocations for key water infrastructure programmes; Rs 676.70 billion for the Jal Jeevan Mission, Rs 80 billion for AMRUT 2.0, Rs 52.26 billion for river interlinking and irrigation, and Rs 31 billion for the National Ganga Plan will substantially strengthen drinking water supply, urban water systems, and irrigation infrastructure across the country. These investments will improve access to clean water, support sustainable water management, and enhance climate resilience. SPML Infra is fully prepared to support these national initiatives by delivering efficient, technology-driven, and sustainable water infrastructure solutions that ensure long-term water security.
The strong focus on expanding energy infrastructure, supported by a substantial allocation of Rs 1,090.29 billion, reflects the government’s firm commitment to strengthening India’s power sector. Special emphasis on renewable energy and energy storage systems is a positive and forward-looking move.
The Rs 10 billion allocation as viability gap funding for Battery Energy Storage Systems (BESS) will play a vital role in improving grid stability, enabling better integration of renewable energy, and managing power supply during peak demand. This support will reduce dependence on fossil fuels and accelerate India’s transition to a cleaner, more reliable, and sustainable energy future. With its advanced capabilities in BESS manufacturing and deployment, SPML Infra is well positioned to support this initiative and contribute to building resilient and stable power infrastructure nationwide.
The allocation of Rs 220 billion for the PM Surya Ghar Muft Bijli Yojana and Rs 17.75 billion for grid-connected solar power development strengthens India’s solar ecosystem. These initiatives will encourage rooftop solar adoption, enhance grid capacity, reduce reliance on conventional energy sources, and support inclusive and sustainable economic growth.
Overall, the Union Budget 2026–27 presents a balanced and forward-looking roadmap for infrastructure development. By focusing on urban growth, water security, clean energy, and technology-driven solutions, the budget lays a strong foundation for sustainable development and positions India firmly on the path toward becoming a developed and resilient economy.
Sunil Nair, Chief Executive Officer, Ramky Infrastructure Limited
The Union Budget 2026 underscores a clear continuity of confidence in India’s infrastructure growth story. The proposal to establish an Infrastructure Risk Guarantee Fund is a particularly forward‑looking intervention, it directly addresses one of the biggest hurdles in the sector: risk perception during the early stages of project development and construction. By offering partial credit guarantees to lenders, the Fund will not only ease financing bottlenecks but also embolden private players to invest in new, large‑scale projects with greater assurance.
Equally significant is the government’s move to accelerate asset monetisation through dedicated Real Estate Investment Trusts (REITs) for Central Public Sector Enterprise (CPSE) owned real estate. This will unlock dormant capital, enhance liquidity in the system, and catalyse a new wave of investments across allied sectors like logistics, housing, and industrial infrastructure.
Complementing these reforms, the Budget’s thrust on industrial infrastructure through the Chemical Park and bulk drug park, Biopharma Shakti schemes enhances India’s manufacturing and innovation ecosystem. The Chemical Park and bulk drug park will create plug‑and‑play clusters to boost domestic chemical production and reduce imports, while the ₹10,000 crore Biopharma Shakti initiative aims to build a globally competitive biopharma ecosystem through new NIPERs, clinical trial networks, and upgraded regulatory standards.
Finally, with a proposed capital expenditure of Rs 12.2 trillion for FY 2026‑27, the Budget reaffirms infrastructure as the backbone of India’s economic momentum. These measures together create a balanced ecosystem, de‑risked, capital‑efficient, and geared towards sustainable, high‑velocity growth. For developers like Ramky Infrastructure, this paves the way for deeper partnerships in nation‑building.
Ashish Rajgarhia, Executive Director, Essar Ports
The Budget sends a clear signal that infrastructure and trade logistics remain central to India’s growth strategy. The government’s focus on expanding Dedicated Freight Corridors, operationalising new National Waterways, and promoting coastal cargo will strengthen the foundation of the maritime sector at a time when global supply chains are being redefined. Strengthening inland waterways connectivity from mineral-rich regions to key ports will reduce congestion, lower emissions, and unlock new economic opportunities. Equally important is the emphasis on skill development and ship repair infrastructure in Patna and Varanasi, which will create jobs and build long-term capabilities along the logistics value chain. These measures will be critical in doubling the share of inland waterways and coastal shipping by 2047.
M
ahesh Girdhar, Managing Director and Chief Executive Officer, EverEnviro Resource Management Private Limited
The Union Budget 2026 marks a defining step in India’s gas-based energy transition. The decision to mandate phased blending of Compressed Bio-Gas with CNG and PNG is a systems-level reform that embeds CBG into the mainstream gas ecosystem.
The exclusion of the biogas component from central excise duty on biogas-blended CNG significantly improves price competitiveness, while CBG blending delivers clear gains, lower carbon emissions, assured offtake, and stable income opportunities for farmers through agri-residue utilisation. Together, these measures provide the certainty needed to scale renewable gas infrastructure across India.
Sanjay Choudhari, Chairman, SBL Energy Limited
The Union Budget 2026-2027 points to a clear strategic response to the growing global trade tensions and supply-chain vulnerabilities. By establishing dedicated rare earth corridors across mineral-rich states and supporting downstream processing, research, and manufacturing, the government is addressing one of India’s most critical dependencies – access to strategic materials dominated by global monopolies. This initiative not only strengthens domestic capabilities but also provides a significant boost to the mining sector, incentivising exploration, commercial-scale extraction, and integration with downstream industries.
Apart from this, the parallel push to strengthen manufacturing across priority sectors, including the creation of dedicated chemical parks, reflects a shift from fragmented capacity to integrated industrial ecosystems. To sum it all up, these measures reduce import dependence, build supply-chain resilience, and position India as a more reliable and competitive player in global manufacturing networks.
Rajesh Kumar Singh, Chief Executive Officer, Jyoti Structures Limited
The Union Budget 2026–27 provides a strong and sustained policy signal for the expansion and modernisation of India’s power transmission and infrastructure ecosystem. The continued thrust on public capital expenditure, development of new Dedicated Freight Corridors, creation of city economic regions, and targeted investments to ensure long-term energy security are critical enablers for strengthening the national grid and supporting India’s growing power demand. Measures such as the proposed Infrastructure Risk Guarantee Fund and accelerated asset monetisation through REITs are expected to improve financing confidence, reduce execution risks and facilitate timely completion of large-scale EPC projects. For Jyoti Structures, with a proven track record in executing extra high-voltage transmission lines, substations and turnkey grid projects across India and international markets, the Budget creates a conducive environment to support grid expansion, renewable energy integration and cross-regional connectivity, while reinforcing India’s broader electrification and infrastructure development priorities.
Dhanpat Nahata, Managing Partner, Essar Capital
In a year marked by geopolitical volatility and shifting global trade dynamics, the 2026 Union Budget delivers strength exactly where India needs it. By deepening corporate bond markets, enhancing frameworks to attract long-term global capital, and initiating critical banking-sector reforms, it reinforces the financial and institutional foundations essential for sustained growth. Coupled with a declining debt-to-GDP ratio and a credible fiscal glide path, these measures impart India growth stability by protecting the downside.
Abhyuday Jindal, Managing Director, Jindal Stainless
The Union Budget 2026 lays out a growth-oriented roadmap to strengthen India’s economic momentum, anchored in the principles of self-reliance, long-term resilience, and sustainability.
I am particularly encouraged by the emphasis on deepening domestic manufacturing, strengthening energy security, and insulating supply chains from geopolitical disruptions, an imperative in the backdrop of the global landscape. A dedicated capital expenditure towards sectors, such as Rs 12.2 trillion for infrastructure, and others such as logistics, green, sustainable manufacturing and defence, will not only provide a sustained momentum and self-reliance in these sectors, but also spur further innovation, scale, employment, and overall value creation.
Stainless steel plays a key role in ensuring long-term sustainability in nation-building sectors, owing to its inherent properties such as corrosion-resistance, durability, and superior lifecycle cost. As the Budget reinforces a strong infrastructure push, it creates further opportunities for the manufacturing sector to contribute meaningfully to this ambition. In this context, the continuation of the exemption of basic customs duty on few critical input raw material is a positive step. Further, the support and enablement measures for MSMEs are reassuring. These enterprises are the backbone of manufacturing, and steps like the SME Growth Fund, the Self-Reliant India Fund top-up, and simplified compliance will surely strengthen the overall entire value chain.
Overall, the Budget provides India’s manufacturing sector the confidence to invest, innovate and compete globally.
Pankaj Sharma, Managing Director and Founder, K2 Infragen Limited (Engineering & Core Infrastructure)
India is backing big wins for tomorrow’s growth, Rs 12.50 trillion public capex, plus boosts for roads, power, telecom towers, and urban projects. Duty cuts on critical minerals and capital goods pave the way for lasting strength.
At K2 Infragen Limited, we see infra evolving past basic builds. Success rests on tough power setups, fast telecom links, smart city grids, and projects that scale quick. As cities grow and digital needs rise, reliable infra matches power and roads in value.
The Budget stresses factory growth, green energy pushes, and Make in India for builders. It swaps quick fixes for smart long-game plans – key for Viksit Bharat 2047 and world-class edge.
India’s infra gets a bold upgrade. Path is clear; results hinge on fast action.
Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Limited
We welcome the government’s consistent focus on long-term economic growth and structural transformation in the Union Budget 2026-27. The record Rs 12.2 trillion capital expenditure allocation, sustained emphasis on infrastructure development, and a fiscal deficit target of around 4.3% reflect a continued and disciplined approach to strengthening India’s growth foundations.
The budget’s focus on technology-led manufacturing, digital infrastructure such as data centers, and next-generation mobility including high-speed rail supports India’s ambition to become a global innovation and manufacturing hub. Continued support for MSMEs, skilling, and ease of doing business will be critical in ensuring that growth is broad-based and resilient. As industries navigate rapid technological change, the government’s spotlight on scale, execution, and investments in connectivity, smart infrastructure, and talent development provides a clear and credible roadmap for sustainable and inclusive growth.
Ravichandran Purushothaman, President, Danfoss India
From a manufacturing and industry standpoint, the Union Budget 2026 is a blueprint for long-term resilience rather than a set of one-off announcements. The launch of ISM 2.0 and the expanded focus on electronics and capital goods signal a clear intent to build indigenous depth across the industrial value chain.
What is particularly encouraging is the practical attention given to the revival of 200 legacy industrial clusters and the robust support for MSMEs through the new SME Growth Fund and enhanced liquidity measures. These interventions, coupled with the push for infrastructure in Tier 2 and 3 regions, will create a more inclusive manufacturing ecosystem that can scale beyond the metros.
The Budget also reflects a steady commitment to India’s green growth, with strategic measures for energy storage, CCUS, and nuclear power. At Danfoss India, we welcome this forward-looking vision. We remain committed to being the preferred partner in India’s journey toward competitive decarbonisation, providing the energy-efficient solutions and automation technologies that enable Indian industry to do more with less.
Harsh Pareek, Vice President, Direct Sales, Asia-Pacific at Trimble
The Rs 12.2 trillion allocation for the Infrastructure and construction sector announced in this Budget sends a clear signal that infrastructure remains central to India’s growth agenda, even in a challenging global environment. Sustaining this level of investment will be important, not just to keep projects moving, but to ensure long-term economic impact.
What stands out is the focus on expanding infrastructure development into Tier-2 and Tier-3 cities, which are fast emerging as key growth centres. As construction activity spreads across more regions, the project complexity will increase and so execution and quality on the ground will matter more than ever. The continued push for advanced technologies is a positive step towards building infrastructure that is dependable, scalable and built to last.
Devesh Bansal, Director, Skipper Limited
Union Budget 2026 offers a robust institutional framework to strengthen the manufacturing capacity and competitiveness in the export market of India by offering a clear policy, discipline in fiscal budgeting and proper distribution of resources. The Budget raises capital expenditure to Rs 12.2 trillion for FY27, signalling continued focus on infrastructure and manufacturing-led growth. The maintained attention to capital investment, enhanced practice and the stable macroeconomic factor gives the Indian manufacturers the confidence to invest long-term and go global.
In the case of engineering-based exporters, such as Skipper, the Budget strengthens the argument on capacity building, modernisation of technology and international standard of quality. The result-oriented, predictable budgetary structure, which will be backed by effective trade facilitation, will assist Indian engineering and infrastructure products enter into more value chains globally. The fiscal deficit is targeted at 4.3% of GDP for FY27, indicating fiscal stability alongside investment push. This strategy will help in building the competitiveness of exports in India, facilitate sustainable development of its industry, generate employment and make Indian companies in the engineering industry acceptable worldwide.
Sharan Bansal, Director, Skipper Limited
The Union Budget 2026 gives renewed focus on the government having capital-led growth and developing long-term national infrastructure. The Budget raises capital expenditure to Rs 12.2 trillion for FY 2026-27, up from Rs 11.2 trillion in the previous year, reinforcing infrastructure investment as a key growth driver. The unambiguous difference between revenue spending and capital expenditure, as well as long-term commitments to the development of assets, gives infrastructure developers and manufacturers long-term visibility.
The Budget focuses on the capital formation, monitoring of outcomes and medium-term fiscal planning, which provides a stable policy environment in the energy transition in India. The fiscal deficit is targeted at 4.3% of GDP for FY2026-27, underscoring continued fiscal stability alongside investment push. The emphasis to productive capital spending and accountability will facilitate grid modernisation, a field that is well aligned with the ability of Skipper to supply power equipment, grid enabling systems and advanced engineering solutions.
Nandita Tripathi, Partner, Deloitte India
The Government reiterated its commitment to development of infrastructure as a key driver for India’s economic transformation and it continues to be the central pillar of India growth story in the Union Budget 2026. With a record budget allocation of approx. $133 billion, the focus is on building transport networks, urban development, energy transition and digital infrastructure which underscores the government’s commitment to building scale, efficiency, and resilience.
The introduction of an Infrastructure Risk Guarantee Fund to provide calibrated credit support reflects a deep understanding of the risks associated with long-gestation projects and will bolster investor confidence in India’s infrastructure pipeline. Tax holiday for data centres will give much needed impetus to help position India as a competitive hub for digital infrastructure and new-age technology.
Additionally, the significant allocation towards carbon capture, utilization, and storage (CCUS) underscores the Budget’s commitment to sustainable infrastructure and India’s climate goals.
Collectively, these measures reflect a long-term vision of building resilient, future-ready assets that support inclusive growth, strengthen regional linkages, advance climate resilience, and enhance India’s global competitiveness.
From a foreign investment and M&A standpoint, one key takeaway is the government’s continued emphasis on tax stability, certainty and simplification – measures that materially lower the execution risk for long-term foreign capital. The buyback tax reform is particularly significant – by shifting tax treatment from dividends to capital gains, the Budget may potentially enhance efficiency in capital recycling for Investors. This may improve post-tax IRRs with buybacks being explored as a viable exit or return mechanism alongside dividends and other shareholder pay-outs.
Data centres emerge as a clear investment winner, supported by policy recognition, infrastructure alignment and strong demand tailwinds. We expect heightened M&A activity across commercial offices, logistics parks, data centres and mixed-use developments, with structured platform deals and consolidation playing out over the next 12–18 months. Overall, Budget 2026 strengthens India’s positioning as a scalable, institutionally investable real estate market for global capital.
Manish Aggarwal, Partner, Deloitte India
Budget2026 has increased the capex outlay on Railways by 10%. 7 high speed Rail Corridors announced called as ‘Growth Connectors’. Together with New Dedicated Freight Corridor announced in the Budget, and renewed focus on setting up Industrial Corridors, and Regions centric Economic growth, increase outlay and focus on Railways would help act as catalyst for Tier 2 and Tier 3 cities, which are going to be important wheels for our Viksit Bharat ambitions.
Rajib Maitra, Partner, Deloitte India
Budget 2026 announced measures to support mineral rich coastal states (Odisha, Kerala, Andhra Pradesh, and Tamil Nadu) in establishing dedicated rare earth corridors for mining, processing, research, and downstream manufacturing. These measures will help in building a resilient and globally competitive critical minerals and rare earths ecosystem in India. Particularly, these coastal states have beach sand deposits with rich monazite reserves capable of producing essential rare earth elements such as neodymium, praseodymium etc. In addition, proposed basic customs duty exemption on capital goods for critical minerals processing will enhance viability of projects and encourage investments in domestic processing. It provides the necessary fiscal incentives and regulatory clarity in reducing import dependence and supporting emerging sectors such as electric mobility, renewable energy, and advanced manufacturing.
Deepa Seshadri, Partner, Deloitte India
As industrial digitisation rises, the PLI scheme expansion reinforce secure-by-default manufacturing. This will boost and nudges for made-in-India industrial cybersecurity products, particularly for securing plants, networks, and operational technology (OT) systems. This will further help the innovation side for manufactures building indigenous Industry 4.0 solutions such as AI, IoT, robotics and cyber.
This budget announcement is a signal for Manufacturing sector to move toward a simple operating principle of automating securely and building scale while staying compliant. Winners will be those who treat Industry 4.0 and industrial cybersecurity as one transformation program sequencing quick-win automation, upgrading the network and identity foundations, and building OT security maturity in parallel so productivity gains are durable, financeable, and resilient to disruption.
Rudra Kumar Pandey, Partner, Shardul Amarchand Mangaldas
The Budget’s identification of seven strategic manufacturing sectors reinforces the government’s ambition to increase manufacturing’s share of GDP from the current 12.9% to 25% by 2035, consistent with the target set under the National Mission on Manufacturing (NMM) announced in the previous fiscal year. This prioritisation reflects a deliberate effort to align industrial expansion with sectors that can deliver both scale and strategic depth in global value chains.
By focusing on biopharma, semiconductors, rare earth materials, capital goods, infrastructure equipment, textiles, and advanced manufacturing, the government is directing policy attention toward segments that are critical to upstream capability-building, technology upgrading, and supply-chain resilience. Together, these choices strengthen the foundations for a more competitive and investment-led manufacturing base over the medium term.
Sector-wise announcements and impact:
- Infrastructure and Construction sector: Focus on REITs, InvITs and attracting long term patient capital: “The continued push on REITs and InvITs, including dedicated REITs for CPSE asset recycling, is complemented by the proposed Infrastructure Risk Guarantee Fund offering calibrated partial credit guarantees. Together, these measures deepen long-term capital availability, reduce construction-phase risk, and strengthen the investment environment for foreign institutional participation specifically pension and sovereign funds into India’s infrastructure sector.
- Focus on Industrial Corridors, creating opportunities for Japan–India Integration: The proposal to develop seven high-speed rail corridors as ‘growth connectors’ across major urban and industrial nodes, namely i) Mumbai-Pune, ii) Pune-Hyderabad, iii) Hyderabad-Bengaluru, iv) Hyderabad-Chennai, v) Chennai-Bengaluru, vi) Delhi-Varanasi, vii) Varanasi-Siliguri will be transformative for industrial integration. such large-scale infrastructure execution can create new entry points for FDI and technology partnerships especially Japanese technology and SMEs into India, and create a strong supplier ecosystem across regions.
Prem Rajani, Managing Partner, Rajani Associates
Budget 2026 draws mixed reactions. It aims to set the agenda for development across MSMEs, infrastructure, technology, healthcare, defence, tourism, and key sectors like semiconductors, electronics, textiles, mining, and logistics. By providing clarity and strategic direction, it opens up targeted opportunities for corporate India to capitalise on growth and competitiveness.
From a corporate India perspective, below are some key observations made:
Infrastructure: The FM emphasised upon next-generation infrastructure reforms, attracting private capital, reducing logistics costs, and promoting sustainable transport. Key initiatives include an Infrastructure Risk Guarantee Fund, REITs for CPSEs, seven high-speed rail corridors, and enhanced multi-modal connectivity, supporting MSMEs and economic growth. Positive impacts are expected for infrastructure developers, smart city solution providers, EPC firms, and urban transport projects however companies will need to pay close attention to PPP/concession agreements, project structuring, financing and guarantees.
Logistics: Budget 2026 strengthens resilient, export-oriented manufacturing and logistics through precision manufacturing, localising equipment, container expansion, and enhanced freight connectivity. Key initiatives such as dedicated freight corridors, will reduce logistics costs, improve turnaround, and boost multimodal transport. This will be a positive initiative for 3PL providers, cold-chain operators, shipping, warehousing, and infrastructure developers however, it will be important to be mindful of drafting multimodal contracts, shipping compliance and PPP/EPC agreements.
Mining and Minerals: The FM elucidated upon the Rare Earth Permanent Magnets Scheme, in integrated rare earth corridors for mining, processing, research, and manufacturing. Opportunities span rare earth mining, EV battery materials, metallurgy, and advanced materials, while traditional miners face environmental, land, and ESG risks. Companies will need to closely manage mining licenses, ensure EIA compliance, structure JV/PPP arrangements effectively, and mitigate ESG risks. Additionally, by excluding the value of Biogas and paid taxes from the transaction value of blended CNG for excise duty calculations, the government is providing a fiscal incentive for waste-to-energy startups to strengthen rural bio-energy infrastructure.