In the process of trying to figure out which group I would like to target for my internship (Mid BB). I am very interested in renewables and think it would be really cool to get to work on these types of deals. I want to know where the line would be drawn for which groups cover what. I think my bank has an ESG team or something like that, but I've been told to stay away from that.
1. My bank splits power and energy. Would energy be O&G and power be more infrastructure based? Would power give me the best chance at seeing clean energy deals?
2. For battery companies would they be under chemicals? What about nuclear?
3. Would being in power limit my exit ops? I am very interested in energy and power (not O&G though) and wouldn't mind it as a career if get to work with renewables. Does PE or HFs have groups dedicated to clean energy or renewables? What would prepare me best for that?
Yes power
energy = oil and gas at most places
or energy is the broad group name with power and oil-gas as subgroups
Much of my current work is in impact and ESG and everywhere I've seen Energy = O&G
P&U groups - tons of buyside oops. Look at all the money flowing to esg
Where are the buyside ops? I’m assuming it’s mostly infra funds at KKR, Brookfield, Stonepeak, Apollo etc?
The banks and groups below have been active in clean energy over the last couple years. I can list closed or active deals for all of them off the top of my head.
Barclays - Power & Utilities
Morgan Stanley - Power & Utilities
Goldman Sachs - Natural Resources: Power & Renewables
J.P. Morgan - Power & Renewables
Citi - Power, Utilities & Renewables
Bank of America - Natural Resources: Power & Renewables
RBC - Power, Utilities & Infrastructure
Guggenheim - Power, Utilities & Renewables
Lazard - Power, Energy & Infrastructure
Nomura Greentech - Renewables Energy
Jefferies and Macquarie active in the space but not as much on the renewables side. Wells Fargo also shows up.
Plenty of middle market players doing some advisory (CIBC, CohnReznick, KeyBanc, Marathon, OnPeak, ScotiaBank, TD Securities).
This PitchBook article covers good infra investors you can exit to: https://pitchbook.com/news/articles/pe-most-active-investors-infrastruc…
As does this AIIM article: https://aiimafrica.com/media/media-centre/top-100-infrastructure-manage…
As someone in the P&U/Renewables space, the above post is correct. I'd add that the renewables space is still very fragmented, so it can be hard to gauge who the top bank is in the space.
Great post. A couple nitpicks: I’ve never seen Jefferies or CIBC do renewables in the US (significant role or large volume)
GS nat res is combined chemicals / oil & gas / power which might not be for everybody despite GS brand
CIBC did two major US deals this year (Blackrock/Axium and BX/Invenergy)
CIBC is decently active in the project finance aspect of renewables in the US and recently added seniors to build out their US Energy Transition Team. I don't work there so zero skin in the game.
CIBC did the Blackstone Invenergy deal. They also helped on the NY Bight offshore wind equity raise
A lot of these firms do work outside of renewables, like CCUS, hydrogen, e-storage etc
.
Would avoid - much weaker exits than Citi’s power team
Does the new clean energy transition group at Citi still work on generation and renewable deals, or do they do other stuff like hydrogen, batteries, EVs, etc?
Have heard EVs - maybe hydrogen
gen and renewables is P&U
Infrastructure
Has anyone found good models one can study for renewable energy development? Or really any good models or learning materials for this space in general?
Consequuntur omnis repudiandae est. Minima sit distinctio ut qui quod consequatur. Totam qui error quasi deserunt aut omnis quia.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...