Investment Manager

Overview

This role supports the Development (DevCo) team by building the analytical and structuring work needed to convert early-stage BOO opportunities into bankable, investment-ready projects. The position is based in Houston, TX or Canonsburg, PA with hybrid flexibility.

Responsibilities

• Build robust, audit-ready project finance models across the full project life.
  • Monthly construction phase; quarterly/annual operating periods.
  • Integrated revenue, OPEX, CAPEX, working capital, debt schedules, taxes, and distributions.
• Translate BOO/BOT/P3 contract terms into cash flow logic and covenant mechanics.
  • Examples include PPA/WPA/tolling agreements, EPC, O&M, land/lease, offtake, interconnection, take-or-pay, and related terms.
• Lead financial due diligence through due diligence, term sheet negotiations, and closing support.
• Structure and size debt/equity mixes and optimize tax, incentives, and financing mechanics.
  • Evaluate target gearing and tenor; sculpted vs. flat amortization.
  • Model DSCR/LLCR thresholds, DSRA/reserves, and refinancing options.
  • Size senior debt capacity under different lender cases.
  • Determine equity requirements.
  • Calculate unlevered/levered IRR, NPV, and MOIC for sponsors and co-investors.
• Compare alternative financing approaches.
  • Pure project finance vs. holdco debt; portfolio financing.
  • Mini-perm vs. long-term structures; sale leaseback.
  • JVs and other blended approaches.
• Incorporate tax and incentive mechanics into models (in coordination with advisors).
  • Federal, state, and local tax regimes, including depreciation (MACRS/other), interest deductibility, loss carryforwards, withholding taxes.
  • Work with external tax counsel and tax equity advisors to reflect tax equity structures, investment/production tax credits, grants, rebates, and other incentive schemes.
  • Run structure comparisons (e.g., straight equity vs. tax equity partners, leasing, sale leaseback, JV structures) and show after-tax returns and cash waterfall implications.
• Support lender and equity workstreams.
  • Prepare base case, lender case, equity case, and bespoke suites for DFIs, ECAs, and commercial banks.
  • Set up and manage the financial data room; respond to model Q&A.
  • Incorporate lender/equity feedback into the base case.
• Quantify impacts on covenants and required mitigants for technical, legal, market, and ESG due diligence.
• Assist in term sheet negotiations by testing alternative structures.
  • Examples include higher leverage vs. higher pricing, cash sweeps, sculpting, and covenant tweaks.
• Produce investor and internal communications.
  • Develop investment memoranda, lender teasers, and internal IC decks.
  • Clearly articulate business model, risk allocation, financial metrics, and sensitivity results.
  • Translate complex modeling outputs into charts, tables, and narratives for non-financial stakeholders.
  • Ensure materials are consistent, auditable, and investor ready.
• Provide light asset management support.
  • Track actual vs. modeled performance for operating assets; update models with actuals, variance analysis, and forecast revisions.
  • Support portfolio-level analytics across multiple BOO plants, including aggregated cash flows, holdco-level covenants, equity recycling capacity, and refinancing windows.
  • Feed insights into refinancing, buybacks, sell-downs, or secondary transactions.
• Up to 40 percent travel may be required.
• Other duties as assigned.

Qualifications

Required

• 8–10 years of relevant experience in project finance (investment banking, infrastructure funds, or infrastructure-backed development platforms), or
• 3–4 years in an infrastructure fund or infrastructure-backed platform with direct exposure to BOO/BOT/P3 structures, plus 2–4 years in project finance advisory/modelling.

Demonstrated experience/skills

• Building large, complex, multi-period project finance models from scratch.
• Structuring senior debt, mezzanine, and equity for infrastructure/industrial projects.
• Preparing IC decks, lender teasers, and investment memos.
• Running financial due diligence and responding to lender/equity Q&A.

Strong understanding of

• BOO/BOT/P3 contract mechanics and how they map to cash flow and covenant structures.
• Debt covenants (DSCR, LLCR, PSR), reserves, sculpting, cash sweeps, and refinancing.
• Basic tax and incentive mechanics (depreciation, interest deductibility, tax equity concepts).
• Communication skills to translate technical/financial complexity into clear narratives for non-financial audiences.
• Proficiency in Excel (advanced) and experience with financial modeling best practices (audit trails, scenario management, global standards).

Preferred

• Experience in one or more of:
  • Water infrastructure, desalination, ZLD, wastewater reuse
  • Critical minerals, lithium, brine to chemicals, mining infrastructure
  • Power/energy transition (PPAs, renewable projects, tax equity structures)
  • Exposure to DFI/ECA financing (e.g., EXIM, CDC, EIB, JICA, KEXIM) and blended finance structures
  • Prior asset management or portfolio performance role for infrastructure assets
• MBA or advanced degree in Finance, Engineering, Economics, or related field.
• CFA, CAIA, or similar certification (a plus, not required).

Benefits

• Paid time off
• Company-paid holidays
• 401K plan (all benefits are based on eligibility)

Physical Job Demands

• Exerting up to 10 pounds of force occasionally and/or a negligible amount frequently or constantly.
• Sedentary work involves sitting most of the time, with limited walking and standing.
• Regularly required to talk or hear.
• Frequently required to stand; walk; use hands to finger, handle, or feel; and reach with hands and arms.