All open positions
BRL-FIN-03 · Finance, Investment & Treasury
Senior Manager – Project Finance, New Energy
Green Hydrogen & New Energy Pune + project travel · Hybrid 8–12 years · Senior
Raise and structure debt and equity for BARREL's green hydrogen, green ammonia and related new-energy projects. These are first-of-a-kind assets in India, and the financing has to be built around technology, offtake and policy risks that lenders are still learning to price.
Scope of work
- Lead the financing plan for each green hydrogen and green ammonia project, from feasibility to financial close.
- Structure the capital stack across senior debt, mezzanine, equity and concessional or blended finance.
- Prepare information memoranda, term sheets and lender presentations, and run the lender selection process.
- Negotiate term sheets and facility agreements with banks, NBFCs such as PFC, REC and IREDA, and multilateral lenders.
- Coordinate lender due diligence: technical, legal, insurance, market and model audit advisors.
- Model the integrated value chain: captive renewable power, electrolyser, storage, ammonia synthesis and offtake.
- Assess the bankability of offtake contracts and the effect of SIGHT incentives and other policy support on cash flows.
- Manage conditions precedent and the first drawdown, then hand over to the treasury and asset finance teams.
- Track covenants, reporting obligations and reserve accounts through construction.
- Build relationships with lenders and investors who specialise in energy transition assets.
Technical description
- Integrated project models covering electrolyser stack replacement, degradation, capacity factor and levelised cost of hydrogen (LCOH).
- Debt structuring tools: DSCR sculpting, DSRA and MMRA sizing, cash sweeps and distribution lock-ups.
- National Green Hydrogen Mission, the SIGHT programme and the Green Hydrogen Standard for India.
- Green Energy Open Access Rules 2022, ISTS waiver conditions and banking provisions for captive renewable supply.
- FEMA and the RBI External Commercial Borrowing framework for foreign-currency debt, including hedging and all-in-cost ceilings.
- Green bond and sustainability-linked loan frameworks, and the SEBI framework for green debt securities.
- Ind AS 109 for derivatives and hedge accounting on interest rate and currency swaps.
Commercial description
- Own the cost of capital for the new-energy portfolio and report the weighted average cost of each project against plan.
- Negotiate pricing, tenor, security package and covenants so that equity returns meet the investment committee hurdle.
- Manage the advisor budget for each financing and keep financial close on schedule.
- Work with offtakers, technology suppliers and EPC teams so that contracts are bankable before they are signed.
- Measured on capital raised, all-in cost achieved, time to financial close and quality of the security package.
Skills required
- Track record of closing project finance transactions in Indian infrastructure.
- Strong financial modelling and the ability to audit complex models built by others.
- Negotiation of facility agreements, intercreditor terms and security documents alongside counsel.
- Deep understanding of construction, technology and offtake risk allocation.
- Ability to present to credit committees and answer hard questions without notes.
- Comfort with foreign-currency borrowing, hedging and currency risk.
- Clear writing for information memoranda and board notes.
- Coordinating many advisors and internal teams toward one closing date.
Talent we look for
- Enjoys financing things that have not been financed before.
- Credible with lenders because they never oversell a project.
- Persistent through long negotiations and comfortable with ambiguity in new policy.
- Thinks like an owner about every basis point and every covenant.
- Shares knowledge so that the team can repeat the structure on the next project.
Qualifications
- CA, CFA charterholder or MBA in Finance from a leading institute.
- Eight or more years in project finance with a developer, bank, NBFC or advisory firm, including at least two closed transactions.
- Exposure to renewable energy, storage or green hydrogen financing is strongly preferred.
- Familiarity with multilateral lender requirements, including environmental and social performance standards.