Portfolio Valuation Manager

Lightsource bp is a global leader in the development and management of solar energy projects. We are a 50:50 joint venture with bp with a mission to help drive the world’s transition to low carbon energy.
With solar set to increase tenfold in the next 20 years, we are well-positioned to capitalize on this growth. By joining the Lightsource bp team, you will ‘be the change’ on the world’s energy transition to a more sustainable future.
We pride ourselves on our entrepreneurial spirit as we continue to push the boundaries of an ever-changing energy landscape. By choosing a career with us, you can expect a challenging and fulfilling role surrounded by people who are passionate and have brilliant ideas about sustainable technology, innovation and making the world a better place.
What You’ll do (the role)
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;
(a) Day-to-day portfolio management and loan compliance.
(b) Risk management & value optimization including merchant power or insurance
(c) Asset investment / divestment from identification to execution.
(d) 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
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.
Update portfolio models with actuals provided by the Finance team.
Providing support in debt financing/re-financing and M&A transactions.
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).
Providing good quality, timely financial modelling advice to stakeholders, in a way that non specialists can readily understand.
Maintaining the monthly, semi-annual and annual cash flow models and assessing the impacts of model outputs on short term financing requirements.
Supporting with Budgeting and financial planning.
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
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.
Prepare valuation reports (powerpoint / word) in a timely manner (expected to be semi-annually).
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
Support the IM loan compliance group on matters including but not limited to modelling and presentations to lenders.
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
Provide analytical and modelling support to investment / divestment opportunities
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;
Maintenance capex
Operational improvement
Other Commercial improvements (e.g. amendment to commercial contracts)
Potential assets candidate for divestments
Interaction with Other Teams
Report / recommend (where applicable) to the Global Head of Investments, Structured Finance Team, CIO and LSbp investment committee on valuation matters.
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.
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
Strong excel skills, VBA, Power Query, Power Bi (or similar data analysis tools) are must
Able to build financial models for project valuations and raising project level debt
Understanding the key drivers that will impact a valuation
Understanding key project finance debt sizing requirements.
Good exposure and understanding of typical tax related problems that can arise from investing in business’s outside the UK.
Qualifications
Appropriate University degree and industry qualifications
Experience
Proven ability to independently build financial model (including operating models), run sensitivities and question assumptions on project finance transactions.
Track record of acting as the primary modeller on a debt raising transaction within a financial institution, a financial advisory or a model auditing firm.
Prior experience in taking a project through an IC committee including building models which present the business case for investing in a project would be a plus, although not necessarily required.
Relevant work experience in similar role.
Prior valuation experience would be a plus but is not necessarily required
Why you’ll make a great member of the team
Ability to organise work load and prioritise to maximum effect for both yourself and your team.
Flexible approach in a fast paced business which is constantly changing, keeping a clear head under pressure.
Excellent attention to detail when checking information with an ability to recognise and question anomalies.
Keen problem solver who can focus on appropriate details when solving problems and propose effective solutions.
Despite the modelling focus, communication and presentation skills are a must. The role will involve building bridges and strong connection with other teams in a matrix environment.
Due to the global nature of the role, diverse backgrounds are encouraged and welcomed.
Why you’ll want to work for us
Our company is a place where you can be yourself and grow; a place where your ideas and opinions matter.
Be you
We pride ourselves on being an inclusive community, where every individual is valued and treated with respect.
Be responsible
Our culture is driven by our core values. From operating safely to ensuring our solar projects are responsible and promote biodiversity.
Be recognized
Alongside a competitive salary, we offer a variety of benefits including annual bonus, retention bank, health insurance, pension and other local benefits.
Be inspired
Beyond your day-to-day working life at Lightsource bp, there’s a variety of initiatives that will contribute to your own personal development. Initiatives to get involved with including our charitable causes, supporting our solar honey project or our sustainability initiatives.
Our Core Values
Lightsource bp truly cares about creating a sustainable future through safe, responsible and meaningful low carbon energy projects. Our core values of Safety, Integrity, Respect, Sustainability and Drive are the guiding principles for everything we do.
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