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Project finance lateral to IB
What are the lateral opportunities (if any) for going from project finance (energy infrastructure) to IB?
Why are battery prices so high right now? (Project Finance)
Does anyone know why battery prices are so high right now? I've spent the week gathering quotes from battery companies for a BESS project I'm working on and I am consistently getting $230 to $260/ kWh (LFP). In 2021, we were paying ~$180/ kWh. I know that lithium prices were high in 22 and 23, but...
Project Finance Exit Opps
Looking at a model-heavy Project Finance team at a BB (JPM, GS, MS) and was hoping to get some understanding of possible exit opps. I know a few people exit to MFPE Energy focused firms or infrastructure teams. Any chance of entering vanilla PE from an infrastructure modelling background, or are all...
How Reliant is Project Finance (energy) on a Democratic Presidency?
Apologies for posting in the IB section, but I don't see a PF forum. Long story short, I recently graduated college and got a job as a financial analyst doing modeling for solar/ BESS projects for an energy company. Sleepy Joe passed the Inflation Reduction act which has huge subsidies for green/...
Project finance: Solar + storage
Hi everyone! Would anyone have, know where I can get, or knows anyone that knows where I can find a combined solar plus storage project finance model example or template? I've looked everywhere. Thank you so so much!!
Do i need fp&a skills for project finance modelling?
Hi all, I work in Project finance and i need to learn how to model out the initial 3, 4 years of capex, not from a valuation perspective, but from a cash/expenses etc perspective to show a plan to a client. A normal PF model focuses a lot on the big picture, but doesn't pay much attention to the...
Which infrastructure career path to pursue?
I’m London-based with 2+ years of experience at a boutique infrastructure consulting firm. I mainly build and audit financial models for PPP, PFI, project finance deals and portfolio valuation across power, utilities, transport, social infra, etc. While I am sometimes involved in advisory work,...
London Project Finance
Junior banker looking to move internationally to London. Can anyone provide any insight into PF Banking salaries both in Advisory and Lending in London? Also which firms to aim for other than the French and Japanese? i.e. Are there any boutiques? Thanks!
Doubt - Concept Project Finance
Is CFADS (Cash Flow Available for Debt Service) = UFCF (Unlevered Free Cash Flow), as both of them is cash flow previous to interest?
Energy/Project Finance Exit Opportunities
Hey guys, I interned at a MM commercial bank doing project finance for an energy team, and got an analyst offer for next year. I didnt have intention of going into finance before this summer, but now I'm feeling like this is the spot for me. However, I think I'd rather be at an IB group doing...
Well known VC firms to finance CapEx
Hello, Planning to launch my own company which will require considerable investments in CapEx (construction). Still weighing my options between the usual term loan or raising equity. If I was to choose the equity route, any known VC firm would be willing to finance CapEx? There's a tech and...
Costs in IRR calculations (Project Finance)
Hello, For IRR calculations: 1) I have calculated valuation using NPV. 2) Should this npv (i.e. acquisition cost) + all other transactions costs be put on day 0, followed by the fcf line in the same line, to run the IRR formula from? 3) how is the discount treated in the irr formula? should i use...
Pathway to Infrastructure Investments
Hi, Currently at Big 4 doing financial and commercial advisory within infrastructure. Have been approached a by a large global financial institution to do an interview for its project finance arm. However, the role isn't within their origination team but with their portfolio management team, which...
Entry into Infrastructure Debt
This one's for all the infra debt professionals/people who know folks in infra debt. Curious to know what backgrounds infra debt folks typically come from, how many YOE, and what the work/workload is like i.e. is it very much like project finance in a bank but with higher hurdle rates?
CRE Lending to Infrastructure / PF
Been very interested in "real" assets the past few years. Just finished my second year with a real estate lending group doing mostly asset management / some exposure to underwriting (group is on the smaller side), and while some deals I work on are interesting, real estate so far hasn't really...
Audit (Big 4) Transition to Project Finance/Infrastructure Advisory
Hi everyone, What does everyone think about a career in project finance? I'm thinking of a career in infrastructure advisory potentially at one of the Big 4. I honestly find a lot of interest in the project finance sphere that I want to pursue a career in it. Have anyone ever seen Big 4 auditors...
When does MBA IB Summer Associate recruiting start? What should I be doing in my pre-MBA summer?
I've seen Evercore, Lincoln Financial, and MS already release early applications for S24 MBA recruiting. Would it be beneficial to spend my summer networking, or are there more clandestine opportunities I should be aware of?
Where to download models to learn and get inspiration? Where to learn?
Hi All, Where can I find built models so I can dissect those and learn how to model better? We don't have much stuff done in-house, so having some professionally built sheets would be great. It can be very simple ones or the really huge ones, I don't care, although something tilting toward the...
Project Finance: How to account for positive cash-flows during construction?
Hi all, So imagine that the asset is still being built, but it already started generating cash flows. There are still heavy cash outflows, but now they can be cushioned by these positive inflows. Will the creditors make me use this cash instead of borrowing? I mean why should I borrow if the project...
Are Finance Degrees Essential in Singapore?
I'm a Singaporean with an upper second-class honours STEM degree from a top British uni. I have been working in London as a consultant at a boutique project finance transaction advisory services firm for more than a year. I'm now looking at returning to Singapore and moving into IB or PE (or even...
Project Finance Training - Mazars
Has anybody in project/infra finance completed the Mazars PF training courses ? Specifically the best practice modelling course and advanced project finance modelling course. I have a few questions about this training that id love to get some answers on, thanks !
Advanced Education in Project Finance
I understand it may be contingent on potential exit strategies, but for the monkeys in project finance, what types of degrees/certifications are worth pursuing once you are in the industry with just an undergrad degree? Some things I have seen are: MBA Energy-specific MBA CFA CAIA I am honestly not...
Project Finance Bankers - Variations in Modelling
Curious as to how much modelling work is done by PF bankers in different banks. I know that some build models from scratch for most deals, some only do it when they're the MLAs. For PF bankers currently on the job, what's your bank's approach to each deal/project?
Project Finance Salary/Bonus thread
Was curious to see how others in the PF pond fared in terms of pay depending on the factors below. Bank: French Bank Region: Non-US Advisory/Lending: Predominantly lending - advisory here and there. Role: An1 Base: $100k Bonus: Expecting at least 30% Any data points are welcome.
Infra Podcasts?
Inspired by the other industry podcasts thread, are you monkeys aware of any podcasts covering the infra space? Here's a few I've found, looking to listen to some more: Crossroads: The Infrastructure Podcast by Inframation (owned by Acuris) The Leading Edge of Infrastructure by S&P Talking...
Project Finance Return Metrics
Currently having a debate with some colleagues about key project finance return metrics (mining and infrastructure). 1) Pre-tax Project / Equity IRR: What's the point of including this? I get that the impact of tax may differ depending on structure and depreciation / funding assumptions (tax shield)...
Project Finance modelling test
All, I have a project finance modelling test with a bank that's known in this field (MUFG/BNP/ING), anyone done modelling tests with them before? Keen to understand what to expect. Happy to DM if it's easier, cheers.
Dual threat (Low GPA, no internship experience) Dec ‘22 grad looking for advice to avoid working for Northwestern Mutual or Vector Marketing
Hello bored analysts! So as the title says im graduating in a couple of months with no relevant experience and a low GPA. I do, however, have a rough long term plan. The Plan: Get some decent paying finance job for several years in order to save up for a quality MSF. Hopefully then get a role in the...
Levfin-> Project Finance ? What do I need to do? Main differences?
Long term reader, first time poster here! I've been a levfin analyst for the last c.12 months, I've recently become drawn to the world of Project Finance. I think the deals are fascinating, and push to net zero / renewables is only going to increase volume and value of deals going on - I want to be...
Project Finance Bankers
Any chance there are active PF bankers here? Looking to connect and get some advice.
Project Finance - Nord LB
Hey all, Looking for people who can speak about Nord LB's reputation within project finance circles. I'm aware that the Japanese and French banks dominate this landscape, and wondering how Nord LB stacks up in terms of the people, dealflow, comp, hours, and exit opps. Thanks in advance.
Renewables project finance questions
I had a few model related questions I was wondering if I could bounce off someone who's familiar with the space
IBD: Project Finance vs Financial Sponsors
Currently have 2 job offers, to work within the Financial Sponsors group of a major bank or the Project Finance ibd group of another. I’d like to know which would be the best option (pros and cons) especially in regards to pay (bonus), modeling opportunities and exit opportunities. I’m trying to...
Infra News Sources to have In-house?
Hello all, I recently joined an infra debt house that is relatively new and is very unique. I'm the most junior member on the credit team, which is relatively small overall. One thing that really sucks is because of how new the firm is we don't have any paid or free infra news subscriptions. Are...
From IB to BB trading or prop trading (junior level)
Hey guys! For the context, I'm French, 24 y.o., top 3 French engineering school and top 3 MSc Finance in the UK! That being said, Im coming to you as I plan to redirect from IB - where I was doing Project Finance - to trading. I feel like it's the only field of finance where it will be quantitative...
Project Finance Advisory at a big 4 vs Project Finance ratings at a CRA – Which one should I take?
Dear Forum, Confused and need your advice. I have to decide between these two offers: I – Project/infrastructure advisory at a big 4 II – Project/Infrastructure rating team at a top credit ratings agency My background: I have recently completed my post-grad in Finance and have about 3.5 years of...
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Infra/Renewables PE in Chicago
Hi All, I currently work in the renewables space at a large developer in project finance. I'd like to move to the PE side in a few years. I'm frequently contacted by external recruiters for PE associate roles in NYC, but have yet to see a Chicago one. Are there any infra/renewables PE shops in...
Project finance to infrastructure M&A
tl;dr Is doing infrastructure Project Finance to break into infrastructure M&A a good plan? I have been looking to break into infrastructure M&A (as an off-cycle intern) recently but am having a hard time, mostly because I have no infrastructure experience. Quick background: Econ graduate from a top...
Exit multiple / Terminal Value for Operating Solar Project
Hi all, I'm being asked to model the levered and unlevered returns for a Greenfield solar project in LatAm. The project life IRR is easy of course, but I don't know what you all might recommend for how PE funds would look at a project like this in terms of exit multiples - the asset would be fully...
Project finance dscr debt sizing help
Can any kind soul please share the thought process behind debt sizing based on dscr? I have found myself in a weird situation of being in infra investing on the buy side with no prior background in project finance. My firm looks to buy loans post financial completion so we are never part of the...
Project Finance Salary
Can't seem to find any recent threads about this. Anyone care to share what the salaries are for analysts and associates especially for the European, Japanese PF banks? I heard MUFG is at 120-130k base for Associate 1. Let me know if this is accurate or if this has changed.
Opportunities after Project Finance
I've been working in project finance for a full 2 years now and I want to get into M&A. I have a strong interest in companies within the STEM fields and would love to join a team that has anything to do with that general area, whether it be new tech, aerospace, physics. I really think the field of...
Offer Review Suggestions
Hi all, I just finished interviewing for a project finance position and received an offer. I wanted some suggestions as to what I should consider before accepting the offer. The base salary is solid and more than I was expecting to get from a job right out of school (still finishing my last four...
Question: payment of legal fees in an equity and debt financing
Hello, this is a noob question but one I could not find an answer for in my search of the various threads on the forum. When a developer/sponsor is seeking to raise additional equity, or raise debt financing, do they pay for the equity and credit investors legal fees? I seem to recall the convention...
Buyside Infrastructure Investors: Where are you finding value?
It's a challenging deal environment out there for infrastructure investors. Particularly for credit investors, as borrowers can tap into so many sources of cheap credit: 1. For public companies, since bond markets are rocking there is no interest in a non-recourse financing with an asset manager. 2....
Project Finance Interview Prep - IB
Studying to try and find a career in project finance. Hoping to get an interview about P&U. Haven't seen much in the way of PF specific models/cases for interviews. Is a DCF something that may be asked? IRR /NPV analysis? Any help or advice appreciated.
Getting modelling experience
Hi all, Long-time reader, first-time poster from Singapore. Quick summary of my background: Graduated in 2018, and started working for the Infrastructure Advisory team of a Big 4 firm in 2019. It piqued my interest in the infrastructure financing space, but growing in the role was tough, as our team...
Renewable Energy Valuation
Hey everyone! I was wondering if there is an energy banker here who can explain to me the difference between a Project Finance valuation of a solar plant and a wind plant. I did not find a financial model on the topic so if somebody has some materials, I would love to see them. Thanks!
Project Finance Advisory (KPMG)?
Does anyone have any insight on KPMG's Infrastructure Advisory group? It looks like they are in a good spot within the league tables for financial advisers in the space. But also looks like they do model auditing. What would the differences be working for a bank, versus big 4, that does financial...
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