Private Equity Associate - Project Finance

The Project Finance Portfolio Management Associate sits within the project finance team and is responsible for the active management of the asset manager's portfolio of project-financed assets following financial close. The core of the role is day-to-day oversight of debt-financed renewable energy projects, supported by applied financial modelling and analysis used to monitor, refinance and report on those assets.

Key Responsibilities

• Compliance monitoring: Track and manage conditions subsequent, ongoing reporting obligations and information covenants across Common Terms Agreements, individual Facility Agreements, Accounts Agreements, hedging documentation and project documents including EPC, BoP, TSA, TOMA, PPA, offtake and grid agreements. Read underlying documents directly to identify obligations rather than relying on external counsel.
• infrastructure investor/CS management: Build and maintain infrastructure investor and CS trackers, gather and package evidence, and drive satisfaction of conditions across internal teams and external counterparties.
• Drawdown and waterfall administration: Prepare and submit utilisation requests and supporting documentation packs, and manage project account waterfalls including cash sweeps, DSRA, MMRA (where applicable) and distribution mechanics.
• DSCR and lock-up monitoring: Calculate forward- and backward-looking DSCRs, LLCRs and other lender-defined ratios, track headroom to distribution lock-up triggers, and provide early warning on emerging covenant risk.
• Debt service and hedging administration: Coordinate interest rate fixings, EURIBOR/SOFR resets, interest and principal payments, and swap settlements, reconciling against agreed repayment schedules.
• Lender reporting and engagement: Prepare periodic operational and financial reports for lenders and the intercreditor agent, manage day-to-day lender relationships at working level, support annual budgets and operating plans, and handle lender consents, waivers, amendments and information requests.
• Asset management interface: Work closely with technical, commercial and ESG colleagues to track project KPIs — availability, generation, opex and capex variance — against the base case and lender requirements, and translate operational performance into financing implications.
• Model maintenance and analysis: Keep in-life project models current with actuals and updated assumptions, produce forecasts for board, lender and investor reporting, and run DSCR, sensitivity and scenario analysis to support refinancings, amendments and lender engagement.
• Model review and governance: Review and challenge lender, model-auditor and counterparty model outputs for material errors and assumption integrity, and maintain version control and a clear audit trail across the model suite.
• External advisor coordination: Manage inputs to and outputs from the LTA, Independent Engineer, insurance adviser, model auditor, lender legal counsel and accounts bank, and support post-close advisory deliverables.
• Refinancing, amendments and waivers: Run selective refinancings, repricings, top-ups and amendment-and-restatement processes from the sponsor side as portfolio assets mature, including drafting first-cut waiver and consent requests for lender consideration.
  
  

Reporting & Collaboration

The Associate reports to an Associate Partner or Partner within the project finance and investment team, and works in close collaboration with the wider investment, asset management, finance and ESG teams. The role provides direct exposure to senior management, lenders and external advisors, with a clear development path into more senior portfolio management and structuring responsibilities.

Skills & Experience

• 3–6 years of project finance experience, with at least 2–3 years gained at a developer, IPP, infrastructure fund or sponsor.
• Demonstrable end-to-end experience administering live project-financed SPVs, covering drawdowns, lender reporting, waivers, consents, infrastructure investor/CS management, debt service and account waterfalls.
• Advanced Excel skills and strong hands-on project finance modelling capability — able to maintain, interrogate and stress-test sponsor-side models including DSCR sculpting, debt sizing, sensitivity engines, three-way financial statements, tax modelling and circular references.
• Working knowledge of project finance documentation at a level sufficient to identify obligations and risk directly, including CTAs, facility agreements, accounts agreements, intercreditor and security sharing arrangements, hedging documentation and principal project documents.
• Numerically strong and accounting-literate, with the ability to translate technical financial analysis into clear written and verbal communication for non-specialist stakeholders.
• Able to manage multiple live workstreams in parallel under time pressure, particularly around drawdowns, reporting deadlines and lender approvals.
• Practical and hands-on in approach — comfortable being the person executing the work rather than directing or commissioning it from advisors.
• Direct experience of DFI lending practice, including institutions such as IFC and EBRD and associated E&S reporting requirements, is a strong advantage but not a requirement.
  
  

About Senna

Senna is a careers platform for finance candidates who want better opportunities, stronger recruiter contacts, and more strategic career guidance. We help professionals clarify their ambitions, target the right roles, find relevant recruiter contacts, and access expert support tailored to their goals. Senna is built to help candidates move with stronger direction, sharper positioning, and greater momentum. For more information, visit joinsenna.com.

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