Investment Director, Off-grid solar sector in Sub-Saharan Africa London, England
Job description
Acumen is looking for an Investing Director with 10 + years of experience in the renewable off-grid energy sector in developing markets to lead 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 is based in NYC or London.
About Acumen
Acumen is changing the way the world tackles poverty by investing in companies, leaders and ideas. We invest patient capital in businesses whose products and services are enabling the poor to transform their lives. To date, Acumen has positively impacted 309 million lives by investing $137M in 139 innovative, early-stage companies in Africa, Latin America, South Asia, and the United States. But investment isn't only about capital, we've been investing in innovators for years, connecting with emerging leaders around the world and engaging them in 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. However, estimates suggest that roughly 215 million people will be left behind because they live in risky or remote, rural areas where investors have been 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 the role
Acumen is seeking an Investment Director of to lead early-stage investments in the off grid solar sector in Sub-Saharan Africa as part of our Key Strategic Initiative "Hardest to Reach" ("H2R"). H2R's ambition is to bolster markets and provide capital to off-grid companies enabling clean energy access in some of the least developed countries in Africa, an ambitious project to help achieve SDG7. This role will be directly involved in sourcing, evaluating, underwriting and managing private investments for off-grid solar enterprises to expand and grow in identified H2R countries. This role will report to the Head of Strategic Initiatives in London.
Accountabilities
- Develop pipeline, source and evaluate new transactions, pre-screen transactions according to underwriting, eligibility and ESG criteria, conduct due diligence, prepare investment memos, pitch transactions to the investment committee in order to obtain investment approval, negotiate and review legal documentation, and participate in deal closing.
- Manage portfolio: monitor performance and covenant compliance, prepare periodic/annual reviews, examine amendments and waiver requests, provide performance updates to managers, identify and act on warning signals, participate in portfolio reviews, cooperate in the validation of impact data collection and analysis and incentives to borrowers for extending first time clean energy access.
- Develop relationships and initiate dialogue with internal and external stakeholders. Support fundraising and reporting with funders, which may include development finance institutions. Partner with H2R program lead to progress H2R objectives.
- Develop portfolio associates and analysts. Foster cooperation and teamwork. Drive continuous learning and performance improvement.
Skills and Qualifications
- 10 + years of a demonstrated track record in impact investing (venture equity and debt), preferably in emerging markets. Best in class transactional experience in venture equity and debt.
- A commitment to using the best of markets and philanthropy in service of the poor: well-versed in impact investing, but can use these tools to set us free, not box us in; someone who brings an informed point of view on market-based solutions, who can be critical, constructive, and creative
- Strong partnership skills. Acumen's investing team is a globally-distributed network, with regionally-specific strategies. While this role is dedicated to the H2R initiative, the work will feed into and benefit the larger network.
- Strong leadership ability: A demonstrated track record of collaborative leadership in a global environment.
- Able to hire, develop, and motivate staff to achieve excellent results. Able to work well in a team environment.
- Strong functional and operational understanding: An understanding of what it takes to build and operate early-stage businesses across functions: finance, sales, distribution, marketing, customer service, talent, governance.
- Extensive, relevant, trusted networks in impact investing, emerging markets investing, and business operations to enable the due diligence process, to facilitate business development conversations for our companies, and to accelerate critical hires.
- Commitment to careful diligence, good governance and ethical business practices. Acumen has zero-tolerance for corrupt business practices. We do not invest in companies that engage in corruption and we terminate relationships with businesses where we discover a misalignment of values.
- Permanently authorized to work in the UK.
- Willing to travel as needed within Africa
Deadline
Candidates are encouraged to apply as early as possible as applications will be screened and interviews scheduled on a rolling basis.
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