Wildfires pose a growing risk to public safety in regions like the western United States, and, historically, electric power systems have ignited some of the most destructive wildfires. To reduce wildfire ignition risks, power system operators preemptively de-energize high-risk power lines during extreme wildfire conditions as part of "Public Safety Power Shutoff" (PSPS) events. While capable of substantially reducing acute wildfire risks, PSPS events can also result in significant amounts of load shedding as the partially de-energized system may not be able to supply all customer demands. In this work, we investigate the extent to which infrastructure investments can support system operations during PSPS events by enabling reduced load shedding and wildfire ignition risk. We consider the installation of grid-scale batteries, solar PV, and line hardening or maintenance measures (e.g., undergrounding or increased vegetation management). Optimally selecting the locations, types, and sizes of these infrastructure investments requires considering the line de-energizations associated with PSPS events. Accordingly, this paper proposes a multi-period optimization formulation that locates and sizes infrastructure investments while simultaneously choosing line de-energizations to minimize wildfire ignition risk and load shedding. The proposed formulation is evaluated using two geolocated test cases along with realistic infrastructure investment parameters and actual wildfire risk data from the US Geological Survey. We evaluate the performance of investment choices by simulating de-energization decisions for the entire 2021 wildfire season with optimized infrastructure placements. With investment decisions varying significantly for different test cases, budgets, and operator priorities, the numerical results demonstrate the proposed formulation's value in tailoring investment choices to different settings.