Who is leading the league tables in renewable energy advisory? What banks have the best reputation? What is better RE experience on the banking end, PF or M&A?
Does anyone know the corporates, coverage groups, and PE players in the space that are located in Houston? Seems like most groups are located in SF & NYC.
Also, seems like a lot of Jr. people in O&G are interested in transiting to RE.
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Heard that GS is expanding coverage into Energy Transition out of their Houston office. A few O&G funds have also ventured into the space with Encap’s Energy Transition Fund and Quantum’s investment into EV charging station through ChargePoint. Still a small market but interesting to see where things go.
Houston is irrelevant in renewable energy finance at the moment. Power and utilities groups in banks are located in NY. Only renewable funds in Houston are: Quinbrook (Aussie fund that’s made a splash on some projects in US), Encap (launching a renewables fund, has 4-5 people now) and Riverstone (also 4 or 5 power people in Houston). Quantum isn’t a real player, they’ve done like 3 deals in the space making up 10% or less of latest fund.
I really don’t see this changing in a big way, renewables have been actively covered for over a decade and SF, NY and Chicago have a stranglehold. It’s possible some bankers that cover the majors could start pitching clean tech or power ideas.
From the advisory side: Greentech and Marathon are the top two that come to mind, TPH I think is looking into energy innovation as well, but I could be wrong. I think what you tend to see is larger banks will have “Alternative Energy” teams or “Renewable Energy” teams, but what they do is less advisory relative to what you’d expect a typical M&A team to do, and more project finance, and even tax equity up until now. I summered at a BB group like this, and can tell you JPM, BAML, and GS are prominent in the PF/tax equity space, with JPM being the top dawg for TE. But as the tax credits wind down (no pun intended) I’m not sure how things will shift. If it’s really renewables you’re into and want to actually be in the weeds, you’ll probably want to end up at an energy/infra PE shop like Capital Dynamics, ArcLight Capital and the likes, or the finance arm of a highly active developer, like invenergy, EDF, Acciona, Algonquin, NextEra, etc.
I work in this area. Generally, the top banks are the French / Japanese PF shops. To add some perspective here are the top 10 Renewables MLAs in the league tables:
1. MUFG
2. Keybank
3. CoBank
4. SMBC
5. CIBC
6. HSBC
7. Societe Generale
8. Rabobank
9. Santander
10. National Bank of Canada