Summary
The Investment Management Team (‘IM’) is a recently formed team sitting alongside and integrate with Asset Services and Structured Finance. IM key roles are to deliver the commercial and financial value set in the asset investment case and to drive further value through commercial, technical and financial optimization.
To do so, the IM team will undertake the following;
1. Day-to-day portfolio management and loan compliance.
2. Risk management & value optimization including merchant power or insurance
3. Asset investment / divestment from identification to execution.
4. Individual portfolio valuation under a consistent valuation methodology framework.
The IM team is expected to be run collaboratively in order to maximise value in an appropriate risk management environment.
As Portfolio Valuation Manager, you will effectively take responsibility for all portfolio modelling and valuation activities post financial close by delivering on a regular basis valuation models, KPIs and sensitivities that will be then reported to the wider organization and used to make tactical and strategic decisions such as investments or disposals.
You will do so by interacting with a number of teams including structured finance (in charge of delivering all capital raising activities) but also finance, asset management and the development teams.
Over the coming years, Lightsource bp expects to deliver in excess of 20GWs of new solar assets, with a material amount of capital recycling involving disposal expected to take place. The ability to consistently track the value of its individual assets is central to Lightsource bp growth plans. Over time, the successful individual will have the opportunity to take on a wider commercial role within the Investment Management team or elsewhere in the group.
Duties and Responsibilities
Financial Modelling
5. For each individual asset portfolio, creating, developing and maintaining appropriate and robust financial models capable of: calculating returns and valuations for investments into different jurisdictions; sizing debt, calculating ratios and running sensitivities for different scenario; and assisting in short, medium and long term corporate level business planning.
6. Update portfolio models with actuals provided by the Finance team.
7. Providing support in debt financing/re-financing and M&A transactions.
8. Working with independent advisors (technical, legal, tax) and internal teams to develop in-depth knowledge of value drivers (e.g. technical assumptions; tax regimes in foreign jurisdictions applicable to the core business including but not limited to corporation tax, VAT, withholding tax and capital gains tax).
9. Providing good quality, timely financial modelling advice to stakeholders, in a way that non specialists can readily understand.
10. Maintaining the monthly, semi-annual and annual cash flow models and assessing the impacts of model outputs on short term financing requirements.
11. Supporting with Budgeting and financial planning.
Portfolio Valuation Activities
12. On a regular basis, review the Asset Valuation Framework and provide update recommendations on matters including: Valuation methodology Modelling assumptions setting Financial KPIs and sensitivities to report
13. Update on a semi-annual basis all individual asset portfolio models by: Collating from other teams and/or recommending modelling assumptions in accordance with the Asset Valuation Framework Updating models with financial actuals provided by the finance team and any agreed updated modelling assumptions; Delivering updated outputs, KPIs and sensitivities in accordance with the Asset Valuation Framework.
14. Prepare valuation reports (powerpoint / word) in a timely manner (expected to be semi-annually).
15. Provide ad-hoc model update to support specific investment or divestment initiatives undertaken by the IM team or the wider group.
Within the Investment Management Team
16. Support the IM loan compliance group on matters including but not limited to modelling and presentations to lenders.
17. Support the risk management & optimization of assets by Performing financial analysis of proposals from other members of the team Providing analytical support on risk analysis / scenario planning under the guidance of other members of the team
18. Provide analytical and modelling support to investment / divestment opportunities
19. In conjunction with the wider IM team (and other cross-functional and local teams) contribute to the generation of new asset investment or divestment ideas, which, then, may be discussed with other teams, analysed and eventually implemented.
Such ideas to cover;
20. Maintenance capex Operational improvement Site improvement (e.g. extension, new battery etc.) Other Commercial improvements (e.g. amendment to commercial contracts) Potential assets candidate for divestments
Interaction with Other Teams
21. Report / recommend (where applicable) to the Global Head of Investments, Structured Finance Team, CIO and LSbp investment committee on valuation matters.
22. Day-to-day engagement with the Structured Finance Team including but not limited to: Seeking full understanding of closed projects; Taking ownership of financial close models (with a view to create a fit-for-purpose valuation model); Ensuring valuation models share best practice with the structured finance modelling team.
23. Day-to-Day engagement with other teams including but not limited to: Ensuring that actual performance (prepared by the Finance team) is analysed and incorporated in the valuation models on a regular basis; Ensuring modelling assumptions have been collated and/or reviewed with other teams (e.g. Asset Management, local development, tax etc.) in accordance with the Asset Valuation Framework; Ad-hoc interaction in relation to valuation of potential investments / disposals.
Who we’re looking for
Knowledge
24. Strong excel skills, VBA, Power Query, Power Bi (or similar data analysis tools) are must
25. Able to build financial models for project valuations and raising project level debt
26. Understanding the key drivers that will impact a valuation
27. Understanding key project finance debt sizing requirements.
28. Good exposure and understanding of typical tax related problems that can arise from investing in business’s outside the UK.
Qualifications
29. Appropriate University degree and industry qualifications
Experience