--- # ent https://otter.ai/u/rVve6vTwbOBCaIX40QYdwmGPI7c?utm_source=copy_url - entreprenuerhsip education - subject matter itself but some knowhow / process - project management; decision making under uncertainty; adaptability (mike), economic viability (devin) - kayla - ⭐️step by step scale + project based education, train what to do, but how to think about the problem - modernize engineering cirriculum hi mike - i'm angie who asked about buy vs make question. thanks for your answer on core capability. also your comment on derisking mentality + stepwise scaling very insightful --- # financing corbin kehrberg ([email protected]) ## five vertical five roles (developer - sponser - project finance - tax equity - advisors) has each function, duties, careers m&a advisory -> representing sponsorts or developoiers | role | 🛠️developer | sponser | 📽️project finance | 💸tax equity | 🧙‍♂️advisors | | ------- | ------------------------------------------------------- | --------------------------------------------------------------------- | -------------------------------------------------------------- | ----------------------------------------------------------------------------- | ------------------------------------------------------------------------------- | | | | | | provides tax credit financing (70%) to be built and operated | industry specific investment banking (specialized cri; marathon capital, cec,)+ | | | proejct valuation to model dev. budge and future profit | valuation and captial structin to estimated returns and raise capiatl | assumption validation and debt sculting to confirm debt sizing | assumption validation, cost segreation, appraisa l to confim tax credit value | due dillegnt, third party opitnons , modeling services and transtation suport | | careers | business dev. analyst | | project finance analyst protfolio mange analyst (monital) | investment analyat | investment ganking analyst valuation analuyst | | | | | | 사기 치기 좋음 ㅋㅋ alue (not cost) - make three bucks but cost 1dollar (aggregious | | ## seven interview process modeling test (discounted cash flow project model), technical interview - set of instruction for hypohtical project or portolio (1~3hrs, formatting, kwldge of assest class, formulat dsing, financial concepts) + stucured case studey (valuation, project fincae, tax equity/tax credit, pjroejct kwldg, itc vs ptc, industry knolwedg, modeling, math, finance concepts) greenbridge infrastructure (break into a career in reneuwable engergy finance) - begineer friendly to recuriter process company in space + job board + 45 interview question https://www.google.com/search?q=greenbridge+infrastrructure+ project ipp basic model expected roll back but phase out lot of deals in the market tab include cover, provided, inputs, proforma, exercise, debt, valuation tech agnostic (digital infra are big thing) good formating, less about contents but more on formatting (excel) inputs: general (model start, project life) , capex (construction year, construction cost, dev fee, totla capex), operations (start, end, annual revenue + opex), debt (tneor, sizing start (20225)+ end (2044)), dscr, financing tab in excel describing (100mwh, cost this much to build, this much energy and sold at this price, ) ### proforma flags (construction flag, operation flag, debt sizing flag) unlevered proforma: revenue, open, ebitda (earnings before interest, taxes, depreciation, and amortization) captex unlevered (haven't incorporated debt yet) free cash flow revenue - operating cost #### debt sculpting todo: summarize debt proceeds, principal repayment, interest experrnse to the levered free cash amortization profile based on the project's cashflow debt sizing and repayment scheudle cfads (cash flow available for debt service), dscr (debt service cover ratio) (25m of operation cash flow; lender's own view), dsicount factor - no pta two buckets of reveneu (constract (agreement at place) + noncontracted) if not contracted, can raise disagreement to 10c kwh and decrease to 8c debt sizing flag (19yrs of operation; ) 500 cash flow -> lender buffer -> repayment of debt + interest interest rate = discount factor (7.5% how much debt we can draw so that is pays both ) build up discount factor (perfivous period and multiply 1 +) balance increase and decrease over time, (multiply by construction period) - maximum debt service (cover both principal and interest) distributed energy is perceived as higher risk = pay sth eles less redevelopment activity cahs flow available for bedt service and ; beginning balance, debt draw free cash flow (total dollars in and out), ; first colum is investment pulling in our debt, negative cash flow LEVERERD FREE CASH FLOW (discount at the cost of equity - )= UNLEVERERD FREE CASH FLOW + biring much lsess captial (34m at first 8m back a year) valuation: looking at discounted caluation approacnn (- what's the project worth; cost 200m, value of it is dependent on expected return) you have a project at 200m; how much debt you'd have if you have (1 and a half more period availabe to pay off -> change from unleve) - enterpreise value (add in the debt as well) cost of equity = 10% + npv (at 10% at these pv > cost -> ) cahs flow to equity is looking at operation (value i'll gonna receive)