Advice: Looking for SA 25 Internship at Renewable focused Boutiques (rising junior, late to the party)
I am starting my junior year at semitarget/target ivy, realized this summer that I want to do climate finance, and am now interested in IB. I worked as a strategy intern this summer at a renewable-focused state-sponsored investment fund, my role was not on the investment side however. ~3.75 gpa
- What boutiques have good renewables groups that I should try to network into? (ideally in NYC, SF also good though)
- Also, I have taken a renewable energy project finance modeling course, am beginning a tax equity modeling course, and will take accounting this semester (oof late ik), what should I do to prep technicals? Is WSO technical interview guide good?
Thanks sm. Also accepting recs for non IB renewable shops I should be looking at for internships (open to greentech and other sustainability sectors, but primary interest is energy)
A bit confused why specifically on the sell-side and not the buy-side. In my impression, there's more funds that specialize in renewables / energy transition compared to investment banks that specialize. Sometimes bigger renewable companies still hire the big name banks like GS / PJT to do deals, but that specific advisory group sits with the traditional power guys.
But some specialized boutiques that you may be looking for: Marathon Capital, CohnReznick Capital, Javelin Capital, Onpeak Capital, (definitely more out there, maybe check with people who work in PE's renewable arm that sees lots of deal flow for smaller ones)
Renewable funds are easier to find and I think internship recruiting is typically more flexible (EIP, Karbone, to name a few)
Thanks a bunch for your reply.
The names you provided are 11/10 great. Wondering if you can think of any others?
Happy to know it's helpful but would suggest that you dig around a bit yourself with the listed as a starting point for further research.
Can also think of Astris Finance / Green Giraffe Advisory (European) that may not best check the box. Feel free to pm once you feel more informed and I can give you a name to talk to.
Researching right now -- will follow up once oriented.
Very grateful for the help
For technicals - BIWS 400 question guide and WSP red book are great. Combination of BIWS and WSP contains vast majority of questions you could potentially be asked in a typical IB interview. Honestly the BIWS guide prob suffices alone. Definitely work on memorizing but also build conceptual understanding. This is important bc you mentioned you haven't taken accounting yet, so a lot of those concepts will be new to you. I'm not familiar with the WSO resource.
With your internship this past summer and interest in climate finance you have good story. I think it's nice you are practicing modeling, but I'd recommend focusing more on interview prep (technicals + behavorials) and NETWORKING. Those two later things are more important than modeling at this point. No one is going to give you modeling interview test for SA processes.
The other poster gave good firms to reach out to. Not sure where they stand in SA processes/if they've already closed, but I know Marathon has recruited during the fall in the past. Idk about the buy-side. Still worth networking with anything and everything energy related if you really want to work in the business. Both buy-side and sell-side firms.
Try oil&gas coverage and industrials coverage as there can be overlap with energy coverage depending on the bank. Some banks oil&gas and industrials teams take the place of an energy team. I do warn you though - banks might advertise as renewable energy focused but still work on vast majority of oil&gas/industrials type deals. Not to dissuade you but just understand that not everything you touch will be "clean energy" in energy IB. That's why if you get oil&gas/industrial IB offer take it.
Also being from semi-target/target you should recruit simultaneously for consulting and other roles. There are energy-focused consulting roles out there and it would be helpful in case you aren't getting traction from IB due to how late in the recruiting cycle it is.
Feel free to pm
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