Does Infra IB/PE (M&A of infra assets/companies) modeling require project financing modeling knowledge and applicaiton or is it more similar to M&A/Corp PE forms of modeling?
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Depends on the type of infra (the definition of infra is very wide these days).
If you looking at traditional core/core + development then yes absolutely it’s all project finance.
What about acquistions of brownfield projects or equity buyouts of companies that are infrastructure-focused (i.e transportation logistic companies)?
Brownfield will still have a significant elements of project finance (infrastructure companies like transport less so).
Ah ok makes sense, thank you!!
Depends on if you’re talking greenfield vs brownfield. A greenfield wind farm/ asset will be pure project finance.
A brownfield acquisition of an asset will be a combination of LBO and project finance- you’ll usually still see the debt sculpted here to a certain DSCR.
Long story short is that it really depends on the client.
If you work specifically for a project financing group or an M&A group that services renewable energy clients that is heavy project financing then you will need to absolutely learn the models.
I’ve been staffed on a buyside infrastructure deal (not renewable energy tho) over the past 4 months. We’ve been tasked with lots at lots of responsibility in terms of investment banking work (M&A, Capital Markets, Distressed Situations). However, this particular model is structurally insane in terms of its complexity. Because of this, and due to the speed of the mandate (generally), the client has taken the keys on operating assumptions. With that said, We still have to run with all the 3 statements and FCF, etc etc and also have a firm grasp on what is going on
Happy to trade/ sell. I have a decent collection of both buyside (GIP, Blackrock, Brookfield, KKR, etc) and sell side. Feel free to email as i don't check WSO often. I have Digital, Renewables, Transport etc (modelling P&L for each one varies as they are quite different)
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