Using 'renovate' would imply repairing and changing existing infrastructure. When you renovate a house you are often making changes and improvements.
Using 'replace' would imply removing existing infrastructure as part of the process of installing new infrastructure. If you replace a door, the new door may be better, worse, or identical to the old door.
Using 'restore' implies returning the infrastructure to its original state. When you restore an old vehicle you are attempting to make it as close to new as possible, but not add anything to it or change it so it is different than when it originally rolled off the dealers lot.
Using 'overhaul' implies fixing whatever in the infrastructure needs it. If you overhaul a computer, you check all subsystems and fix or update any that are broken or out of date.
Using 'gut' would imply you were ripping out existing crumbling infrastructure, without implying whether it were going to be replaced. You would gut a fish's internal organs prior to cooking it to eat.
English has many, many, words that often have very similar meanings to each other. This allows English speakers to select words that have the specific precise meaning they wish, but can be confusing for non-English speakers who may see a large collection of words with similar but not exactly the same meaning. Although hundreds of different words might be appropriate for using in your example sentence, which word you select as best depends on the precise meaning you wish to convey to your readers.