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The main purpose of this paper is to explore organizations’ perception of opportunities as a consequence of an infrastructure investment. More specifically, the study investigates the effects of organizations’ perception of institutional thickness, innovativeness, and local embeddedness on perception of opportunities. The study reports on investments made in a new railway in a Swedish peripheral region. The sample included organizations from different economic sectors located in seven selected municipalities. The data was analyzed by using structural equation modeling. The results indicate that activities supporting institutional thickness have a positive effect on perception of opportunities. In addition, organizations characterized by high levels of innovativeness and local embeddedness are more likely to perceive positively opportunities arising from an infrastructure investment.