Vice President, Project Finance (Tax Equity)

Company Description

Apex Clean Energy was founded with a singular focus: to accelerate the shift to clean energy. Through origination, construction, and operation of utility-scale wind, solar, and storage facilities, distributed energy resources, and green fuel technologies, Apex is expanding the renewable frontier across North America. Our mission-driven team of more than 400 professionals uses a data-focused approach and an unrivaled portfolio of projects to create solutions for the world’s most innovative and forward-thinking customers. For more information about how Apex is building the energy company of the future, visit apexcleanenergy.com.

Apex strives to excel in every phase of project realization, from origination and financing to construction and asset management. Our mission-driven team seeks determined, resolute individuals who strive to innovate and go above the call of duty, and who will relentlessly do their part to help accelerate the shift to America’s clean energy future. 

Job Description

The Finance Department is seeking a Vice President, Project Finance specializing in tax equity investments.  This person will work with senior team members to lead tax equity transactions and other project finance initiatives to advance Apex’s overall business growth and project commercialization goals.

In this role, you will lead the sourcing and negotiation of tax equity investments in renewable energy projects. You will be responsible for driving the outreach, structuring, and documentation for deals while providing leadership to the deal team.  Having deep knowledge of the tax equity market, you will negotiate and structure deals to optimize sponsor economics.  You will be responsible for presenting potential transactions to senior management for review and input and advancing negotiations within approved boundaries.  You will maintain relationships within tax equity investors and stay informed of changes in the market.  Prior to financing, you will provide direction to the broader team to support the overall financing plan.

This position requires direct experience with tax equity transactions, either as a project sponsor or investor.  Intimate familiarity with all the elements of a tax equity transaction, including how to calculate capital accounts and tax basis, underwriting standards and return metrics used by major tax investors, and accounting issues faced by publicly traded companies seeking tax investments is essential for this position.

Moreover, strong project finance experience in general is required: the ability to develop creative approaches to address issues as they arrive in a negotiation, excellent communication and collaboration, the ability to synthesize and conceptualize complex ideas, and a passion for renewable energy.

• Hours: Full Time
• Type: Exempt 
• Department: Finance
• Office Location: Headquarters in Charlottesville, VA

Responsibilities:

• Manage tax equity investments for utility-scale renewable energy projects from initial commercial target-setting to investor outreach and project marketing, bid analysis, counterparty selection and negotiation of term sheets and definitive agreements.
• Review financial models (Microsoft Excel), validate inputs, and suggest changes to deal structures that meet tax investor requirements and improve sponsor economics. . Work with internal team and outside consultants to improve assumptions in the financial model and to provide analysis to support those positions in investor discussions.
• Develop and maintain contacts in the industry that will be tax investors in Apex projects and identify opportunities for them.  Liaise with potential new entrants to the tax equity market and educate them on the characteristics of tax equity investments.
• Analyze prospective bids made by tax investors and present to senior management for decision-making; including analysis of sponsor economics, transaction structure and allocation of risk, , key commercial issues, etc.
• Lead deal negotiations and document review including coordination of internal deal team and due diligence.

Qualifications

• Minimum of 10 years direct professional work experience with tax equity transactions, including partnership flips, sale-leasebacks, and inverted leases.
• Understanding and ability to work with financial models, particularly with regards to features specific to tax equity partnership transactions: capital accounting, calculation of flip dates and DRO reversal dates, PAYGOs, and downside underwriting scenarios.
• Professional experience in a commercial role in utility-scale renewable energy
• Working knowledge of key issues in a project finance transaction
• Proven ability to develop creative approaches to address