Recurrent Energy | Director Project Finance
3 days ago
Company Summary
Recurrent Energy is a wholly owned subsidiary of Canadian Solar Inc. and is one of the world's largest and most geographically diversified utility-scale solar and energy storage project development, ownership, and O&M platforms. Recurrent Energy is focused on bringing low-cost clean energy and meaningful economic development to communities across the globe.
With a strong track record of originating, developing, financing, and building nearly 9 GWp of solar and 3 GWh of battery storage power plants across six continents, Recurrent Energy has established a leadership position in both solar and battery storage project development. With a total pipeline of 25 GWp in solar and 47 GWh in battery storage, of which 14 GW and 12 GWh respectively already have interconnections (as of January 31, 2023). In addition, Recurrent Energy’s services business has 6 GW of projects under operations and maintenance contracts, either operational or contracted projects.
Position Title: Director, Project Finance
Department: Project Finance
Reports To: Sr. Director, Project Finance
Location: Austin, TX or New York, NY (Hybrid)
Position Summary
We are seeking a Director to join the Project Finance team at Recurrent Energy, a subsidiary of Canadian Solar. This team member will be responsible for leading the day-to-day execution of debt and tax equity transactions for Recurrent Energy’s solar and battery storage projects as well as providing sophisticated and creative problem solving to meet profitability objectives. This role is highly visible within the organization and requires collaboration with many different groups. We are looking for someone with intellectual curiosity, high motivation, and excellent communication and process management skills that is interested in long-term career in project finance.
Responsibilities
Primary day-to-day lead for the execution of project financing capital raising and closing processes:
- Manage deal team analysts, associates, and managers during financing transaction executions and preparation periods;
- Responsible for realizing business goals of project financings (timing, profitability, structures, etc);
- Responsible for content of financial models, marketing materials, third party consultant reports, and transaction documents related to assigned projects;
- Primary contact with external counterparties during capital raise processes;
- Manage deadlines and maintain accountability from cross-functional deal teams; lead peers across the organization with confidence and dedication;
- Effectively communicate to senior executive leadership financing status and goal-oriented outcomes.
Provide thought leadership to financial modeling and profitability analysis:
- Oversee deal team modeling activities and take responsibility over content and output of the model. Provide guidance and quality control to that the model adequately and accurately reflects the underlying transaction, current/forecasted market conditions, optimized business objectives, and best practices;
- Demonstrate a mastery of the causal relationships between inputs and outputs of a model and identify multi-dimensional layers of improvement to overall profitability of projects;
- Provide leadership and coaching to deal team members;
- Collaborate with Business Analytics team to ensure that development-stage project models adequately reflect debt and tax equity market terms/structures and identify improvement opportunities.
Collaborate with business leadership to create project financings strategies and business objectives:
- Evaluate various tax equity (ITC yield flips, time flips, inverted leases, transfers, hybrids, PTC pay-gos, transfers, etc) and debt structures for optimized qualitative and quantitative outcomes and associated financing counterparties;
- Ensure that marketing materials adequately reflect strategic business objectives and execution strategies;
- Develop pre-launch timelines and information management strategies to meet timing objectives;
- Identify creative solutions to meeting business goals and effectively communicate to senior leadership as well as deal team members;
- Facilitate flow of information between finance, development, power marketing, legal and engineering teams when workshopping improvement/optimization ideas.
Reporting relationships and interactions:
- Reports to Sr. Director of Project Finance and indirectly to Head of Project Finance;
- Interact and develop relationships with working teams of tax equity investors, lenders, and third party market consultants;
- Coordinate and collaborate with all internal stakeholders throughout the company that represent all stages of the projects’ lifecycle.
Requirements
- 8-10 years of relevant project finance and tax equity experience required.
- Bachelor’s Degree and equivalent work experience.
- Long-term career interest in renewable project finance capital raising and investing.
- Must have strong financial modeling and analytical skills.
- Strong executive level verbal and written communication skills along with strong delegation skills.
- Expertise in modeling and structuring tax equity.
- Solid understanding of corporate finance and economic concepts.
- Expert understanding of power and financing markets.
- Highly proficient in MS Excel, MS Word, and MS PowerPoint.
- Solution and goal oriented.
- Growth mindset.
- Resourceful and comfortable working in an unstructured, entrepreneurial environment; this is a transaction-based environment where requirements and deadlines are dictated by deal flow.
- Strong quantitative aptitude with an extremely high level of attention to detail.
- Interested in working in a fast-growing industry that is making a tangible impact on climate change.
- Ability to translate complex quantitative analysis into written, deliverable insights.
- Highly driven, proactive, and hardworking.
- Self-starter that takes pride in optimizing financial models and overall work products.
- Travel required, 0-25%.
Recurrent Energy is an Equal Opportunity Employer (EOE). Qualified applicants are considered for employment without regard to age, race, color, religion, sex, national origin, sexual orientation, disability, or veteran status.
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