BofA Sets $250B Infrastructure Target, Counts Fees Toward It
BofA's $250B infrastructure pledge counts lending, advisory fees and co-investments over 18 months, not new balance-sheet capacity.
Bank of America has set an internal target to mobilize $250 billion toward US infrastructure over an 18-month window, from January 1, 2026 through July 4, 2027, the bank said in a release timed to America’s 250th anniversary. The number is not new balance-sheet lending capacity. It is a tracking goal that counts primary-market lending, investing, capital markets transactions, advisory work and supply chain financing all in the same bucket.
Why it matters
For developers and contractors chasing capital for data centers, power projects or grid work, the headline figure promises less than it sounds like. BofA measures the target the same way it tracks its existing $1.5 trillion, 10-year sustainable finance goal, a methodology where a bookrunning fee on a data center bond deal, an advisory mandate on a power plant sale, or a minority co-investment in a grid project all count toward the $250 billion just as much as a direct construction loan would. The bank has not said what share of the total will be new direct lending versus fee-generating advisory and capital markets work, so the figure is a business-development target more than a promise of fresh credit availability.
The numbers
Three sectors are named: digital infrastructure, covering data centers, computing hardware, chips and telecommunications; energy and power, covering conventional and renewable generation, storage and distribution; and core infrastructure, covering transportation, electric transmission, grid optimization, water systems and critical minerals. BofA co-president Jim DeMare framed the initiative as tied to economic growth and job creation, while Karen Fang, the bank’s global head of infrastructure and sustainable finance, said the work “requires integrated financing solutions spanning corporate and project-level capital in both public and private markets.” Neither executive disclosed a prior-year baseline for BofA’s infrastructure financing volume, so there is no public figure to measure the pledge against.
What’s next
Because the target is tracked rather than funded upfront, the real test is how BofA reports progress against it and whether the mix skews toward direct project loans or toward advisory and capital markets fees. For national developers weighing financing options for data center or power projects, the pledge signals BofA wants a bigger share of infrastructure deal flow, not that new capital has entered the market yet. Watch for BofA’s own progress disclosures, expected in investor materials over the next several quarters, to show whether direct lending or fee-based activity is driving the total.