This is a fairly old article, and we do not yet have updated versions of those links. We may revisit this one and update/find new links later this year.

I really appreciate what you do and thanks for keeping us informed! Some of the links that I clicked on this article are not found anymore so I was wondering if that’s possible to link them again to the right pages.

Thank you

The definitions are mostly correct, but stated in a confusing way:

“Now cash flow is calculated with earnings + depreciation + interest expense – increase in working capital – capital expenditures. This represents the amount of cash generated before anything is paid to equity or debt holders, or the Unlevered Free Cash Flow.”

This is correct because Unlevered FCF should exclude or add back interest expense because it is capital structure-neutral. That is the definition of “Unlevered.” But it’s better just to start with a metric that excludes it.

“This calculation is similar to the calculation for Levered Free Cash Flow. Follow these steps: EBIT – Tax Expense + Depreciation & Amortization – Interest Expense – Capital Expenditures = Cash Flow Available to Repay Debt (NB: no mention is made for subtracting increases in working capital).”

Levered Free Cash Flow means that interest expense has been deducted, so this is correct. However, you should also factor in the Change in Working Capital, though for project finance, it tends to be smaller and less significant than for normal companies (maybe why they left it out).

Not sure about SIC codes but maybe try this site: http://siccode.com/en/codes/naics/221114/solar-electric-power-generation

Yes, I believe GS SF does have a clean tech group. Several other banks there might as well. You recruit the same way you do for any other group, show strong interest in the field via activities/work experience and start networking via alumni and LinkedIn.

Also doesn’t GS SF have a clean technology division? Wondering about some BB or larger boutiques (Lazard, Greentech, Moelis) that may have clean tech divisions and the best way to go around recruiting for them in 3rd year.

Sorry, don’t think we have it but you may be able to find it by Googling.

Jeremy, thanks for your comment. Thanks for visiting and trust all is well!

One further comment about breaking into cleantech. Most banks no longer have dedicated cleantech groups because deal-flow has significantly decreased (there have been a total of 2 North American cleantech IPOs in the past 12 months). Cleantech is either covered out of a power/utilities group or maybe TMT (its actually part of healthcare at UBS, go figure).

A good entry point is actually GE’s Energy Financial Services group. They hire both undergrads and MBAs, and most go on to work in project finance groups at developers.