Head of Portfolio Investment Management

at  Lightsource bp

SUMMARY

The Investment Management Team (IM) is the guardian of LSbp operational investments with a focus on long term value creation. Within the wider LSbp matrix organisation, the IM team interacts closely with:

• Structured Finance (that raises debt, tax equity and leads on M&A activities);
• LSbp regions including project/business development, construction and asset management (which handles the day-to-day commercial and Operational management of the operating fleet);
• Finance, which provides Financial MI;
• Power Marketing – which provide end-to-end power monetisation from long term offtake contract to short term RECs or capacity contracts; and
• Central teams (e.g. performance, legal, engineering centre of excellence etc)

Externally, IM handles relationship with Capital Providers from Financial Close or COD (depending on jurisdiction) in close coordination with Structured Finance.

The IM team is organised around three “verticals” (as below) and the IM Regional Heads (one for US and one for EMEA and APAC):

• Portfolio Investment Management
• Valuation and Financial Modelling
• Insurance

The “Verticals” (including Portfolio Management) will support the IM Regional Heads who are directly in charge of managing the financial and commercial performance of existing and future PV assets and any joint ventures partners. IM Regional Heads will also be supported by regional commercial directors (appointment ongoing).

KNOWLEDGE

• Solid knowledge in project finance documentation – with focus on reporting / covenant management
• Good financial experience including ability to read through P&L, CF statement and Balance sheet
• Some commercial experience gained in project-related or financial role would be a plus

QUALIFICATIONS

• Engineering or business degree

EXPERIENCE

• Prior Experience in dealing with capital providers (either working for a financial institutions in a mid- or front-office role or for a sponsor in a similar function)
• Prior Experience in working in an international environment within complex matrix structure is a must
• Some commercial experience gained in project-related or financial role would be a plus
• Experience in managing other team members (either as a manager or as part of project team) desirable

CORE RESPONSIBILITIES

• Manage the Portfolio management team and ensure the team delivers on its core objective including:
• Individual objective setting;
• individual performance review and individual support & development where required
• In conjunction with the Regional Heads, ensure suitable allocation of resources, including recruitment (where required) and plan the team growth consistent with the wider LSbp organizational requirements
• Manage and deliver portfolio-wide initiatives in close collaboration with the Regional Heads and the wider LSbp matrix organisation. This may include inter-alia development and management of reporting tools, undertaking commercial or financial analysis across multiple portfolio (with the assistance where required of the valuation team)
• Report and manage critical portfolio issues (including offering solutions / strategies to resolve such issues or improve underlying portfolio or asset performance) in conjunction with own team and the IM Regional Heads
• Provide a portfolio-wide strategic insight from you and your team’s handling of individual portfolio and their issues / risks / opportunities

WHAT CHALLENGES CAN YOU EXPECT IN THIS ROLE?

• In this role, you are expected to deal with multiple stake-holders across a complex matrix environment. You may not have all “pieces of the jigsaw” at any one time, but will be expected to think two or three shot ahead
• You and the team are expected to support Regional Heads by going into the details and “distilling” critical matters
• You (and your team) must handle regular tasks in a consistent, predictable and professional manner whilst being able to step-up on “emergencies” or critical issues,
• You must be able to think globally – e.g. leverage best practices or learning from one area into the wider portfolio; provide strategic portfolio or regional insight from a detailed understanding of specific assets

The Portfolio Management team currently comprises of 6 portfolio managers / senior portfolio managers currently located in London (5off) and Madrid (1off). Each team members manages individual financing portfolios across multiple geographies. On a day-to-day basis, they are “the eyes and the ears” of the IM team and their role includes inter alia:

• Providing covenant information to capital providers (debt, tax equity and partners) – including technical, reporting and financial covenants, where required under the direction of the regional head
• Processing waiver and/or approval request from capital providers
• Ensuring debt service is made in a timely manner
• Forecasting and ensuring timely sponsor distribution (or equity injection where required)
• Support preparation of budget taking into account regional asset manager feedback and financial model base case
• Track individual portfolio performance against budget and identify potential area of concerns or improvements
• Critically reviewing information prepared by other teams (e.g. asset manager, finance) and provide feedback to the wider IM team including potential solutions
• Support portfolio commercial and financial optimization (under the direction of the IM Regional Heads