Senior Financial Analyst - M&A and Project Finance

Position Overview 

Nofar USA / Blue Sky Utility is seeking a Senior Financial Analyst to join the Finance & Transactions team, focused on the commercial and analytical dimensions of M&A transactions and project finance capital raises across our U.S. utility-scale solar and BESS portfolio. This role is responsible for building, maintaining, and stress-testing detailed financial models that drive investment decisions, structuring recommendations, and counterparty negotiations. 

The Senior Financial Analyst will work directly with the Senior Director and the transactions team to evaluate acquisition opportunities, structure and size tax equity and debt facilities, analyze offtake arrangements, and prepare investment committee materials. The ideal candidate combines deep financial modeling proficiency with a working understanding of renewable energy project economics, tax credit structures, and U.S. power market dynamics. 

Key Responsibilities 

M&A Analysis & Transaction Support 

• Build and maintain acquisition models for solar and BESS opportunities, incorporating purchase price mechanics, working capital adjustments, earn-out structures, and transaction cost assumptions to produce levered/unlevered IRR, NPV, and MOIC outputs 

• Conduct first-pass screening and financial pre-assessment of inbound acquisition opportunities, preparing go/no-go investment memos and recommendations for the Senior Director and leadership 

• Model the impact of alternative financing structures (tax equity, sale-leaseback, pref equity + back leverage) on acquisition-level returns to inform bid strategy and capital allocation decisions 

• Analyze PPA and offtake economics, including contracted vs. merchant revenue profiles, basis differentials, curtailment exposure, REC value, and capacity payment eligibility across relevant ISOs 

• Support competitive bid processes by preparing non-binding indication of interest submissions, term sheet analyses, and counterproposal frameworks under tight process deadlines 

• Prepare board approval decks, investment committee packages, and executive summaries for acquisition and disposition decisions 

Project Finance & Capital Raises 

• Build and maintain standalone project finance models for active capital raises, incorporating detailed revenue, operating expense, capital expenditure, depreciation, and tax credit assumptions consistent with the team’s quarterly assumptions framework 

• Model and compare financing structures including partnership flip tax equity, sale-leaseback (Section 467), inverted lease, preferred equity, construction-to-term debt, and back-leverage facilities 

• Size debt facilities by modeling DSCR constraints across P50/P99 production scenarios, contracted vs. merchant cash flow tiers, and lender-specific covenant packages 

• Analyze tax equity economics including ITC/PTC optimization, FMV step-up impact, DRO sizing, flip timing, cash and income allocation waterfalls, and pre/post-flip return sensitivity 

• Prepare lender and tax equity investor presentations, information packages, and responses to counterparty model questions and diligence requests 

• Track and incorporate term sheet economics from banks, tax equity investors, and preferred equity providers into live deal models to support negotiation and selection decisions 

Commercial Analysis & Market Intelligence 

• Monitor and synthesize power market data, merchant price curves, PPA pricing trends, and tax equity market conditions across ERCOT, PJM, NYISO, MISO, SERC, and CAISO to inform portfolio strategy 

• Evaluate domestic content qualification, energy community eligibility, and ITC/PTC adder applicability for active and pipeline projects 

• Analyze comparable transactions, precedent M&A multiples, and appraisal benchmarks to support valuation positions in acquisition and financing contexts 

• Contribute to quarterly assumption reviews by researching and recommending updates to key model inputs including discount rates, merchant haircuts, O&M benchmarks, financing terms, and inflation forecasts 

• Support ad hoc strategic analyses including portfolio optimization, capital recycling scenarios, and development-stage investment decisions 

• 4–7 years of experience in financial analysis, M&A, project finance, or capital markets in renewable energy, power & utilities, or infrastructure 

• Advanced Excel modeling skills with direct experience building or maintaining acquisition models and/or project finance models for solar, BESS, or wind assets 

• Working knowledge of tax equity structures (partnership flip, sale-leaseback, inverted lease) and their impact on project and sponsor-level returns 

• Familiarity with project finance debt sizing mechanics (DSCR sculpting, cash sweep, reserve accounts) and construction/term loan structures 

• Understanding of IRA-era ITC/PTC provisions including domestic content, energy community, prevailing wage, and bonus credit qualification 

• Strong presentation and communication skills; ability to distill complex financial analysis into concise executive summaries and investment memos 

• Bachelor’s degree in finance, economics, accounting, engineering, or a related quantitative field 

Preferred 

• Experience at a renewable energy developer/IPP, infrastructure fund, investment bank (power & utilities or infrastructure group), or Big 4 advisory practice 

• Direct experience with FMV appraisals, cost segregation analyses, and tax credit insurance processes 

• Exposure to VPPA structuring, hedge analysis, or merchant risk assessment for renewable energy assets 

• MBA, CFA, or CPA (or progress toward) is a plus 

• Familiarity with third-party tools and data sources such as PVSyst, Ventyx/ABB, WoodMac, LevelTen, Ascend Analytics, or similar 

• Experience working with BNP Paribas, KeyBanc, or similar bank-provided project finance model templates 

What we can offer you:

• An Incredible Team, a Big Mission Work alongside smart, passionate people who are genuinely driven to build a cleaner energy future. We move fast, collaborate deeply, and celebrate wins together.
• Competitive Pay that Reflects Your Expertise We value the experience you bring. The base salary range for this role is $130,000-165,000, with bonus potential. Compensation decisions are based on a thoughtful review of your background, skills, certifications, and the impact you’ll bring to our growing business.
• Benefits that Start on Day One Your health and financial well-being matter to us. That’s why we offer medical, dental, and vision insurance, short-term disability, life insurance, and a 401(k) with a generous 6% company match — all available to you on the 1st of the month after your start date.
• Real Work-Life Balance We believe great work happens when people feel supported, energized, and trusted. Our hybrid schedule gives you the structure to collaborate in person and the space to focus and recharge.
• A Culture That Walks the Talk We’re building a company where everyone belongs. Inclusion isn’t a checkbox — it’s woven into how we hire, grow, and work every day.