I was wondering what people thought about industry gigs. I am considering something at a renewable energy place where a lot of the associates seem to be ex-bankers. I don't have banking experience and I don't really want to be a banker, but I do want to develop some solid valuation skills and potentially join a VC fund somewhere down the road. I'm not very familiar with development positions so does anyone have guidelines as to what a job might entail?
here is the job description. it is at a solar power plant company.
Reporting to the Director of Development, the Analyst will support development efforts with economic analysis, document management, and research on transactions across a pipeline of projects targeting wholesale power markets in the western US. The successful candidate will have knowledge and 1 -2 years experience in a transactional industry, strong financial analysis skills and an ability to summarize and communicate complex ideas succinctly.
Duties and Responsibilities
• Complete financial modeling, economic analysis, RPS compliance tracking, and competitive analysis
• Develop proposals, project level content, and provide transactional document support
• Create supporting maps, exhibits, and discrete analysis to aid land acquisition, permitting, and power marketing activities
• Coordinate document management across power marketing, interconnection, permitting, and entitlement processes
• Support Associates and Directors in the process of structuring, negotiating and closing project transactions including asset acquisitions, Power Purchase Agreements (PPAs), site leases and permits
• Conduct due diligence on projects, sites, and clients for development or acquisition projects
• Perform primary and secondary research on regulations, power economics, input prices and other data by market
Experience and Qualifications
• Demonstrated interest in a career in energy, asset development, or real estate
• Desire to work in a transaction-based environment where requirements and tight deadlines are often dictated by deal flow
• Highly resourceful and comfortable working in an unstructured, entrepreneurial environment
• Highly proficient in MS Excel (advanced proficiency required), Project, Word, and PowerPoint, as well as Google Earth
• Evidence of solid research and writing skills
• Strong quantitative aptitude with an extremely high level of attention to detail and a strong sense of personal responsibility and ownership of work product
• Excellent personal organizational skills
• Ability to summarize complex issues and opportunities into succinct and actionable deliverables
• Solid understanding of economic and business concepts
• Highly driven and hard working with high standards for themselves and others
• Undergraduate degree from a top tier university required
• 1-2 years work experience, preferably within a transactional industry
It depends on the size of the shop and their focus, but it is possible to go the VC/PE route. Many of these shops are backed by financial investors and with the right handshakes & networks you could transfer to the investors. I know of a few that have made the move.
The more diverse and complex the power offerings the more interaction you have with the sponsors, i.e. large scale 100 MW+ Solar PV or Solar Thermal (tower, trough) requires more engineering expertise and understanding of structuring and financing, thus more interaction with the sponsors.
As an analyst you spend a lot of time, doing models, especially project finance, tax equity and debt scenarios, additionally you will be preparing bid packets for JV’s, equity investments, and PPA bids.
You are correct a lot of the guys have backgrounds in finance, many former energy bankers and advisors. A lot of the work is similar to IB, selling the project (Power or services) to a Utility (client), but in this case you are trying to maximize the returns to the firm.
PM if you have more questions.
I don't have the balls to take a risk like this with my own life. Remember these words though. Within the next 2 decades there is going to be another technology boom in the United States. Green energy solutions and biotechnology are going to be at the forefront of this boom. My advice; get in at the ground level, this could be the next Microsoft. More scientific breakthroughs were made in the 20th century than in the previous 19 centuries combined, however most scientists will tell you that the 21st century is actually going to be the golden age of scientific discovery.
I'm pretty interested in this as well. I have 2 years of WE and am deciding between joining an elite boutique (GHL, PWP) or as a development analyst position at a solar energy developer. At the solar energy place, I'd be doing financial modeling, evaluating project cashflows, securiting financing...etc.
Does anyone know if I take the developer position does that effectively preclude me from P/E? Are there are VC or P/E firms that hire from the industry? At this point I'm leaning towards the boutique (both pay the same believe it or not). Any insights would be very helpful. thanks!
Curious as to how you evaluated your decision and what you ended up deciding. Currently finishing my 1st year as an Energy IB analyst and am interviewing with a large solar developer soon. Would love to hear any advice you have on the interview/decision process
Guys,
It really just comes down to your risk tolerance, but most importantly where you passion is. If you have read any post of mine, I love green energy and belief that we are on the verge of the energy revolution, maybe not in the US, but definitely in the world. I would jump at the chance to work for a green energy company. If that if your passion, there should be nothing stopping you!
That will be a great leeway into VC, just shake some hands, kiss some babies, and have a smile on your face, as well as a knack for noticing great investments and potential innovations in the field. I would love to have an offer for a green tech company. Good luck !
Hate to break it to you, but I recently interviewed with this firm and they seem to want ex-bankers. I do not have a banking background but this particular firm, all of them were ex-bankers. On the day of the interview, I met a GS guy interviewing for this position who just finished his 2 yr analyst position. I'm pretty sure he got the job. The only thing I had going into the their "superday" was primarily from a top 10 school and previous solar development experience. However, I did not secure an offer from them because they said my modeling skills are weak. =(
Good luck with the hunt.
sent you a pm!
a good friend told me this... go whatever you want in your 20s and take some risk.. if it does not work out... head to b school and get on a formal route.. if it does... you could be set. I took a job at a start up within an investment bank.. it failed but the exp was great and I landed in a great role after... i left to work in another start up in another investment .. it failed.. and I landed in a great role after... moral of the story is never run from risk.. take some chances and see what happens... you never truly know..
hmm pmed you too
I wonder how this aged
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