Investment Director, Project Finance (focus on construction finance as a new strategic initiative)
- Our mission is to support the building of businesses throughout Africa and South Asia, to create jobs and make a lasting difference to people’s lives in some of the world’s poorest places.
- We aim to invest in countries where we can have the greatest impact. In countries where the private sector is weak and jobs are scarce.
- We invest in sectors where growth leads to jobs – both directly and indirectly. In sectors such as manufacturing, agribusiness, infrastructure, financial institutions, construction, health and education. Last year, the businesses we invest in created more than a million jobs.
- We are successful because we are a high quality investment organisation, using the best commercial skills and judgement to make investments in great companies and support them to grow over the long term. We therefore want to attract people with these skills but who are motivated to use them to dramatically improve the private sector in Africa and South Asia
- For further information, please visit our website cdcgroup.com
The Role in Project Finance
The Project Finance team is part of CDC’s Debt team which comprises of Project Finance, Corporate Debt, Financial Institutions and Trade Finance, and Off Grid Solar. Debt has ambitious growth plans within the next 4 years. The Construction finance strategic initiative within project finance has already received EXCO and board approval for implementation and delivery, considered an important development impact delivery vehicle of the project finance team. The position will be based in London but will require travel to our focus geographies. The candidate will report to and be required to regularly liaise, through the phases below, with the Head of Project Finance. The position as a director would have the following role and responsibilities within the project finance team:
Construction finance strategic product
develop, lead, scale up and implement the strategy, by:
- Focusing initially on African energy opportunities and piloting with CDC investee companies who are power developers in this geographic area;
- Being an integral part of CDC’s plan to provide bridging finance for the construction phase of projects, which would be designed to allow refinancing around the point of commercial operations after project completion. This should not only allow more projects to reach financial close, but also this new product could create crowding in of other lenders into long term financing by creating hard and local currency portions, as well as creating a natural pipeline especially for institutional investors internationally as well as in their local country;
- Being a key element in the streamlining of CDC’s due diligence process, which will require deep technical understanding as well as project finance commercial experience. Enabling the establishment of more direct and stronger relationships between CDC and power project developers;
- Operationalising this product in terms of methodology including standardised documentation, risk sharing, pricing etc. including preparing and presenting internal exco and board papers on it;
- Develop and implement the internal processes to execute, and manage these transactions:
1.) The financial commitments would range from $15 to $80m and could be as high as $150m depending on certain criteria. Common for all is the high level of complexity of project finance especially through the strong focus on both commercial robustness and development impact aspect of the deals.
2.) Additionally, the Director would be expected to work other deals within the Project Finance team should the need arise.
- Originate Construction Finance investment opportunities, in the key focus areas and sectors, utilising your own and CDC’s relationships with energy developers, and in co-operation with CDC’s Equity / Sector teams and the Intermediated Equity team.
- Develop/maintain a network of relevant contacts with commercial banks, DFIs, advisors, and an identified list of clients including project sponsors/ developers.
- Lead/co-ordinate market-mapping exercises where relevant in close co-operation with the Sector teams, as well as develop targeted debt origination strategies to focus our investment into sectors and geographies where we have natural advantage and where our capital is needed most.
- Develop marketing and pitch-book materials that focus on Construction Finance to effectively communicate CDC’s investment priorities and credit risk appetite to partners and clients.
- Provide visibility to CDC’s Project Finance business, including the Construction Finance strategic initiative by participating in conferences, undertaking targeted road shows, etc.
- Develop and implement innovative approaches/products to fill market gaps and complement existing product offerings.
- Prepare and present high-quality investment proposals through CDC’s investment process.
Loan Structuring and Execution
Portfolio Construction and Monitoring
- Assist to deliver a high-quality portfolio of Project Finance transactions.
- Ensure the maintenance of a high-quality portfolio post-disbursement including financial, development impact and environmental, social and business integrity, leveraging internal specialists as needed.
- Apply appropriate portfolio monitoring processes that include managing the process with more junior team members on assigned deals for the preparation of periodic monitoring reports for CDC’s investment committee.
- Manage the monitoring of compliance with all loan covenants, facilitating the effective checking for early warning signal and identify any breaches, working proactively with borrowers and co-financiers to remedy the situation.
- Analyse, review and recommended requests for waivers and amendments and produce recommendations for the Head of project finance and CDC’s investment committees.
Deal Team Management
- Lead small deal teams within the structure of the project finance team to execute principally on construction finance transactions, however also on project finance transactions when required;
- Guide, mentor and develop more junior members of the Project Finance and broader Debt Team, through sharing of experience and implementation of best practice in transaction execution, particularly in financial analysis, cash flow modelling, term sheet preparation, written presentation and negotiation and client interaction.
- Inclusively manage the engagement of support teams (Environmental, Social, Business Integrity and Development Impact), ensuring all internal stakeholders can achieve their objectives.
- Liaise regularly with the project finance senior team on deal and team elements.
- Lead and managing external lenders advisors through due diligence work streams, such as legal, model audit, market, technical, environmental & social and insurance.
- lead responsibility for the managing the deal team in undertaking discrete internal due diligence tasks such as company, financial, industry and economic analysis.
- Responsible for managing and co-ordinating various analysis, including: sector / market analysis; company / borrower analysis (including credit analysis financials and financial modelling); macro-economic analysis. Including all aspects of credit assessment, identify transactions risks and how these can be mitigated.
- Leading the reviewing and commenting on legal documentation together with the internal legal team.
- Structure and negotiate terms with Borrowers and co-lenders appropriate to commercially acceptable standards, ensuring legal documentation that is best of class.
- Take responsibility for deal completion related work including managing conditions precedents to ensure efficient and timely financial close.
- Co-ordinate internal process for the disbursement process.
- Managing the preparation and presentation of screening and credit papers for new deals, as well as the preparation and presenting monitoring papers for existing deals.
- Leading the deal team and managing the interface with support teams.
Contribute to Strategic and Other Internal Initiatives
- Work with the other senior project finance team members and Head of project finance to collaboratively steer the business growth development and monitoring in accordance with strategic objectives.
- Develop/maintain relationships with CDC’s Direct Equity and Sector teams and the Intermediated Equity team, as well as other support teams.
- Maintain/develop knowledge of markets, geographies and sectors relevant to CDC’s project finance business and construction finance strategic product..
- Lead/contribute to other ad hoc internal initiatives, strategic or otherwise.
- A proven background and track record, in international Project Finance Lending at an appropriate level for the role, for around 5 to 10 years, of which a considerable amount of time has been spent working in relevant emerging markets, with experience in some of our core sectors of energy, water, ports, transport and real estate, including:
- preferably from the “buy-side” of an Investment bank and / or a Development Financial Institution (“DFI”) or Multilateral Development Institution;
- Project or corporate finance teams of a project developer;
- Experience related to Project finance transaction advisory will also be considered.
- Relevant Engineering degree with work experience of 3 to 8 years in engineering including:
- Site management and/or design consulting for energy projects, civil, electrical or mechanical engineering. Or;
- As an internal engineer for a project developer or EPC contractor or property developer.
- Master’s degree level educated, preferably an MBA, but could also be in a relevant field (finance, economics, engineering, construction management);
Candidates should also have/be:
- Transactional experience in emerging markets, particularly Africa with an extensive regional contact network;
- Proven track record of originating, structuring and closing complex Project Finance transactions in difficult environments;
- Ability to work on multiple opportunities across sectors while working to deadlines and managing time effectively;
- Evidence of relationship building and ability to develop a network of relevant external contacts, as well as internally across different teams;
- As a member of a small team a proactive “hands-on” approach is important, as well as the ability to mentor junior team members;
- Management experience of leading deal teams, a transactor that will also nurture the development of others;
- Demonstrable alignment with CDC mandate, mission and values;
- Strong interpersonal and negotiation skills;
- Strong personal drive to achieve objectives;
- We will be considering the following as important:
- Excellent construction process and planning experience including technical and risk quantification and appropriate apportionment;
- Excellent credit, financial and structuring skills;
- Strong experience and knowledge of diligence processes particularly technical elements but also some experience in financial terms, legal terms;
- Project Finance product knowledge including an understanding of market practice and credit risk structuring experience in emerging market economies;
- Outstanding business communication skills in English, interpersonal, written and verbal and presentation.
Please include a one-page cover letter with your application
Role Posted on: 28/09/2018
Role Closes on: 27/10/2018