Which Firms/Role Should I Be Targeting for This Kind of Job
Hello!
I currently work in project M&A, and have prior experience in Origination (5-20 year "physical" PPAs), and Development Strategic Finance (PPA Pricing, valuations, corporate finance) all at build-own-operate renewables developers (2-3 YoE all-in).
The thesis at these firms is to build a solid project pipeline, find the least path of resistance to underwrite project construction, and thereby increase the operating MWs in the portfolio.
So acquisitions are for development stage assets, and offtake is long-term and unit contingent to make pipeline projects financeable.
That's great, but in school I was exposed to the Trafigura/Calpine/BP/Shell's of the world. It seemed the focus there was the trading/commodity solutions business. The company strategy, acquisitions, and commercial arrangements were built to serve the strategic needs of that business.
My current understanding is that Originators in those companies, by and large, focus on developing and marketing a book of structured products and agreements that traders can then trade around. But also do work to build strategic partnerships, help with asset M&A, and generally work to develop optionality for the organization.
Is my current understanding correct? Are these the right organizations to focus on? Does the role I describe above even exist?
Your thoughts are appreciated.
Thanks
Edit: Fixed grammar
Hi monetminer, hope I can help. Do any of these links cover what you're looking for:
More suggestions...
Fingers crossed that one of those helps you.
Bump. Would appreciate any insight here.
I’ve heard of principal investments teams at major comity trading firms, but it’s all a black box for me unfortunately.
This is a niche area it is tough to give advice, you need to really network somewhat and reach headhunters to start.
Easiest way for me to explain is that "principal investments" = "corporate development/m&a" in a either large E&P/Energy-firm/Merchant the only people who overlap with them typically are heads of the desks who help the equity holders make the best decisions.
Origination = more of a sell-side function where in banks you are basically in a sales role, while in corporates/merchants are working for a head of trading they usually called Business Development/Origination/etc..
Just read over your questions again sorry...The one area you will see "originators help with M&A" is that usually the "producing arm, business arm" is one of the main customers of the head originator. So corporate wants to go out and buy a power plant for whatever reason the CEO has decided, once the power plant is near purchased they will need someone to help manage it, the first look is typically to the originator of the "trading arm" who will then coordinate with the trading business. If the trading business is too greedy, producing arm will go call competitors and banks till everyone is honky dory.
So the question is do you prefer a more sell-side client role, or a more chill relaxed internal "m&a" role.
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