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November 30, 2026
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They are hell
Why? Can you post an example?
Imagine 2 months into your job, fresh out of school. Maybe with a couple of lower MM bank/boutique bank internships under your belt. Then you are handed this 30-tab, 2000 lines per tab model with 3 kinds of equity tranches, 5 different debt tranches, etc.
It's somewhat interesting though.
Definitely more complex - operating models are usually extremely granular given the level of detail stipulated by underlying contracts. Whereas a corporate PE target may just track revenue by location, a portfolio of wind farms may comprise multiple contracts, with different pricing/volume terms within the portfolio, which will likely be individually modelled.
Extremely tedious but ultimately not hard to pick up (most operating models boil down to volume x price). The more mind-numbing aspect is the cap structure / taxation aspect imo. As noted above, can get very complex debt packages and there are a bunch of tax nuances with renewables assets as well that can make modelling an absolute nightmare.
is this the Paycheck Protection Program?
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