Infra / Project Finance

Yep -- similar to other banking roles, but here it is:

Round 1): Personality // Sector Interest // Market : Be positive and yourself. PF guys are typically structuring focused, and are more concerned with your execution pace but also your understanding of debt structuring // have a focus in a sector and a why you like it. Energy is typically a safe place for non-US banks. US Banks like Digital Infra and therefore securitization. They also like Infra. Most US banks hated PF for quite some time // Understanding the terms of some deals like guarantees, DSCR, LLCR, Cash Sweeps, Cash Traps, offtake, etc.

Round 2): Typically a repeat of Round 1, but with someone more senior

Round 3): Project Finance Model Test...this is obviously the worst part and its hard to say what you will get. You can get anything from "build from scratch based on this PDF" to "sensitize this model". They almost always come with a written/presentation portion as well. You wont present but you might make a power point.

Round 4): Congratulations, you made it to the MD and last decision maker. You need to convince this person that either (a) you love the sector and have knowledge that wont require the team to teach you too much about it, and/or (b) that you can take instruction and execute some good writing and get through the internal approval process. 

Tips:

1. get good at modeling project finance. I recommend Breaking into Wallstreet, they have an excellent course.
2. Market trends cannot be just some current events. you need to link them. "i see a lot of solar plants being developed in rural areas and replacing coal powered plants" is a C- answer. Adding "This allows operators to take advantage of Tax Credit Adders which is great for tax equity and better for the deals" is B+. adding "id like to see who the offtakers are and why they have chosen to partner with this operator" is A.
3. Do not lie. Instead, ask questions when the conversation goes into topics you do not understand. I've interviewed people that are obviously talking about a topic they dont understand and it shows. It means that I am going to have to teach you a lot about the sector, and I'd rather not.