Head of Financing - Nuclear Funding
The impact of EU Exit is having far reaching consequences on Government, in particular around Nuclear funding. As part of an integrated and growing team of finance, policy, construction and regulatory experts, you will help design and evaluate a new approach to financing new nuclear power plants in the UK. This work is currently in the early stages of development and you will have considerable ability to influence and direct the approach to financing and the policy framework surrounding that. This is an exciting opportunity to shape the future of nuclear power in the United Kingdom. You will help the Department deliver on its promises for clean, reliable and diverse electricity generation.
- Working with advisors to design a competition for the capital required to finance a future nuclear power plant
To apply for this role:
- You will have significant experience and a strong track record in a number of the following areas: corporate finance, project finance, regulatory finance, investment banking, accountancy, private equity or financial strategy;
- You have considerable experience of complex capital structuring in a corporate finance and/or project finance context;
- You have experience of financial modelling and financial analysis;
- You have strong interpersonal and influencing skills. You can act authoritatively and gain the confidence of senior figures, such as prospective equity and debt investors, nuclear developers, ministers and colleagues across Whitehall;
- You can communicate complex scenarios with clarity, conviction and enthusiasm to non-specialists;
- You appreciate the political context and have ideas about strategies for ensuring best value for Government and UK electricity consumers;
- You have sound judgement and can analyse and present evidence and knowledge to provide accurate, expert and professional advice;
- You can create and maintain positive, professional and trusting working relationships with a wide range of people. You work collaboratively, share information and build supportive, responsive relationships with colleagues. You act honestly and with integrity; and
- You are focused on achieving goals in a timely and energetic manner. You take responsibility for quality outcomes. You are keen to build a strong performance culture in the team around you.
- Financial modelling (supervising Government's external financial advisers as they build the financial model to test different structures, and working closely with analysts on the value for money assessment);
- Working with Ofgem and regulatory experts on the appropriate arrangements for economic regulation of the project, particularly with regard to the financing structure, WACC, and risk and reward for investors;
- Working with nuclear developers and Ofgem to design a set of requirements and assumptions in relation to the capital structure;
- Interacting with potential debt and equity investors, including designing and running a soft market testing process;
- Interacting with rating agencies, including preparing for a rating assessment service;
- Interacting with policy makers and regulators to ensure that the regulatory arrangements and policy framework provide an investible proposition; and
- Working with the team to brief ministers and officials across Whitehall.
Nuclear is an important part of the energy mix in this country, as we work towards achieving our 2050 decarbonisation targets. However, financing nuclear projects is challenging due to the scale and risk involved. The Government will therefore have a key role to play in devising an approach to secure the delivery of new nuclear projects in the UK. With the Secretary of State’s recent statement in Parliament announcing both the commencement of formal negotiations with Hitachi in relation to the Wylfa project and a fresh look at our approach to financing the nuclear pipeline beyond Wylfa, specifically assessing the potential of a Regulated Asset Base (RAB) funding model, our work in this area is at a critical and exciting juncture.
The work is expansive, varied and multi-disciplinary, requiring the candidate to apply technical expertise to a complex policy environment. You will be working closely with our external advisors (financial, legal, and technical). You will interact with many parts of the Department as well as with HMT, IPA, UKGI, Cabinet Office and No.10. This is high profile work, and a ministerial priority. The team will be newly created to work on the RAB funding model, and you will be at the heart of shaping the formation of the team and the direction of travel. You will report directly to the Deputy Director responsible for the team and will have regular contact with senior civil servants.