Aurex Insights: Energy Financial Services

Q3 2019

At A Glance

Welcome to the latest edition of the Aurex Group Energy Insights – Energy Financial Services quarterly update. In this issue our specialist team provides their commentary on the latest industry events, hiring trends and notable market moves impacting the sector over the last quarter.

Capital flows emphasize future direction

The industry is currently experiencing a significant increase in capital flows towards clean energy investments. Although demand remains for traditional Oil and Gas investment, particularly in midstream and infrastructure, activity and excitement is clearly being directed towards Renewable Energy. This appetite is being driven by both new and traditional private equity players, as well as oil majors diversifying from fossil fuels. Investments in wind, solar, RNG, and new frontiers emerging from evolving regulatory policy, new technology, and consumer preference are defining the future direction of the sector.

Expanding opportunities for candidates

Unlike Oil and Gas with two key geographic hubs in Texas and the Northeast, the Renewables candidate population is more widely spread. Ecosystems of Renewables firms looking to hire can be found in Houston, Denver, Washington DC, Chicago, New York, Boston and across the Northeast and broader West Coast. Professionals with meaningful Renewables transaction experience are in demand, particularly at the VP-IeveI and above. However, fast-moving competition and location constraints compound hiring challenges and can limit the viable candidate pool.

Keeping pace with accelerating demand

For upstream and midstream candidates looking to pivot into the Renewables sector, there are barriers to entry, at least for now. Hiring preference has prioritized candidates with deep industry contacts and demonstrable Renewables deal sheets. Fortunately, momentum looks set to continue and likely accelerate within Renewables M&A, with hiring demand anticipated to outpace candidate supply. This environment will inevitably lead to more competition for strong M&A professionals across both conventional and Renewable Energy.

Given Aurex Group’s expansive footprint and network in the sector, our team has been well positioned to offer comprehensive and swift search services to clients and candidates in the industry. These have been two critical factors in finding and placing the right talent in the current climate.

If you would like to discuss your hiring plans or future market trends in more detail, please connect with our team today.

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Liam King

Associate Director – Energy and Infrastructure

Q3 2019 - Trending Market Commentary

Major oil companies are poised to do a record number of clean-energy deals this year with Royal Dutch Shell Plc leading a group of European companies that are well ahead of their US rivals.

Abington, T and Gilblom, K. (2019) Shell Leads Big Oil in the Race to Invest in Clean Energy. Bloomberg.

The Canada Pension Plan Investment Board’s (CPPIB) renewable-energy holdings topped $3 billion in June, more than doubling the assets it held in the sector a year earlier and up from $30 million in 2016.

McIntyre, C. (2019) CPPIB increased its renewable-energy investments a hundredfold since 2016: Report. The Logic.

Signalling a major market deal, CPPIB agreed to acquire US-based renewable energy company Pattern Energy Group in a deal valued at $6.1 billion, including its net debt.

CPPIB to acquire Pattern Energy in $6. Ibn deal. (2019) , Power Technology.

Norway’s $1 trillion government-owned investment fund will redirect monies it has earned from oil and gas investments and place them instead in clean energy projects. The Government Pension Fund Global said Friday that it will now invest as much as $14 billion into such deals.

Silverstein, K. (2019) Big Oil is Feeling the Heat and Digging into Green Energy. Forbes.

Houston private equity firm Encap Invesments has launched a new team to invest in renewables energy projects. Citing a

global transition to a lower-carbon energy system, Encap said the four-person team is seeking to invest in solar, wind and natural gas projects enhanced by low-cost battery storage systems.

Chapa, S. (2019) Private equity firm Encap launches renewable energy arm. Houston Chronicle.

Recent Market Moves

Private Equity:

  • Jim Hughes left First Solar (former CEO) and joined EnCap Investments, as Managing Director.
  • Kellie Metcalf left Prisma Energy LLC and joined EnCap Investments, in Houston, TX, as Managing Partner, Encap Energy Transition.
  • David Kern left Prisma Energy LLC and joined EnCap Investments, in Houston, TX, as Senior Analyst, Encap Energy Transition.
  • Paula Hagopian left Deutsche Bank and joined Apollo Global Management LLC, in New York, NY, in a Business Development capacity.
  • Chris Wagner left Denham Capital Management and joined California Resources Corporation, in Houston as A&D Engineer, Corporate Development.
  • Paras Shah left BioUrja Trading LLC and joined Denham Capital Management, in Houston, TX, as Private Equity Associate.
  • Hank Jones left Dynegy and joined Quinbrook Infrastructure Partners, in Houston, TX, as Managing Director.
  • Betty Shi left CPP Investment Board and joined Global Infrastructure Partners, in New York, NY, as Associate.
  • Anthony Thomas left Ringers Gloves and Kyle Rumsey left J.P. Morgan and joined Värde Partners, in Houston, TX, as an Associate in Private Investments.
  • Nick Lednicky left Barclays and joined First Reserve, in Houston, TX, as Associate.
  • Nicolette Groen left Citi and joined The Compass Group, in Orange County, CA, as Private Equity Associate.
  • Jacob Susman left EDF Renewable Energy and joined Mission Driven Capital Partners LLC, in Brooklyn, NY, as Partner.
  • Aradine Stephenson left Scotiabank and joined NGP Energy Capital Management (NGP), in Dallas, TX, as Associate.
  • Jack Foster left Houlihan Lokey and joined Oaktree Capital Management, L.P., in Los Angeles, CA, as Associate.
  • Eric Jones left Gastar Exploration Inc. and joined Old Ironsides Energy, in Houston, TX, as Private Equity Associate.
  • John Picton left Teton Range LLC and joined Quantum Energy Partners, in Houston, TX, as Vice President – Technical.
  • Kristine Pepi left Capital Southwest and joined Quantum Energy Partners, in Houston, TX, as Investor Relations Associate.
  • Davis Ketterer left Lime Rock Resources and joined Riverstone Holdings, in Houston, TX, as Associate.
  • Megan Neligan left Cypress Creek Renewables and joined Kayne Anderson Capital Advisors, in Los Angeles, CA, as Senior Associate
  • Jeff Ronczy left SunTrust Robinson Humphry and joined Lime Rock Partners, in Houston, TX, as Associate.
  • Robert Pohlen left Simmons & Company and joined Stonepeak Infrastructure Partners, in Houston, TX, as Associate.
  • Tim Rebhorn left Prisma Energy LLC and joined EnCap Energy Transition, in Houston, TX, as Managing Partner.
  • Shawn Cumberland left Prisma Energy LLC and joined EnCap Investments, in Houston, TX, as Managing Partner, Encap Energy Transition.
  • Kevin Gattshall left CCMP Capital Advisors and joined American Securities, in New York, NY, as Associate.
  • Walker Brumskine left Helios Investment Partners in London and joined Apollo Global Management LLC, in New York, as SVP.
  • Pooja Goyal left Goldman Sachs and joined The Carlyle Group, in New York, NY, as Partner & Fund Head – Renewable & Sustainable Energy.
  • Dan Xiang left BMO Capital Markets and joined The Carlyle Group, in New York, NY, as Private Equity Associate.
  • Raymond Chan left Goldman Sachs and joined The Blackstone Group, in New York, NY, as Managing Director.
  • Sam Appling left Wells Fargo Securities and joined Trive Capital, in Dallas, TX, as Associate.
  • Chase McLaughlin left Extraction Oil & Gas and joined Victerra, in Houston, TX, as Finance Manager.
  • Anthony Thomas left Ringers Gloves and joined Cottonwood Venture Partners, in Houston, TX, as Principal.
  • William Blake left Denham Capital Management and joined Quinbrook Infrastructure Partners, in Houston, TX, as Vice President.
  • Dennis Mou left EDP Renewables and joined Quinbrook Infrastructure Partners, in Houston, TX, as Associate.
  • Robert Lee left Simmons & Company and joined Lime Rock Partners, in Houston, TX, as Associate.
  • Connor Nelson left Simmons & Company and joined Trilantic Capital Partners, in New York, NY, as Associate.
  • Daniel Webb left Simmons & Company and joined Intervale Capital, in Houston, TX, as Associate

Investment Banking:

  • Jeff Wertenberger left Baird and joined Bank of America Merrill Lynch, in St. Louis, MO, as Vice President, Investment Banking.
  • Frederic Bettez left Cosime Infrastructure & Energy and joined Canada Infrastructure Bank, in Canada, as Managing Director, Investments.
  • Ryan Tull left Credit Suisse and joined J.P. Morgan, in Houston, TX, as Managing Director, Energy Investment Banking.
  • Dan Condley left Bank of America Merrill Lynch and joined Fifth Third Bank, in Houston, TX, as Managing Director.
  • Bill Chamberlin left MVP Capital and joined Fifth Third Securities, in Boston, MA, as Associate, Renewable Energy Investment Banking.
  • Mark Dondero left MVP Capital and joined Fifth Third Securities, in San Francisco, CA, as Vice
  • President, Renewable Energy Investment Banking.
  • Russell Cummings left MVP Capital and joined Fifth Third Securities, in San Francisco, CA, as Associate.
  • Julien Bruyneel left QIC and joined Goldman Sachs, in New York, NY, as Asset Management, Renewable Power.
  • Sandeep Sandhu left KPMG and joined Greentech Capital Advisors, in San Francisco, CA, as Investment Banking Associate.
  • Jessica Fogarty left EP Energy and joined Guggenheim Partners, in Houston, TX, as Petroleum Engineer, Analyst.
  • Casey Carringer left PwC and joined Houlihan Lokey, in Houston, TX, as Investment Banking Analyst, Energy.
  • James Ramos left Barclays and joined Houlihan Lokey, in Houston, TX, as Associate Petroleum Engineer.
  • Timothy Beach left MVP Capital and joined Fifth Third Securities, in San Francisco, CA, as Managing Director, Renewable Energy Investment Banking.
  • Justin Hales left Brookfield Asset Management and joined Goldman Sachs, in Chicago, IL, as Investment Banking Associate.
  • Brandon Powell left Scotiabank and joined Guggenheim Partners, in Houston, TX, as Investment Banking Associate.
  • Lucas Laurel left Lazard and joined Guggenheim Partners, in Chicago, IL, as Vice President, Investment Banking.
  • Colin Moore left Accenture and joined Houlihan Lokey, in Chicago, IL, as Investment Banking Associate.
  • Manuel Amaro left Ursa and joined Houlihan Lokey, in Houston, TX, as Director, Investment Banking.
  • Mark Lund left Canyon Midstream Partners and joined Lazard, in Houston, TX, as Vice President.
  • Feras Amacheh left BCI and joined Macquarie Group, in New York, NY, as Associate, Infrastructure & Energy.
  • Carla Tharp left Citigroup and joined Raymond James, in Houston, TX, as Managing Director, Upstream A&D.
  • Vishal Maharaj left Marathon Oil Corporation and joined Scotiabank, in Houston, TX, as Associate Director, Geoscience.
  • Andres Barrios left Wells Fargo Securities and joined Stephens Inc., in Houston, TX, as Vice President, Energy Investment Banking.
  • Corey Scult left Encourage Capital and joined Fifth Third Securities, in San Francisco, CA, as Associate, Renewable Energy Investment Banking.
  • Thomas Link left Height Capital Markets and joined Houlihan Lokey, in Atlanta, GA, as Investment Banking Analyst – TM T, Consumer, Food & Retail.
  • Chris Chaffin left Blue Whale Energy North America and joined Macquarie Group, in Houston, TX, as Vice President.
  • Marcos Esquivel Losada left Mizuho and joined Macquarie Group, in New York, NY, as Associate, Infrastructure & Energy.
  • Jorge Rodriguez left DWS Group and joined Marathon Capital, in New York, NY, as Managing Director, Debt Capital Markets.
  • Alberto E. Mihelcic Bazzana left ING and joined MUFG, in New York, NY, as Vice President Project Finance, Originations.
  • Timothy Radcliff left Bank of America Merrill Lynch and joined PJ Solomon, in New York, NY, as Director, Infrastructure, Power & Renewables.
  • Komu Kumar left Lazard and joined Bank of America Merrill Lynch, in New York, NY, as Vice President, Investment Banking.
  • Andy Holst left Holst Consulting LLC and joined Credit Suisse, in New York, NY, as Investment Banking Associate, Power & Renewables.
  • Andrew MacNiven left RBC Capital Markets and joined Evercore Partners, in Toronto, ON, as Senior Managing Director.
  • Ari Citrin left MVP Capital and joined Fifth Third Securities, in San Francisco, CA, as Managing Director, Renewable Energy Investment Banking.
  • Corey Scult left Encourage Capital and joined Fifth Third Securities, in San Francisco, CA, as Associate, Renewable Energy Investment Banking.
  • Oliver Janssen left MVP Capital and joined Fifth Third Securities, in San Francisco, CA, as Managing Director, Renewable Energy Investment Banking.
  • Thomas Link left Height Capital Markets and joined Houlihan Lokey, in Atlanta, GA, as Investment Banking Analyst – TM T, Consumer, Food & Retail.
  • Chris Chaffin left Blue Whale Energy North America and joined Macquarie Group, in Houston, TX, as Vice President.
  • Marcos Esquivel Losada left Mizuho and joined Macquarie Group, in New York, NY, as Associate, Infrastructure & Energy.
  • Jorge Rodriguez left DWS Group and joined Marathon Capital, in New York, NY, as Managing Director, Debt Capital Markets.
  • Alberto E. Mihelcic Bazzana left ING and joined MUFG, in New York, NY, as Vice President Project Finance, Originations.
  • Timothy Radcliff left Bank of America Merrill Lynch and joined PJ Solomon, in New York, NY, as Director, Infrastructure, Power & Renewables.
  • Komu Kumar left Lazard and joined Bank of America Merrill Lynch, in New York, NY, as Vice President, Investment Banking.
  • Andy Holst left Holst Consulting LLC and joined Credit Suisse, in New York, NY, as Investment Banking Associate, Power & Renewables.
  • Andrew MacNiven left RBC Capital Markets and joined Evercore Partners, in Toronto, ON, as Senior Managing Director.
  • Ari Citrin left MVP Capital and joined Fifth Third Securities, in San Francisco, CA, as Managing Director, Renewable Energy Investment Banking.

Corporate Moves:

  • Sean Kiernan left ReNew Americas Inc and joined 8minute Solar Energy, in San Francisco, CA, as Senior Vice President, Development.
  • Ron Kiecana left IMG Midstream and joined
  • BrightNight, in Asheville, NC, as Senior Vice President.
  • Ridge Porter left Seaport Global Holdings LLC and joined Chisholm Oil & Gas Operating LLC, in Tulsa, OK, as Senior Financial Analyst.
  • Brittany Wright left DCP Midstream and joined EnLink Midstream, in Houston, TX, as Director, Business Development.
  • Matthew Cianciosi left DHI Telecom Group and joined Express Energy Services, in Houston, TX, as Sr. Financial Analyst, FP&A.
  • Kelly Murnane Close left Beacon Rail Leasing and joined Gulf Oil, in Boston, MA, as Director, FP&A.
  • Salvatore Minopoli left Wärtsilä and joined Highview Power, in Birmingham, AL, as Vice President, U.S.
  • Jay Mukherjee left Summit Midstream Partners and joined ION Clean Energy, in Denver, CO, as Senior Finance Associate.
  • James Rodriguez left Layne Water Midstream and joined Aquifer Resources, LLC, in Midland, TX, as Vice President, Business Development.
  • Josh King left DCR and joined Layne Water Midstream, in Houston, TX, as CFO.
  • Steven Newell left ORIX USA and joined Lindale Partners, in Dallas, TX, as Managing Partner.
  • Jeff Layne left Kingfisher Midstream and joined Meritage Midstream, in Denver, CO, as COO.
  • Neil Babaria left Alta Mesa Resources and joined Midcoast Energy, in Houston, TX, as Finance & Corporate Development Manager.
  • Courtney Fellowes left Exotix Capital and joined Seaport Global Holdings, in New York, NY, as Managing Director, Capital Markets, Investment Banking Origination & Distribution.
  • Tim Kisling left Citi and joined Tudor, Pickering, Holt & Co., in Houston, TX, as Managing Director, Midstream & Energy Infrastructure.
  • Matthew Essex left Wells Fargo Securities and joined TD Securities, in Houston, TX, as Vice President, Energy Investment Banking.
  • Cory Magnuson left BlackRock and joined BrightNight, in New York, NY, as Vice President, Finance and Controller.
  • Madhav Kulkarni left Marathon Oil Corporation and joined Chisholm Oil & Gas Operating LLC, in Tulsa, OK, as Vice President, Reserves/ Reservoir Engineering.
  • Brian Melton left Blueknight Energy Partners, LP and joined NorthStar Midstream, in Oklahoma City, OK, as Senior Vice President, Commercial.
  • Robert Kimmel left J.P. Morgan and joined Oryx Midstream Services, LLC, in Houston, TX, as EVP & CFO.

  • Trey Mattson left White Deer Energy and joined WaterBridge Resources LLC, in Houston, TX, as Director, Corporate Development.
  • Jay Furman left NGL Energy Partners LP and joined DCP Midstream, in Tulsa, OK, as Managing Director, NGC Business Development.
  • Andrew Norris left BHP and joined EP Energy, in Houston, TX, as Business Solutions Manager.
  • Trey Roper left PayRock Energy, LLC and joined Great Salt Plains Midstream, LLC, in Yukon, OK, as CFO.
  • Gerardo Rivera left Southcross Energy and joined H20 Midstream, LLC, in Houston, TX, as COO.
  • Matt Nicholls left GE Renewable Energy and joined Invenergy LLC, in Albany, NY, as Vice President, Renewable Energy Project Development.
  • Emily Mills left Quantum Energy Partners and joined Jagged Peak Energy, in Houston, TX, as Director, Business Development.
  • Chris Gunderman left ARM Energy, LLC and joined Layne Water Midstream, in Midland, TX, as Vice President, Business Development.
  • William Meyer left CAMS and joined Lincoln Clean Energy, in Austin, TX, as Asset Manager.
  • Joseph Polselli left Consolidated Edison and joined Marubeni Power International, Inc, in New York, NY, as Vice President, Business Development and Financial Analysis.
  • Eric Lee left CNX and joined Northeast Natural Energy, LLC, in Pittsburgh, PA, as Director of Land Operations.
  • Lane Ware left First Reserve and joined Oryx Midstream Services, LLC, in Houston, TX, as Director of Finance.
  • Tim Knox left Enerfiex Ltd. And joined Park Energy Services, LLC, in Houston, TX, as President and COO.
  • Dan Krehnbrink left CRH and joined PowerTeam Services, LLC, in Atlanta, GA, as Vice President, Strategic M&A.
  • Trent Determann left Australis Oil & Gas and joined Rebellion Energy, LLC, in Tulsa, OK, as CFO.
  • Brian Freed left Apache Corporation and joined EPIC Midstream, in Houston, TX, as President.
  • Jonathan Brown left Avangrid Renewables and joined Statkraft, in San Francisco, CA, as Head, U.S. Renewables.
  • Tim Diehl left Progress Power and joined Tri Global Energy, LLC, in Dallas, TX, as Vice President, Project and Business Development.
  • Lori Wilson left Nexeo Solutions and joined WaterBridge Resources LLC, in Houston, TX, as Corporate Controller.
  • Jim Sutton left General Electric and joined PowerTeam Services, LLC, in Greenville, SC, as Vice President, Operations.
  • David Mora left Apache Corporation and joined Rosehill Resources, Inc, in Houston, TX, as Vice President, Commercial and Reserves.
  • Luke Mildren left Black Mountain Oil & Gas and joined Titus Oil & Gas, in Fort Worth, TX, as Vice President, A&D.

Private Equity & Advisory Team

John McClellan

Partner, Director

 

john@aurexgroup.com

+1 978-604-2766

Sophie Rao

Editor in Chief

Lead Research Associate

Liam King

Associate Director

Energy and Infrastructure

liam@aurexgroup.com

+1 832-581-7481

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