Interested to hear thought in who the leaders in the space are. I’ve heard Citi used to be at the top but got decimated with people leaving to Moelis and Gugg. Have heard BofA and MS also very strong in the space. Where are the best MDs at these days? Where are the big deals happening at?
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Moelis and Guggenheim groups are both new, but have strong leadership. Head of Moelis group jumped from MS and did all the big electric vehicle deals. Guggenheim is all ex-Citi guys who did strong work there and jumped because Citi sucks and I assume they were tired of having their bonuses hurt by the rest of the bank
MS is the best in the space of the BBs but of course all of them generally have strong practices
This is factually incorrect.
MS is not top. They were strong in fossil fuels and utilities - weak in renewables.
Guggenheim had ~3 key MDs go to Jefferies. The Citi guy is a huge step down as a replacement. The group is not “all-ex Citi” as Jefferies did not poach a ton of juniors from Gugg.
Gugg co-group head came from Barclays not Citi.
how is Citi guy a step down
Jefferies Houston just poached 3 of the biggest names in clean energy M&A (including David Dolezal who is probably the #1 banker in all of clean energy). They might not be #1 on the table at the moment but I wouldn’t be surprised if Jefferies becomes #1 in deals and fees in clean energy IB in 2024.
I am currently at one of the other top groups mentioned above and we as a group are have been competing against them quite a bit on mandates recently. We are also winning less and less, and from following those deals they seem to all be going to Jefferies. My group is looking to poach some seniors to strengthen our presence in the space to try and keep up. The space is growing like crazy though so I would only guess more and more banks are going to be joining the competition but historically MS, Gugg, and Citi have been pretty solid
Agree - wrote similar above
Thanks for the insight - curious what are the strong NY based renewable shops?
NY really isn’t the hub, it seems that everyone is in Houston or is moving their groups to Houston. It makes the most sense to be in Houston working hand in hand with the energy companies. Sort of how tech is in SF rather than NY (though there is still a large TMT presence in NYC)
Agreed with what the comment above says but just to add on. Houston is better for Energy deals NYC is great for more conventual Power deals (Gas) becuase of PJM ISO. Conversely, Texas is also very good in Power beucase of all the gas assets down in ERCOT, although lower valuations than PJM. So I'd look at it like Energy = Houston and Power = NYC & Houston
Santander has their US Energy and Infra team in NY with solid deal flow in renewables (project finance and tax equity mostly)
Lazard - they publish LCOE report annually
Greentech (Now Nomura Greentech)
The biggest name in clean energy IB…?
Look at some of the deals that sr. Leaders at JPM and BAML have closed over the last multiple decades (such as during the YieldCo boom) and confirm that this is still your opinion.
The biggest name in clean energy IB…?
Look at some of the deals that sr. Leaders at JPM and BAML have closed over the last multiple decades (such as during the YieldCo boom) and confirm that this is still your opinion.
Deleted
Anyone know how difficult / intense models are for PU&I and other renewable groups? Also, bump^
This really depends. Is the deal a renewable energy generation company or is it renewable energy technology/storage company? The renewables or energy transition groups are really a mixture of TMT and Energy groups from what I have gathered working in the industry. Sometimes you are valuing an EV energy storage company which would be much more tech based and some days you are valuing a renewable generation company and that will feel like more traditional energy modeling where you are calculating how much energy you can generate, the price of energy, and then running the analysis on that analysis. I’ve worked on a deal with an established EV company, an up and coming electric airplane company, a solar technology company focused on integrating solar into healthcare, and more. It really has been a cool experience over the past couple of years working in clean energy IB. (I’m not a first year btw for some reason my title won’t update)
It is a really interesting space and I have thoroughly enjoyed working in it. I have seen a few people move into this space from TMT, Power and Utilities, Consumer and Healthcare. Also seen people move from NYC and SF to Houston to work in these groups. Really is changing quite rapidly and seems like with how the public and US government view clean energy that this space is going to explode and potentially become the top sector in IB in the next few years
this is some incredible insight. What would be your best advice to someone who is about to start SA recruiting with work experience in the renewable sector and an interest in pu&i?
Nomura Greentech is well-known despite their recent lackluster performance. Keybank has a decent team. Jefferies recently got some new MDs.
Not in order but strong groups (in NY, but the bulk of flow happens in NY so we can say US):
BB - BoA, Barclays, Citi
EB - Evercore, Lazard
Boutique - NGT
These banks get the biggest mandates consistently. If you look up any big platform transaction 1 of these 6 are on it
Fringe - Jefferies: they have made a big push in the last 3-5 years hiring a ton of talent and have not been strong historically, but interested to see how they do. RBC has been okay
Banks who are more high-throughput / lower-TEV that take a lot of the asset flow: Guggenheim, Keybanc, Marathon (HQ Chicago), Cohn, Scotia
MS has a very strong (arguably #1) project finance team but they don't advise energy transition much. Not in the same category as advisory wrt what this thread seems to be pointed toward. Don't know much about Moelis / they haven't been notable historically so defer to others
Probably missing some sorry if I missed you
Agree with this comment
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