Head of Portfolio Investment Management

Lightsourcelabs

Job Title: Head of Portfolio Investment Management

Department: Investment Management

Reporting to: Global Head of Investments

About Lightsource bp

We are Lightsource bp – and we’re on a mission to become a global leader in onshore renewables, anchored by our proven track record in solar development.

For over a decade we’ve been actively working to diversify the way our world is powered with sustainable and responsible renewable power. We work to safely deliver affordable, reliable, large-scale onshore renewable and energy storage solutions to help the world decarbonise.

Our growing business is constantly innovating and investing to help drive the energy transition. Our people and projects are focused on supporting long-term sustainable growth and energy security.

Lightsource bp was fully acquired by bp in 2024.

What you’ll do (the role)

Summary

The Investment Management Team (IM) is the guardian of LSbp operational investments with a focus on long term value creation. Within the wider LSbp matrix organisation, the IM team interacts closely with:

• Structured Finance (that raises debt, tax equity and leads on M&A activities);
• LSbp regions including project/business development, construction and asset management (which handles the day-to-day commercial and operational management of the operating fleet);
• Finance, which provides Financial MI;
• Power Marketing – which provides end-to-end power monetisation from long term offtake contracts to short term RECs or capacity contracts;
• Central teams (e.g. performance, legal, engineering centre of excellence etc).

Externally, IM handles relationships with Capital Providers from Financial Close or COD (depending on jurisdiction) in close coordination with Structured Finance.

The IM team is organised around three “verticals” (as below) and the IM Regional Heads (one for US and one for EMEA and APAC):

• Valuation and Financial Modelling
• Insurance

The “Verticals” (including Portfolio Management) will support the IM Regional Heads who are directly in charge of managing the financial and commercial performance of existing and future PV assets and any joint ventures. IM Regional Heads will also be supported by regional commercial directors (appointment ongoing).

The Portfolio Investment Management Team

The Portfolio Management team currently comprises of 6 portfolio managers / senior portfolio managers currently located in London (5 off) and Madrid (1 off). Each team member manages individual financing portfolios across multiple geographies. On a day-to-day basis, they are “the eyes and the ears” of the IM team and their role includes inter alia:

• Providing covenant information to capital providers (debt, tax equity and partners) – including technical, reporting and financial covenants, where required under the direction of the regional head.
• Processing waiver and/or approval requests from capital providers.
• Ensuring debt service is made in a timely manner.
• Forecasting and ensuring timely sponsor distribution (or equity injection where required).
• Support preparation of budget taking into account regional asset manager feedback and financial model base case.
• Track individual portfolio performance against budget and identify potential areas of concern or improvements.
• Critically reviewing information prepared by other teams (e.g. asset manager, finance) and providing feedback to the wider IM team including potential solutions.
• Support portfolio commercial and financial optimization (under the direction of the IM Regional Heads).

Core Responsibilities

• Manage the Portfolio Management team and ensure the team delivers on its core objective including:
  • Individual objective setting;
  • Individual performance review and individual support & development where required.
• In conjunction with the Regional Heads, ensure suitable allocation of resources, including recruitment (where required) and plan the team growth consistent with the wider LSbp organizational requirements.
• Manage and deliver portfolio-wide initiatives in close collaboration with the Regional Heads and the wider LSbp matrix organisation. This may include inter-alia development and management of reporting tools, undertaking commercial or financial analysis across multiple portfolios (with the assistance where required of the valuation team).
• Report and manage critical portfolio issues (including offering solutions/strategies to resolve such issues or improve underlying portfolio or asset performance) in conjunction with own team and the IM Regional Heads.
• Provide portfolio-wide strategic insight from you and your team’s handling of individual portfolios and their issues/risks/opportunities.

Who we’re looking for

Knowledge

• Solid knowledge in project finance documentation – with focus on reporting/covenant management.
• Good financial experience including ability to read through P&L, CF statement and Balance sheet.
• Some commercial experience gained in project-related or financial role would be a plus.

Qualifications

• Engineering or business degree.

Experience

• Prior experience in dealing with capital providers (either working for a financial institution in a mid- or front-office role or for a sponsor in a similar function).
• Prior experience in working in an international environment within a complex matrix structure is a must.
• Some commercial experience gained in project-related or financial role would be a plus.
• Experience in managing other team members (either as a manager or as part of project team) desirable.

What challenges can you expect in this role?

• In this role, you are expected to deal with multiple stakeholders across a complex matrix environment. You may not have all “pieces of the jigsaw” at any one time, but will be expected to think two or three shots ahead.
• You and the team are expected to support Regional Heads by going into the details and “distilling” critical matters.
• You (and your team) must handle regular tasks in a consistent, predictable and professional manner whilst being able to step-up on “emergencies” or critical issues.
• You must be able to think globally – e.g. leverage best practices or learning from one area into the wider portfolio; provide strategic portfolio or regional insight from a detailed understanding of specific assets.

Why you’ll make a great member of the team

• You are a team player – able to coach, support and grow the wider team.
• You are an inquisitive person, able to connect the dots within multiple areas in a complex environment whilst also able to be “big picture” and elevate the debate where required.
• You are collaborative and can establish deep relationships across different teams and different regions, whilst at the same time being able to raise your voice at the right time.

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 projects are responsible.

Be recognised

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. These include our charitable causes, supporting our solar honey project, or volunteering on our VIBES committee to name a few.

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.