Role Overview
An expanding European Infrastructure Fund are looking for a new hire in their Milan office to support and lead on M&A activity. They would be willing to Sponsor candidates from the UK who would wish to live in Milan for at least two years.
The Investment Manager will focus almost exclusively on M&A execution for European acquisitions of operating solar PV, onshore wind, and battery storage assets. The role involves full-cycle deal execution: valuation, due diligence coordination, structuring, negotiation, and investment committee preparation.
Core Responsibilities
1. Deal Screening & Initial Assessment
* Review teasers, IMs, data rooms, and brokerage opportunities for operating renewable portfolios across Europe.
* Conduct high-level financial and commercial screening to determine strategic fit.
* Assess asset performance history, merchant / market exposure, PPA terms, and regulatory frameworks.
2. Financial Modelling & Valuation
* Build and own acquisition models for operating assets (IRR, cash flow, sensitivity analysis).
* Incorporate P50 / P90 data, degradation, curtailment, capture pricing, merchant curves, and BESS revenue stacking where applicable.
* Run valuation scenarios and structure optimisation (e.g., holdco financing, leverage options, revenue hedges).
* Produce price ranges, bidding strategies, and competitive positioning recommendations.
3. Due Diligence Leadership
* Lead and coordinate technical, commercial, legal, tax, regulatory, and financial DD providers.
* Interpret reports to determine key risks and mitigation actions.
* Consolidate DD findings into a clear risk / return view for internal decision-making.
* Engage with vendors, advisors, and internal stakeholders throughout the process.
4. Transaction Execution & Structuring
* Manage end-to-end execution of bilateral and auction processes.
* Work closely with legal advisors on SPA terms, warranties, indemnities, CPs, liability caps, and closing mechanics.
* Support negotiations alongside senior management.
* Contribute to structuring decisions relating to JV agreements, holdco structures, financing, and regulatory considerations.
* Coordinate internal approvals and ensure alignment across the investment team.
5. Investment Committee Preparation
* Draft clear and concise IC papers summarising valuation, key risks, mitigants, DD outputs, and recommended investment terms.
* Present findings to senior leadership and respond to detailed IC questioning.
* Adjust models and transaction structures based on IC feedback.
6. Market Knowledge & Regulatory Insight
* Maintain up-to-date knowledge of European renewable M&A dynamics, valuation trends, merchant market movements, and PPA pricing.
* Track regulatory frameworks across Italy, Spain, Portugal, UK, France, and other core markets.
* Build intelligence on key developers, aggregators, IPPs, and investment banks active in the operating-assets market.
7. Relationship Management
* Maintain strong relationships with advisors, banks, sell-side brokers, and market participants.
* Develop a reputation as a reliable counterparty in the European renewables M&A landscape.
Candidate Profile
Experience
* 4–8+ years in M&A, Project Finance, Transaction Services, or Private Equity — ideally from :
* an infrastructure fund,
* a renewable IPP,
* a Big 4 M&A / valuation team,
* a top-tier bank or advisory firm.
* Demonstrated experience executing renewables transactions, preferably involving operating assets.
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