---
title: 'Associate, Project Finance & Portfolio Management at Alcazar Energy'
canonical: 'https://feeny.ai/job/associate-project-finance-portfolio-management-alcazar-energy-united-arab-bz0n1d1aky2e'
type: 'job'
last_seen: '2026-09-11'
---

# Associate, Project Finance & Portfolio Management at Alcazar Energy

- **Company:** Alcazar Energy
- **Location:** United Arab Emirates
- **Employment:** full-time
- **Posted:** 2026-07-15
- **Last confirmed live:** 2026-09-11
- **Apply:** https://jobs.ashbyhq.com/alcazar-energy/ed2087b8-0c79-4f80-99a5-56370e538889

## Job description

Thank you for your interest in joining Alcazar Energy! Each role at our company offers the chance to make a tangible impact on the global shift towards sustainable energy. As you consider applying, reflect on how your unique skills, passion, and vision align with our mission to innovate and energize the world responsibly. Responsibilities: The Associate will own day-to-day borrower-side administration of the firm's project-financed SPVs from financial close through construction and into operations. The work covers the full set of borrower obligations under a typical DFI/commercial lender financing package, including:

- Compliance monitoring — tracking and managing conditions subsequent, ongoing reporting obligations and information covenants across the Common Terms Agreement, individual Facility Agreements, Accounts Agreement, hedging documentation and project documents (EPC, BoP, TSA, TOMA, PPA, offtake and grid agreements). The Associate should be comfortable reading the underlying documents and identifying obligations directly, rather than relying on external counsel to flag them.
- CP/CS management — building and maintaining the project's CP and CS trackers, gathering and packaging evidence, and driving the satisfaction of conditions across internal teams and external counterparties.
- Drawdown and waterfall administration — preparing and submitting utilisation requests, supporting documentation packs, CP/CS evidence, and managing the project accounts waterfall (including cash sweeps, DSRA, MMRA (if applicable) and distribution mechanics).
- DSCR and lock-up monitoring — calculating forward- and backward-looking DSCRs, LLCRs and other lender-defined ratios, tracking headroom to distribution lock-up triggers and providing early warning on emerging covenant risk.
- Debt service and hedging administration — coordinating interest rate fixings, EURIBOR/SOFR resets, interest and principal payments, swap settlements, and reconciling against the agreed repayment schedules.
- Lender reporting and engagement — preparing periodic operational and financial reports for lenders and the intercreditor agent, managing the day-to-day lender relationship at working level, supporting annual budgets and operating plans, and managing lender consents, waivers, amendments and information requests.
- Asset management interface — working closely with technical, commercial and ESG colleagues to track project KPIs (availability, generation, opex, capex variance) against the base case and lender requirements, and translating operational performance into financing implications.
- Model maintenance and analysis — keeping in-life project models current with actuals and updated assumptions, producing forecasts for board, lender and investor reporting, and running the DSCR, sensitivity and scenario analysis that supports refinancings, amendments and lender engagement.
- Model review and governance — reviewing and challenging lender, model-auditor and counterparty model outputs for material errors and assumption integrity, and maintaining version control and a clear audit trail across the model suite.
- External advisor coordination — managing inputs to and outputs from the LTA, Independent Engineer, insurance adviser, model auditor, lender legal counsel and accounts bank, and supporting any post-close advisory deliverables.
- Amendments and waivers — running selective refinancings, repricings, top-ups and amendment-and-restatement processes from the sponsor side as portfolio assets mature, including drafting first-cut waiver and consent requests for lender consideration.

Relationship Management: The Associate reports to the Associate Partner/Partner within the PF/Investment team and works in close collaboration with the wider investment, asset management, finance and ESG teams. The role offers direct exposure to senior management, lenders and external advisors, and a clear development path into more senior portfolio management and structuring roles within the platform.

Qualifications and Skills:

- 3–6 years of project finance experience, with at least 2–3 years at a developer, IPP, infrastructure fund or sponsor.
- Demonstrable experience administering live project-financed SPVs end-to-end — drawdowns, lender reporting, waivers, consents, CP/CS, debt service, account waterfalls.
- Advanced Excel and strong hands-on project finance modelling skills — able to maintain, interrogate and stress-test sponsor-side models (DSCR sculpting, debt sizing, sensitivity engines, three-way financial statements, tax modelling and circular references) and stand behind the outputs, rather than necessarily having built them from scratch.
- Working knowledge of project finance documentation — CTAs, facility agreements, accounts agreements, intercreditor and security sharing arrangements, hedging documentation, and the principal project documents — at the level required to identify obligations and risk directly rather than via counsel.
- Direct experience of DFI lending practice (IFC, EBRD and similar), including E&S reporting, is a strong advantage (not a must).
- Numerate and accounting-literate, with the ability to translate technical financial analysis into clear written and verbal communication for non-specialist stakeholders.
- Comfortable managing multiple live workstreams in parallel under time pressure around drawdowns, reporting deadlines and lender approvals.
- A practical, hands-on disposition. The role calls for someone who is happy to be the person doing the work rather than reviewing or commissioning it from advisors.

We appreciate your time in considering a career with Alcazar Energy. By joining our team, you’re choosing to stand at the forefront of the renewable energy industry, contributing to projects that prioritize integrity, quality, and sustainability. As you share our commitment to making a difference, we look forward to potentially welcoming you aboard.

## About Alcazar Energy

## Company Overview
- **One-liner**: Alcazar Energy is a sustainable infrastructure fund that invests in and develops utility-scale renewable energy projects across emerging markets.
- **Entity Type**: Private (fund structure; raised USD 490m for second vehicle, AEP-II)
- **Headquarters**: Luxembourg (domicile); advisory team based in Dubai, United Arab Emirates
- **Founded**: 2014 (first investment vehicle, Alcazar Energy Partners I, was established)
- **Founders**: Daniel Calderon (Co-Founder & Managing Partner); other co-founders include Kyle Blockley and Mateo Goldman

## Core Business
- Primary industry: Renewable Energy Investment & Development
- Target customers: Governments, utilities, and institutional investors in emerging markets; projects are utility-scale (B2B/enterprise)
- Mission: Unlock sustainable investment and accelerate the energy transition through responsible investment and collective action, with integration of ESG factors into strategy and culture

## Products & Services
- **AEP-II (Alcazar Energy Partners II)**: Second investment vehicle targeting solar PV and onshore wind projects in the Middle East, North Africa, Turkey (MENAT) and Eastern Europe, Central Asia (EECA). Provides project equity, development, construction management, and O&M oversight.
- **AEP-I (Alcazar Energy Partners I)**: First fund (2014) that developed and operated renewable energy assets in the MENA region; now realized.
- **Developer & Investor Services**: In-house capabilities including project origination, due diligence, project finance sourcing, technical asset management, and ESG monitoring.

## Market Standing
- **Valuation/Market Cap**: Not publicly disclosed (private fund)
- **Key Metric**: Total funds raised across two vehicles exceed USD 730 million; AEP-II alone raised USD 490 million from eight institutional investors
- **Notable Investors/Partners**: Eight public and private institutional investors from North America, Europe, and Asia (names not publicly specified); partner with top-tier equipment manufacturers and EPC providers
- **Growth Signals**: AEP-II expected to mobilise ~USD 2 billion in foreign direct investment; portfolio to develop over 2 GW of clean energy, saving 3.2 million tonnes of GHG emissions per year; team has delivered 38+ GW of power generation across 23 countries

## Competitive Advantages
- Unique combination of investor and developer approach with strong in-house delivery capabilities, enabling value creation across the full project lifecycle (early-stage development through to exit)
- Deep regional expertise in MENAT and EECA, with a proven track record of developing first-of-kind renewable energy projects in the Middle East (e.g., first utility-scale wind farms, first CSP tower with salt storage)
- Rigorous ESG integration – dedicated Head of ESG and systematic application of environmental and social standards from deal origination to asset management

## Strategic Focus
- Replicate the proven methodology of AEP-I in new emerging markets via AEP-II, focusing on countries with grid-parity renewable energy costs, high energy demand, and bankable regulatory frameworks
- Build a balanced portfolio of early-stage, advanced-stage, and construction/operational projects
- Continue to attract institutional capital from global investors while maintaining disciplined project selection

## Why Work Here
- Culture emphasizes passion, purpose, and a proven track record of delivering tangible impact alongside strong financial returns; the team includes experts who have led over 38 GW of power generation worldwide
- Strong commitment to ESG and sustainability – the company actively integrates environmental and social factors into all decisions
- Diverse, international team based in Dubai with exposure to multiple emerging markets; opportunities to work on large-scale renewable energy projects that directly contribute to the energy transition
- Listings on a dedicated career portal (jobs.ashbyhq.com/alcazar-energy) indicate active hiring in areas such as recruitment, finance, project delivery, and ESG; specific remote/hybrid policy not publicly stated but roles are likely based in Dubai or regional offices

## Sources
1. [alcazarenergy.com](https://alcazarenergy.com/) – Company overview, mission, and fund description
2. [alcazarenergy.com/careers/](https://alcazarenergy.com/careers/) – Careers page and portal link
3. [alcazarenergy.com/about-us/](https://alcazarenergy.com/about-us/) – History, fund details, and investment proposition
4. [alcazarenergy.com/team/](https://alcazarenergy.com/team/) – Founder details (Daniel Calderon), team expertise, and ESG focus
5. [alcazarenergy.com/what-we-do/](https://alcazarenergy.com/what-we-do/) – Business model, capabilities, and technology focus

## Other roles at Alcazar Energy

- [Cooperate QHSE Manager](https://feeny.ai/job/cooperate-qhse-manager-alcazar-energy-madrid-0zfhp2hb835h) — Madrid, Spain
- [O&M Site Coordinator- Egypt](https://feeny.ai/job/o-m-site-coordinator-egypt-alcazar-energy-egypt-featckty44es) — Egypt
- [Procurement Administrator](https://feeny.ai/job/procurement-administrator-alcazar-energy-united-arab-emirates-6bzzqfwqrenh) — United Arab Emirates
- [Procurement Administrator](https://feeny.ai/job/procurement-administrator-alcazar-energy-united-arab-emirates-x8m3apzf79gj) — United Arab Emirates
- [HR Business Partner](https://feeny.ai/job/hr-business-partner-alcazar-energy-madrid-eew373053ftw) — Madrid, Spain
- [Senior Financial Analyst](https://feeny.ai/job/senior-financial-analyst-alcazar-energy-united-arab-emirates-1mqbvfgav4vg) — United Arab Emirates
- [Senior Accountant- Serbia](https://feeny.ai/job/senior-accountant-serbia-alcazar-energy-serbia-942w2wtg8sqz) — Serbia
- [Associate, Investments](https://feeny.ai/job/associate-investments-alcazar-energy-united-arab-emirates-6cwh6v82xpf0) — United Arab Emirates
- [Associate, Legal](https://feeny.ai/job/associate-legal-alcazar-energy-united-arab-emirates-505h7dqgdnva) — United Arab Emirates
- [Project Engineer - Madrid](https://feeny.ai/job/project-engineer-madrid-alcazar-energy-madrid-x8c7ctd4bqr8) — Madrid, Spain