|Title:||Sr. Manager, Origination|
|Subsidiary:||Liberty Power (formerly Algonquin Power)|
|Department:||Community, Permitting & Land|
Algonquin Power & Utilities Corp is a North American diversified generation, transmission and distribution utility with $10 billion of total assets. Delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its regulated distribution and transmission businesses, and the pursuit of accretive acquisitions.
The distribution business group (Liberty &Empire) provides rate regulated water, electricity and natural gas utility services to over 782,000 customers in the United States. The transmission business group invests in rate regulated electric transmission and natural gas pipeline systems in the United States and Canada.
The generation business group (Algonquin) owns a portfolio of regulated and long term contracted North American based wind, solar, hydroelectric and thermal powered generating facilities representing more than 2,500 MW of installed capacity.
Mandate: The role supports the Director, Origination by managing existing and potential utility scale development projects in Canada and the USA. As the Origination team evolves towards an expanded customer-focused model, the Sr. Manager, Origination will play a key role in managing the delivery of solutions/projects that meet customer needs and support Algonquin's growth and financial objectives. The successful candidate will manage the team responsible for (but not limited to): technology selection, (energy) product/service design, product pricing, quote/qualification/RFP development and submission, supporting PPA negotiations, evaluating hedges and other financial instruments, site identification, site control, interconnection, and energy delivery strategy. The Sr. Manager, Origination will also be responsible for managing internal support functions (within a matrix organization) and external vendors/service providers.
- Build pipeline of greenfield development assets supporting departmental growth targets. Manage the development of sites from site acquisition through permitting and responsibility transfer to Construction
- Seek out new acquisition candidates. Work with team to manage database of potential acquisitions. Conduct review of such database on weekly basis. Provide input on suitable acquisition candidates to VP.
- Market Knowledge – Acquisitions – develop a considerable level of market knowledge for project acquisitions of wind and utility scale solar generation.
- Market Knowledge – Development – possess and develop a considerable level of market knowledge for wind and utility scale generation project developments, including utility RFPs, regional RPS standards, general permitting and regulatory processes, interconnection and transmission, resource analysis, regional construction costs and development risk.
- Lead the technical due diligence process and provide direction to the due diligence team supporting asset acquisitions. Involvement as necessary in the indicative bid, purchase agreement or financial close.
- Integrate transactions post-closing by liaising with internal construction management, asset management, accounting and legal departments as necessary.
- Subject Matter Knowledge – possess and/or develop subject matter knowledge of the wind and utility scale solar power industry – both technology and business issues. These sectors include on-shore and off-shore wind, utility scale solar photo-voltaic and emerging technologies.
- Pro Forma Modeling – ability to understand and modify Excel-based financial models for power generation asset acquisitions and developments. This literacy to allow vetting of project economics with development and analytical teams, including but not limited to construction costs, production parameters, operations and maintenance costs, energy and revenue modeling
- Financial Literacy – possess a working knowledge of financial analysis tools: investment return expectations and analysis metrics, currency exchange, taxation rates, and accelerated depreciation.
- Revenue Model Development - ability to identify and evaluate potential revenue streams, and develop revenue models that incorporate concepts such as stacking of revenue streams and the use of financial instruments, such as hedges, proxy revenue swaps, resource insurance, etc.
- Resource Management - Manage internal resources (engineering, technical and regulatory) and 3rd party service providers, related to various project development functions, budget and schedule compliance.
- Cost Management - Monitor project development costs related to projects for which the Manager is responsible for the purpose of compliance with project budgets, projecting cash flows and future budgets as needed as well as variance reporting when requested.
- Data Quality - Assess the adequacy, engineering and financial quality of the data being used in the project development cycle for the purpose of risk identification and analysis as well as recommending additional resources to address deficiencies.
- Contact Development – ability to create and develop working relationships with regional subject-matter contacts in Canada and the USA to assist with feeding Algonquin’s power generation development strategy. These subject-matter experts may be consultants, accountants, engineers or lawyers. Develop new and maintain existing relationships with public and private partners relevant to development and acquisitions in the wind and utility scale solar domain in Canada and the USA.
- Supervise and mentor project developers and specialists on the development team.
- 10 - 20 years of experience in the energy sector
- 3 - 7 years of direct experience in the renewable power sector, ideally with 2 - 3 years of direct experience in the solar sector
- Undergraduate and graduate degree / post-secondary education designation (B.Sc., P. Eng., MBA)
- Ability to interact at Senior Executive Level
- Facility with project development and due diligence
- Clear understanding of Algonquin’s specific criteria for the suitability of a potential acquisition and potential greenfield development opportunity
- Specific electricity market knowledge in various jurisdictions within North America
- Working knowledge of the impact of various tax structures within Canada and the US
- Must possess strong written and oral presentation skills
- Must understand the needs of the business development team and contribute to a team environment.
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