The long-term goals and objectives that infrastructure projects aim to deliver are contextualised by complex grand challenges, which involve an entanglement of economic, social, and ecological issues. However, there have been criticisms that infrastructure projects fall short of delivering equitable value to effectively address grand challenges. These criticisms underpinned the recent calls for rethinking the purpose and definition of infrastructure projects. This essay argues that adopting a political ecology perspective can be useful to start identifying the limitations of the current understandings of external stakeholders and value in infrastructure projects, which lead to the criticised shortcomings. Political ecology considers social, ecological, and economic issues as an assemblage that manifests through power relations. Thus, for project studies, it implies a reconceptualization of external stakeholders and project value around the notions of agency, vulnerability, and empowerment. This reconceptualization provides new theoretical and practical directions for project formation, stakeholder management and project leadership in the pursuit of rethinking the purpose and definition of infrastructure projects for effectively tackling the grand challenges of our times.