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BRL-FIN-01 · Finance, Investment & Treasury
Analyst – Project Finance & Modelling
Power Generation Pune (Head Office) · On-site 1–3 years · Entry
Build and maintain the financial models behind BARREL's solar, wind and hybrid generation bids and investment decisions. You will turn engineering yield estimates, EPC quotes and tariff assumptions into numbers that the investment committee and lenders can rely on.
Scope of work
- Build bid-stage and investment-stage cash-flow models for solar, wind and hybrid projects from first principles.
- Translate P50/P90 energy yield reports, degradation curves and availability assumptions into annual generation profiles.
- Model capex phasing, interest during construction, debt drawdown and repayment schedules for each project.
- Run sensitivities on tariff, CUF, capex, interest rate and exchange rate and present the break-even points.
- Prepare the financial sections of investment committee notes, with a clear reconciliation from the previous version.
- Maintain the tariff and market benchmark database used for SECI, NTPC, NHPC, SJVN and state DISCOM auctions.
- Support lender due diligence by answering model queries from banks, the lenders' financial advisor and model auditors.
- Track actual project costs against the sanctioned model during construction and flag variances early.
- Keep model version control, input logs and assumption books so every number can be traced to its source.
Technical description
- Project finance modelling in Excel to FAST or a comparable modelling standard, with no hard-codes and clean flags.
- Equity IRR, project IRR, NPV, LCOE, minimum and average DSCR, LLCR and payback calculations.
- Debt sizing by target DSCR and sculpted repayment versus fixed-instalment structures used by Indian lenders.
- Tax treatment in models: income tax under the new regime, depreciation under the Income-tax Act and Companies Act, and GST on EPC supplies.
- Basic Ind AS accounting for projects: capitalisation of borrowing costs (Ind AS 23) and lease accounting for land (Ind AS 116).
- Understanding of tariff-based competitive bidding guidelines, CERC tariff regulations and the payment security mechanism in PPAs.
- Working knowledge of working capital in power projects: DISCOM receivable days, LPS Rules 2022 and letter-of-credit cover.
Commercial description
- Your models directly decide the bid tariff BARREL quotes in auctions, so accuracy has a measurable value.
- Work alongside business development, engineering and procurement to price risk rather than pad contingencies.
- Support the cost of capital discussion by benchmarking lender spreads, tenors and equity return expectations.
- Measured on model accuracy, turnaround time for bid models and zero errors found in external model audits.
Skills required
- Advanced Excel: INDEX/MATCH, XLOOKUP, data tables, scenario managers and circularity handling for IDC.
- Ability to read an energy yield assessment and an EPC price schedule and pull the right inputs from each.
- Clear written summaries of what moved and why between two model versions.
- Basic financial statement construction: linked P&L, balance sheet and cash flow that always balance.
- Comfort with Python or Power BI for analysing tariff and generation data sets is a plus.
- Attention to units, timing conventions and escalation indices.
- Ability to check someone else's model quickly and find the error.
- Good presentation skills for internal committees.
- Time management under auction deadlines that do not move.
Talent we look for
- Obsessive about getting the number right before getting it pretty.
- Curious about how a solar plant or wind farm actually produces energy.
- Asks for the source of every assumption and is not afraid to challenge seniors.
- Calm when three bid deadlines fall in the same week.
- Wants to grow into structuring and capital raising.
Qualifications
- CA, CFA Level II or above, or an MBA in Finance from a recognised institute.
- A first degree in engineering, commerce or economics.
- A financial modelling certification (FAST, Mazars or equivalent) is preferred.
- Internship or first job in infrastructure finance, a bank's project finance desk or an advisory firm is an advantage.
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