Finance Manager
Globeleq
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See open jobs at Globeleq.See open jobs similar to "Finance Manager" Shortlist.Accounting & Finance
Zambia
Posted on Feb 18, 2025
For more than 20 years, Globeleq has been a long-term investor, developer, owner and operator of diversified power projects in Africa, where the company is one of the largest Independent Power Producers. With nearly 1,800MW of generation capacity in operation across 17 power plants in 7 countries, 485MW of new power projects in construction and >2,000MW in development, Globeleq is one of the largest independent power producers solely focused in Africa. Globeleq is 70% owned by British International Investment and 30% by Norfund, the development finance institutions of the UK and Norway, and has a proven track record for supporting the ongoing development of the African power sector.
Globeleq’s various generation technologies include gas, wind, solar PV, battery energy storage (BESS), and geothermal. The company is also actively pursuing new opportunities which are emerging from the energy transition.
The team is now hiring a Finance Manager. This role is responsible for the financial reporting for all local entities and project companies, be the custodian of all financial records, external and internal reporting, construction budget and reporting, treasury management and local tax reporting and compliance. The role shall also oversee the timely filing of company secretarial returns and support the local Business Development unit in finance tax related matters. The role includes providing support in the preparation, construction and operation phases of projects including, but not limited to, other ad hoc finance related tasks.
- Application Deadline
- February 28, 2025
- Department
- Finance
- Employment Type
- Full Time
- Location
- Zambia
- Workplace type
- Hybrid
Key Main Responsibilities (this list is not exhaustive)
Projects under construction phase
- Prepare a detailed construction budget and ensure the same is updated on a monthly basis capturing all the transactions.
- Establish a Work Breakdown Structure to be uploaded in IFS (Globeleq’s ERP with all the cost elements as per the Financial Model with all the activities during the construction phase
- Ensure that all transactions are recorded in the IFS during the construction phase and the monthly construction report issued from the system
- Prepare the project report showing actual cash spent to date, cash forecasts and narrative in line with all project documents
- Produce lender drawdown requests, in accordance with lending document requirements, to satisfy future forecast spending
- Prepare all financial reporting to lenders and ensure that they are shared on time
- Take the lead in the transition period from the construction phase into the operation phase and ensure that the work-in progress has been distributed correctly to form the fixed asset register.
Financial reporting
- Maintenance and responsibility for the accuracy and timeliness of the books and records, including general ledgers and any other reporting
- Run month end closing routines as per the month end closing instructions for all the entities
- Maintenance of the fixed asset ledgers for all the entities
- Preparation and sign-off of annual audited accounts/financial statements preparation in accordance with IFRS/appropriate accounting standards
- Liaison with lenders and auditors to ensure compliance with all filing requirements and assist in the resolution of new accounting issues
- Ensure that the Group Procurement policies are adopted and applied at local level
- Take ownership of the approved AOP budget and keep track of the business performance during the year tracking down any variances.
- Be the custodian of the local Risk Register and ensure regular review of all the risk and mitigation strategies.
- Ensure accurate invoices are issued monthly to ZESCO (or any other off-taker) and the same are posted in the system.
Financial systems
- Ensure fully up to date general ledgers are maintained in the accounting system with no entries being recorded outside of the system.
- Regular review of chart of accounts to ensure that each entity has the relevant GL to record transaction which are in line with the Group chart of accounts
- Review and approve creation of new suppliers in the IFS system
- Be the custodian of the local procurement procedures in line with the Group policies and ensure that adequate approval matrix is designed and uploaded in IFS for each entity
Lender reporting
- Produce lender drawdown requests, in accordance with lending document requirements, to satisfy future forecast spending
- Prepare all financial reporting to lenders
- Ensure that lenders are well updated on how the business is operating, invoicing and payments by the Buyer
- In the instances where the project company requires waivers from the lenders, ensure that waiver letters are requested on time
- Prepare cash flow statements and sensitivity analysis to assess timely repayment of the debt and meeting other obligations
- Ensure that the project remains compliant with the requirements in the Lending documents at all times (including financial covenants). Ensure potential non-compliance is identified, remedies discussed and communicated well in advance
Internal Controls
- Ensure that Globeleq accounting policies and procedures, as well as external reporting standards, are established and observed
- Design a robust set of internal procedures and controls and ensure ongoing compliance
- Take the lead to support the internal audit department in any of the tasks being performed in the country by ensuring that they receive all the relevant information on time.
Shareholder reporting
- Monitor all Group reporting requirements, deadlines and status. This will include reporting of monthly actual and project forecast information through the man pack
- Agreeing intercompany transactions with Globeleq Group and other related parties
- Ensure monthly intercompany balance reconciliation takes place to address any unreconciling balances.
- Provide respective financial models update with most recent actuals, budgets and post-budget period forecast.
Treasury planning and operations
- Cash management responsibility, ensuring cash use is maximised for all the local entities and all lender covenant requirements are met
- Process payments to suppliers in time and in accordance with project milestones and contractual arrangements for projects under construction
- Timely cash reporting and forecasting
- Maintain treasury banking relationships, including primary day- to-day interface with operational bank providers
- Maintain bank accounts, master bank files, signatory listings
- Monitor bank accounts for unusual/unauthorised activities and ensure all activities are recorded appropriately
- Review of bank reconciliations
Tax compliance
- Working closely with the Group tax manager, manage all local tax issues for all the entities
- Ensure tax compliance requirements are met, including preparing all corporation tax, VAT and WHT returns
- Manage external tax advisors and coordinate advice as required
- Manage the process of obtaining tax clearance certificates and any advanced rulings that are deemed necessary
- Lead the response to all tax audits, liaising with local tax advisors as required
Other
- Following up with ZESCO (or any other off-taker) for payment of generation invoices
- Leading any negotiations as required with ZESCO (or any other offtaker) or the regulator in conjunction with the Managing Director
- Company secretarial filings and other local administration matters
- Ad hoc finance responsibilities as appropriate
- Support the local Business Development team in both financial and tax due diligence process for the new projects
- Take the lead role in the country during the Annual Operating Process (AOP) and ensure that accurate and timely reports are prepared and shared on time for review Skills
- Support in any potential post-COD discussions/negotiations with the EPC contractors and the offtakers including litigations, liquidated damages, amicable settlements.
Skills
- Self-starter happy to take a hands-on approach to day-to-day accounting activities in addition to higher level matters such as budgeting and cashflow forecasting
- Communication, especially relationship management, influencing & written skills
- Decision making, specifically ability to absorb & interpret data / information
- Legal document review and general understanding
- Ability to adapt in a change environment
- Diversity and ethical behaviour
- Advanced computer skills – spreadsheets, accounting systems
- Planning and Organising
- Achievement
- Teamwork
Experience, Knowledge & Qualifications
Qualified accountant with appropriate construction or project management experience:
- Minimum experience of 7-8 years as financial manager
- Exposure and/or knowledge of the energy or infrastructure industry, project finance and/or public private partnerships is required
- Successful understanding of detailed project documentation. Strong knowledge and familiarity with the critical aspects of major project agreements such as Power Purchase Agreements, Engineering Procurement & Construction contract, Financing Agreements and their interrelationships to each other is desirable
- Strong network within the Zambian energy sector is a plus.
- Treasury experience in preparing cash reports and drawdowns under facility documents
- Detailed accounting/reporting knowledge with experience of all aspects of financial accounting and tax
- Ability to travel internationally for short periods
- Advanced Microsoft Excel skills, Proficient knowledge of Microsoft Word and Power Point
About Globeleq
We develop, own and operate power plants utilising various technologies across the African continent. With many years of international industry experience, the support of committed shareholders, and long-standing project, technology, finance and government partnerships, we have the financial strength, management and operational expertise to power Africa to realise its potential.
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This job is no longer accepting applications
See open jobs at Globeleq.See open jobs similar to "Finance Manager" Shortlist.
