Top green tech IB
What are the best cleantech / climate tech / clean energy groups on the street? In terms of reputation and deal flow?
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Nomura Green Tech
well there are Power & Utilities groups that cover renewable energy, and then there are more tax equity focused groups within banks.
The big tax equity players are JPM, BofA, and Wells Fargo
Spotted the Wells Fargo employee.
JPM and BAML do significantly more TE than any other bank. Wells Fargo is not in the conversation there
"Found the X employee" or "congrats on X offer" has to be the most retarded thing WSO has ever come up with. Congrats on the temporary dopamine hit from looking down on other people online, I guess?
Wells Fargo is literally the third largest tax equity player.
Work in Climate on the VC/Growth side. Depends on what you want to cover / what kind of exits you want. Primary issue is it’s tricky at the junior level to get the right mix of traditional M&A / corporate modeling exposure, industry / project exposure, sector expertise, and deal assignments.
Generally would bucket climate banking ops into coverage, project finance and ESG/Impact.
- Coverage: Typically falls under P&U / NR, but even if you are on these teams, your mileage will vary and your deal allocation will likely be random. So you may join and work on traditional energy most of the time. Other path is going more the TMT route and getting tech exposure and pivoting that into some climate opportunities but that has fallen off post 2021
- Project Finance: Bucketing anything structured, long-duration, more infra-like assets here. Best combo of climate specific work and modeling, but more on infra and less on traditional business models
- ESG / Impact - Generally would advise against these groups if you are looking at investment exits but your mileage may vary. Typically, seen these teams less on the transaction side and more on some advisory for ESG considerations. Some teams though operate more like an ECM function, which is better but still not super deal heavy.
Above doesn’t answer your question but that’s how I would frame it. Best pure play bet is probably Greentech if you are 100% you want to be in the industry, if you want more VC side than it’s 50/50 between P&U/ TMT (but would generally lean towards TMT for optionality + pipeline) and would go with best balance of expertise + general branding, if Growth/PE then P&U or maybe industrials (again likely would weight toward strong brands just for recruiting in this environment), and PF / Infra is a different animal that I don’t know enough about but the players there seem to differ from traditional IB scene (others can opine)
When you say ESG/Impact, are you referring to groups like Citi's Clean Energy Technology (CET) or more like ESG advisory groups?
Also, do you know if GS, JPM, and MS have similar groups and what they go by? I know some banks handle this in their mid-cap coverage, but I'm trying to figure out who to contact.
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