THE COMPANY – The NextEnergy Group
NextEnergy Group was founded in 2007 to become a leading market participant in the international solar sector. Since its inception, it has been active in the development, construction and ownership of solar assets across jurisdictions. NextEnergy Group operates via its three business units: NextEnergy Capital (Investment Management), WiseEnergy (Operating Asset Management) and Starlight (Asset Development).
NextEnergy Capital (“NEC”) comprises the Group’s investment management activities. To date, NEC has invested in over 325 individual solar plants for a capacity in excess of 2.3GW across it institutional funds. www.nextenergycapital.com
- NextEnergy Solar Fund (“NESF”) is a solar infrastructure investment company focused on the UK and other OECD countries, that is listed on the premium segment of the London Stock Exchange. It currently owns 865MW spread among 99 individual assets in the UK and Italy, comprising a gross asset value of £1,094m. NESF is one of the largest listed solar energy investment companies in the world.
- NextPower II (“NPII”) a private fund made up of 105 individual operating solar power plants and an installed capacity of 149MW, focused on consolidating the substantial, highly fragmented Italian solar market. NPII was successfully divested in January 2022, a 2016 vintage vehicle that generated net IRRs to its investors in excess of 25%, versus a gross target of 10-12%.
- NextPower III ESG (“NPIII”) is a private fund exclusively focused on the international solar infrastructure sector, principally targeting projects in carefully selected OECD countries, including the US, Portugal, Spain, Chile, Poland and Italy. NPIII ESG is a fund that provides a positive social and environmental impact to the countries it has and will invest into. NPIII has completed its fundraise with a total of $896m, including an SMA raised. The target of the fund was $750m.
- NextPower UK ESG (“NPUK ESG”) is a private unlevered fund investing in greenfield subsidy-free solar projects, with PPA’s, in the UK. NPUK ESG was launched in December 2021. The UK Infrastructure Bank is providing financing to the initial seed assets of the fund and plans to invest up to £250m, half of the fund’s total target fund size, on a match-funding basis.
WiseEnergy® is NextEnergy Group’s operating asset manager. WiseEnergy is a leading specialist operating asset manager in the solar sector. Since its founding, WiseEnergy has provided solar asset management, monitoring and technical due diligence services to over 1,300 utility-scale solar power plants with an installed capacity in excess of 2.2GW. WiseEnergy clients comprise leading banks and equity financiers in the energy and infrastructure sector. www.wise-energy.com
Starlight is NextEnergy Group’s development company that is active in the development phase of solar projects. It has developed over 100 utility-scale projects internationally and continues to progress a large pipeline of c.2.5GW of both green and brownfield project developments across global geographies.
Due to the rapidly growing size of the NEC Group, an exciting opportunity has arisen at NEC. A new Portfolio Management function is being created, where every solar project in every fund will be managed by this new team. NEC currently has projects in the UK, Italy, the US, Chile, Spain, Portugal, India and Poland, and is further expanding at pace.
We are looking for a talented professional to step into this newly created role of Head of Portfolio Management. Reporting to the Managing Partner and CIO of NEC and expected to become a member of the NEC senior leadership team. The Portfolio Management function is situated within the investment management business of the Group and is tasked with managing all the solar projects owned by the Group’s investment vehicles in conjunction with the Group’s asset manager WiseEnergy. The role holder will play a key role in driving standardisation, efficiency, quality, strategy and outperformance in respect of the Portfolio Management function.
The successful candidate will play a key role in supporting the creation/evolution of the management strategy for each of the fund portfolios, of solar PV and energy storage systems, distributed across the globe under management by NEC. As part of the role you also will take the lead in driving standardisation, efficiency, quality and outperformance.
The successful candidate will oversee a global team of Portfolio Managers with diverse backgrounds and seniority and will have direct accountability to the heads of the various funds in the NEC team as well as to other internal functions, being the reference person to identify ways of delivering outstanding technical, operational and financial results within the Group’s current and future investment vehicles. You will also interact directly with senior members of WiseEnergy, the asset management company within the NextEnergy Group in order to maximise the efficiency of the solar plants. The successful candidate will also be expected to have interaction with various investors, from time to time, to discuss the performance of the portfolios.
Leadership and stakeholder management
- Lead and inspire the portfolio management team to achieve market-leading outcomes and outstanding results for our investors..
- Work closely with the heads of the funds managed by NEC in order to realise the fund strategy.
- Undertake appropriate resource planning in order to support the growth of the function and needs of the funds, and liaise with other relevant departments within NEC (Fund Management, Investor Relations, etc.) and WiseEnergy (technical, finance, commercial, etc.). Interact with investors of the Group’s investment vehicles as necessary during fundraising and/or ownership phases.
Global systems and processes
- Ensure that comprehensive and robust processes and procedures for managing solar PV assets and energy storage systems are prepared, maintained and communicated internally to both NEC and WiseEnergy. These should be globally consistent wherever possible, paying due regard to local specificities as required, and respecting the decision-making process at the fund level. Processes and procedures should cover BAU as well as one-off activities and they should be duly documented and integrated with other processes performed at NEC and WiseEnergy levels.
- Ensure that all Portfolio Managers are appropriately trained on the soft- and hard skills required to appropriately perform the activities falling within their areas of responsibility.
- Participate in the senior leadership team of NEC, providing inputs and being involved in the discussions for designing the strategies and operations of NEC, contributing to its continued rapid success..
- Support the identification of new IT tools to implement in order to increase the efficiency and effectiveness of the activities performed by the Portfolio Managers.
- Take the lead in some strategic projects/relationships which are cross-functional and/or shared by various funds managed by NEC.
- Ensure that BAU activities are performed in line with the expectations of the heads of funds and with what has been promised to the investors.
- Participate to sector conferences and lobbying activities to increase the standing of NEC and address political decisions which can impact the industry.
- Create and maintain relationships with key decision-makers within relevant external counterparties such as O&M, component providers, etc..
- Monitor market trends for identifying new technologies/services to implement on the assets under management.
- Constantly survey local markets for partnerships with service/component providers and pursue appropriate opportunities for the benefit of the assets under management.
- Drive innovation across the various activities performed by the Portfolio Managers.
- Manage the resolution of key issues which can have a cross-functional impact and/or which are relevant for various funds managed by NEC.
You will be highly pro-active, well experienced in the sector and possess strong critical thinking, excellent communication and problem-solving skills and experience. You will have a demonstrable track-record in delivering consistently high results in a high-intensity environment. You will have excellent people and presentation skills and be keen to learn new businesses whilst being generous with passing on your knowledge to the Portfolio Management team. The salient points are:
- Be a student of the renewable energy industry, demonstrate a deep and rich understanding of the challenges and opportunities faced by asset owners and operators in the space.
- Exhibit excellent interpersonal and communication skills, both written and verbal.
- Adopt the company values, demonstrate and support behaviours in others that are in line with them.
- Have excellent attention to detail coupled with project planning and self-management skills.
- Ability to manage a geographically dispersed and culturally diversified team with confidence, courage, clarity and “gusto”.
- A highly proactive way of working, coupled with a tenacity to resolve issues and overcome challenges.
- Detailed understanding of the roles of various functions within NEC and WiseEnergy and ability to skillfully navigate these while building strong working relationships with colleagues.
- Superior focus on structure, governance, and documentation to ensure the team’s operations are properly managed.
- Ability to express complicated concepts and issues concisely, simply and with impact.
- Fluent and confident English (written and spoken) is essential – either Spanish, Portuguese and/ or Italian would be helpful.
Remuneration and benefits for the role will include:
- Competitive basic salary depending on experience, plus discretionary annual bonus.
- Private medical for the employee and his/her family.
- 30 days’ annual leave, plus public holidays.
- Flexible working arrangements.
- The opportunity to be part of a globally growing company and have a positive impact on the world.