Top IB groups for sustainability/ renewable energy?
Current IB1 trying to understand the landscape of Renewables IB. Would love to pivot to a Renewables group to work on M&A in the space. Thanks.
Bump
Pretty volatile and evolving space. A few years ago Greentech was the main player, most companies in the space were MM so BBs didn't care much. Nomura bought them a few years back and it seems like they're losing business to BBs, and anecdotally have heard terrible things about culture. Marathon Capital is another renewables only bank, but same story, they have lost market share as renewables have exploded and BBs moved in.
Many BBs cover renewables as either a P&U or energy vertical, or have rolled all of those groups into one "infrastructure" themed team. Citi, CS, JPM, RBC are all pretty active in the space. I think Citi and JPM are the only ones with a fully separate renewables group, both of which are new, and the rest you may work on a variety of energy or power deals.
Really appreciate the insight. I’ve been really excited about Citi’s new group but haven’t been able to find any connections - do you have any recommendations? The only people I can find through LinkedIn are the group heads
They call it clean tech or clean energy, try searching those instead of renewables
It’s called CET I believe (Clean energy transition)
I’d argue against Marathon losing business. I’m at a large renewables + power PE fund, and they‘be actively marketed several DG Solar + Storage Platforms, and have had a pretty strong last couple of years.
The full service investment banks, and Lazard, have all been extremely active in renewables M&A the last twelve months. BAML (who has always been a player), Goldman, Citi, Lazard, and JP Morgan have all marketed very large Development platform deals, which major infra and PE funds are looking to acquire and turn into large IPPs (think NextEra on a smaller scale). I expect to see Evercore become very active, as they just poached the ex head or Credit Suisse who was an active revenue generator in the renewables sector.
BAML and JPM have the distinct advantage of being major tax equity principal investors, which they can leverage for M&A mandates. However, any strong power group will get your good touches in renewables in the current energy transition.
There are several boutiques who are active in the sector, functioning as lead advisors or co advisors for many of the largest M&A deals this year. Shops such as Cohnreznick Capital, Marathon Capital, Onpeak Capital, and Greentech Capita (Nomura) are all active players.
Any insights in terms of work life balance particularly at BB?
Writing on an old thread but, would you have any other suggestions for boutiques/LMM's that you've seen active in the space? I'm not sure where to find this information other than perhaps going on Sparkspread and looking at deal counts, but wanted insider information which might be more reflective of the quality of banks. Thanks!
Check out KeyBanc Cap Markets. Their renewable energy has been heavily project finance focused, but they just acquired a renewable energy boutique shop (SF) that does strictly M&A in the space.
How is this group
Who does good work in this space in Canada? Also the UK, for that matter.
BMO and cibc.
How are the hours working for groups like these?
Canaccord Genuity’s Boston Office has a sustainability group that is fast growing. Also barclays nyc
How’s Barclays P&U with renewables?
cohnreznick
That's a great choice and a good sphere.
It's an exciting and rapidly growing area, and there are many opportunities to get involved in M&A and other areas within the field. I would recommend looking into some of the top IB groups focused on sustainability and renewable energy, such as Goldman Sachs, Morgan Stanley, and JP Morgan. Additionally, many smaller boutique firms are focused solely on sustainable investing and could be an excellent fit for your interests. Check out off grid living for beginners as well to improve your journey. Good luck!
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