Tetra Tech ES, Inc., a subsidiary of Tetra Tech dedicated to international development, is recruiting for a Project Finance and Transaction Advisor for a USAID-funded Sustainable Energy for Pakistan (SEP) Project.
SEP is geared towards supporting the efforts of the Government of Pakistan (GOP) to increase the sustainable delivery of clean energy services to spur the economic and social development of the country. SEP focuses on five interrelated outcomes as follows:
- Outcome A: Enhanced private participation in Pakistan’s energy sector
- Outcome B: Increased power system capacity to deliver clean energy supplies
- Outcome C: Development of competitive power procurement and market structures
- Outcome D: Creating an enabling environment for a sustainable and growing CE industry
- Outcome E: Implementation of an Integrated Energy Plan
To promote sustainable development in the country, the Cabinet Committee on Energy (CCOE) in its decision of February 27, 2019 allowed a certain number of renewable energy projects progress towards financial closing. These projects are in the following categories of development:
- Category I: Projects at the LOS Stage - These will be allowed to move towards Financial Closing (FC) based on the RE Policy of 2006.
- Category II: Projects at the Tariff Determination (TD) Stage - These will also be allowed to move towards FC based on the RE Policy of 2006.
- Category III: Projects with a LOI, but prior to the TD stage - These will be allowed to participate in a competitive process and the lowest tariff projects will be allowed to move towards FC.
POSITION DESCRIPTION
Project Financing and Transaction Advisor (the ‘PFT Advisor’) will work as part of a team with AEDB, SEP and a local law firm to lead and assist projects achieve financial closing in a timely manner. The PFT Advisor will physically be located on the premises of the AEDB for part or all of their work day. PFT Advisor will work closely with the SEP project staff, counterparts at GoP (and applicable agencies), consultants and advisors associated with the SEP project. PFT Advisor will report to SEP’s Chief of Party (COP) or the Task Leader designated by the COP.
PFT Advisor must have documented hands on experience in the reviewing, refining and integration of the various project agreements, including Energy Purchase Agreements, Implementation Agreements and financing documents from a project financing and commercial perspective for renewable energy projects in Pakistan.
Location
The PFT Advisor will be located for either part or most of their time in the Alternative Energy Development Board office. However, they may also be required to work in the SEP office. The SEP office is located in Islamabad, Pakistan and the position is also based in Islamabad. Limited travel may be required for work purposes, subject to the needs of the assignment.
MAIN RESPONSIBILITIES AND TASKS:
- Categories 1 and 2: The PFT Advisor will need to review, refine, integrate, and negotiate as applicable, existing standard project agreements (Letter of Support (LOS), Energy Purchase Agreement, Implementation Agreement, Operations and Maintenance Agreements, Land Lease Agreements and other agreements). Also, the PFT advisor will review financing documents, Direct Agreements and guarantee, Lenders Term Sheets, EPC contracts, documents and any other applicable agreement and contracts to make sure that they are consistent internally, commercially viable and the risk allocation conforms to international best practice as well as approved Government framework/policy. The advisor will also assist with any modifications required in view of NEPRA’s tariff determinations, Grid Code amendments and any other applicable rule / regulation.
- Category 3: The PFT Advisor will support the drafting, review and finalization of Expressions of Interest (EOI), RFPs, bidding documentation and other related documents and procedures for renewable energy power generation procurement based on competitive solicitations. The PFT Advisor will also assist in the implementation of the competitive procurement process beginning with the distribution of the EOI, pre-qualification process, solicitation of bids, evaluation of bids, award of project, execution of project agreements.
The PFT Advisor will support the conversion of the existing standard security packages from bipartite to tripartite agreements as per direction from GOP. The PFT advisor will also review, refine, integrate and negotiate, as applicable, all project agreements (Energy Purchase Agreement, Implementation Agreement, Land Lease Agreements, and other agreements). The Advisor may also be asked to review and provide recommendations on financing documents, lender term sheets, any Direct Agreements and guarantee, and any other applicable agreements, documents and contracts to make sure that they are consistent internally, commercially viable and the risk allocation conforms to international best practices as well as approved Government framework/policy.
- Category 4: The base of the security package will be the documents finalized in Category 3. However, they will be modified to incorporate the requirements of ARE Policy 2019, as and when available and will incorporate the principles of open competitive procurement and reverse auctions. The details of any scope of work for the PFT Advisor will be provided later.
- Other Services: Draft documents or amendments related to the above, contribute to presentations and other reports for GoP, AEDB, USAID, SEP and stakeholders and participate and assist AEDB, USAID and SEP at relevant meetings and forums as directed by the COP or Task Leader. Any other task requested by the SEP COP or his/her designate.
llustrative long-term services can include, but not be limited to, the following:
i. Assisting AEDB in financial matters pertaining to power projects as per the RE Policy 2006 and other relevant rules, regulations and Government decisions.
ii. Review of existing standard security documents, including but not limited to Energy Purchase Agreement (EPA) and Implementation Agreement (IA) for any modifications required in view of NEPRA’s tariff determinations, Grid Code amendments and any other applicable rule / regulation.
iii. Assist AEDB in negotiation and finalization of security documents with IPPs for timely execution including but not limited to EPA, IA, Direct Agreements and Guarantee.
iv. Review and approval of Term Sheets submitted by project companies in line with the terms of the security documents.
v. Review of financing documents to ensure compliance with the terms of the security documents and advising AEDB on ancillary financial matters of the projects till achievement of Commercial Operations Date.
vi. Provide assistance to AEDB in day to day matters / issues pertaining to all existing renewable energy IPP projects implemented under RE Policy 2006.
QUALIFICATIONS: (MINIMUM REQUIREMENTS)
Education: Bachelor in Engineering/Economics/Public Policy or relevant degree
Experience: 7 -10 years relevant transaction experience in closing power projects and in power, energy, regulatory and infrastructure sectors, particularly the development, structuring and financing of commercial renewable energy projects in Pakistan. A list of the renewable energy projects that the candidate has worked on with precise definition of the role played by the candidate should be submitted as part of the credentials package.
- The Advisor should also have demonstrated experience working with project financing models related to renewable or thermal energy generation projects.
- The PFT Advisor must be fully conversant with relevant policies, regulations, rules, agreements and laws of Pakistan as applicable to specific segments of the power and energy sector applicable to the defined scope of work. Knowledge of regulatory frameworks and related agreements in the power and energy sector in both developed and other developing countries will be strongly preferred. Hands-on experience of commercial aspects of structuring power sector, particularly renewable energy transactions, contracts, tariffs and regulatory permitting is essential.
- The PFT Advisor must have demonstrated experience with financial analysis and modeling for renewable energy projects. The Advisor must be fully capable of working with project financial models including the checking, modification and use of full-scale renewable finance models.
SKILLS
- Ability to independently lead and direct project development teams
- Excellent English communication and writing skills
- Must be team oriented, professional, and flexible; and comfortable with working in diverse organizations and work environments
- Ability to multi-task
- Willingness to do whatever it takes to get a job done and proactive attitude
- Fluency in Microsoft Office (including Powerpoint, Word, Excel, Project)
LANGUAGES: Excellent language proficiency in both writing and speaking in English and Urdu.
GENERAL: Tactfulness, Enthusiasm to the job. Good Human Relation skills, integrity and ability to work under pressure.
The PFT Advisor will have to comply with confidentiality provisions governing project-related information provided, obtained and/or developed during this engagement though suitable non-disclosure agreements (NDAs).
The PFT Advisor will have to comply with conflict of interest (COI) provisions whereby the Advisor will not represent any party, or be part of any other engagement, which may potentially conflict with this assignment. This is another reason why we must have a list of companies and government institutions that the candidate has worked/consulted for in the past and is currently engaged with.