Acumen’s Hardest to Reach Impact Debt Fund is looking for a Senior Associate based in Nairobi to support early-stage investments in the off grid solar sector in Sub-Saharan Africa as part of our Key Strategic Initiative “Hardest to Reach.” This role will report to the Investment Director.
Acumen
At Acumen, we’re working to solve problems of poverty and build a world based on dignity. We invest patient capital in businesses whose products and services help people living in poverty to transform their lives. To date, Acumen has positively impacted over 500 million lives by investing $154M in 167 innovative, early-stage companies in Africa, Latin America, South Asia, and the United States. But investment isn’t just about capital, we’ve been investing in relationships for years, connecting with emerging leaders in their own countries and engaging them in extended collective dialogue, moral inquiry, and skill building.
About the Context
Of the approximately 789 million people in the world who currently live without electricity, many will gain access through grid extension and off-grid solar by 2030. But estimates suggest that roughly 215 million people will be left behind because they live in risky or remote areas where investors are unable or unwilling to go. In the last decade, there has been a steady increase in financing available for clean, renewable energy, but that money is largely directed towards wealthier nations. Even when investment dollars are directed to low-income regions, they are not always directed where the need is greatest.
About Hardest To Reach ("H2R")
H2R’s is working to bring clean energy to some of the “hardest to reach” countries in Africa. We will bolster markets and provide capital to off-grid companies enabling clean energy access via two vehicles: the Market Support Facility (Hardest to Reach philanthropic vehicle) and the Market Expansion Facility (Hardest to Reach Impact Debt Fund).
About the role
The Senior Associate will play a crucial role in supporting the investment team with deal sourcing, due diligence, financial modelling, and portfolio management, focusing on investments in off-grid solar energy solutions. The ideal candidate will have a passion for impact investing, particularly in renewable energy, and a deep understanding of the financial and technical aspects of solar projects in the Hardest-to-Reach countries. This role will report to the Investment Lead of the Hardest to Reach Impact Debt Fund.
The role is expected to foster strong collaborative working relationships with key stakeholders, including sponsors, and lenders, as well as to raise significant brand awareness for H2R.
Role Accountabilities
Market Research & Deal Sourcing
- Conduct detailed market analysis to identify investment opportunities in the off-grid solar sector across emerging markets.
- Track industry trends, regulatory changes, and technology advancements in renewable energy, specifically off-grid solar solutions.
- Develop and maintain relationships with developers, entrepreneurs, and industry stakeholders.
Due Diligence
- Take the lead in undertaking, coordinating, and driving due diligence tasks, working alongside junior deal team members with oversight from senior team members. This also includes appointing and liaising with independent advisors. Serve as due diligence point of contact with clients, etc.
- Evaluate business models, market strategies, and the scalability of solar companies focused on off-grid solutions.
- Assess the investment opportunities' potential social and environmental impact in collaboration with the impact team.
- Take the lead in the preparation of final credit proposals to the Investment Committee
Financial Modelling & Analysis
- Build and maintain detailed financial models to evaluate the feasibility and profitability of off-grid solar projects.
- Conduct sensitivity analyses and stress testing to account for economic, political, and operational risks.
- Present investment cases focusing on both financial returns and impact metrics (e.g., reduction in carbon emissions, increase in energy access).
Portfolio Management
- Monitor the performance of portfolio companies, tracking key financial and impact metrics.
- Support the preparation of quarterly and annual reports on fund performance, portfolio risk, and the social/environmental impact.
- Collaborate with portfolio companies to provide guidance on improving financial sustainability and impact performance.
Qualification and Skills Required
- Master’s degree in finance, economics, business, engineering, or a related field. A master’s degree or CFA/CPA qualification would be advantageous
- Minimum of 5 years of experience in investment banking, private equity, venture capital, or impact investing, preferably with exposure to the renewable energy sector
- Experience in emerging markets and/or off-grid solar is highly desirable.
- Strong proficiency in financial modelling, analysis, and valuation techniques.
- Understanding of the renewable energy market, particularly off-grid solar solutions, and the challenges and opportunities in frontier markets.
- Demonstrated interest in impact investing, sustainable development, and/or climate finance, with a track record of working on socially and environmentally focused projects.
- Proficiency in Excel and financial modelling
- Experience in conducting commercial and operational due diligence.
- Fluency in oral and written English is essential and French is desirable.
- A commitment to serving people living in poverty.
- A willingness to roll up your sleeves with your team and get to work. Some people need clean energy, after all.
- Commitment to good governance and ethical business practices. Acumen has a zero-tolerance policy on corrupt business practices. We expect careful diligence and to engage in governance.
- Self reflective and aligned with Acumen values.
- Permanently authorized to work in Kenya. Available to work in Nairobi.
Deadline
Applications will be accepted and reviewed on a rolling basis through 11th October, 2024.
