Vice President, Power Plant Division

Job description

New Leaf Energy is an experienced clean energy developer that partners with landowners, policymakers, and other stakeholders to accelerate the transition to a world powered by renewable energy. We identify high-value sites, work with landowners and local communities to develop them, and partner with long-term asset owners to bring the most impactful clean energy projects to life.

New Leaf Energy (NLE) is a national leader in clean energy project development, with a long and successful history first as Borrego Energy’s project development division and then as a stand-alone company.  In 2019, Borrego formally separated its Development (“DevCo”) and EPC functions, believing that its industry-leading development platform worked best under a pure-play, develop-and-sell model.  ECP bought the business unit in 2022 and founded New Leaf Energy.  Since then, NLE has continued to operate under a model in which it sells the projects it develops prior to construction notice to proceed, but for reasons we look forward to discussing with you, we believe now is the time to complement that core model – which will remain the core model – with the ability to build and own some of the projects we develop.

Accordingly, New Leaf Energy seeks a Vice President with P&L responsibility for its new IPP division, reporting to the CEO.  The VP will lead a small team of NLE employees who will work exclusively in the IPP division, and will also draw on resources of the broader company so that projects can be financed, constructed, and operated.  We have begun forming the IPP and will still be in the early stages when you join the company.  In launching this business, we have quickly developed a saying: the IPP is there to serve the DevCo but not to subsidize the DevCo.  We want you to build and run an IPP within a developer; success in this role means serving and strengthening the core business, while running a division that is profitable in its own right.

This position may be filled out of our Lowell, MA; Boston, MA; Troy, NY; Oakland, CA; or Chicago, IL offices. We value in-person collaboration and offer a hybrid work environment. Hybrid employees work in the office at least two out of every Tuesday, Wednesday, and Thursday and are free to work from the office or home on other days.

Position responsibilities will include, but are not limited to:

• Be accountable to the executive team and the board for profitable and efficient functioning of NLE’s IPP.  Own the P&L.
• Take responsibility for completing the remaining work to stand up the IPP.
• Manage 6-8 employees who work within the IPP.  The team may grow, but staying small and efficient is an objective.
• Find the appropriate balance of internal and external resources to perform IPP functions, and form and build relationships with external providers of outsourced services;
• Collaborate with other NLE leaders and employees to ensure smooth cross-functional relationships.  Always remember that the strategic purpose of the IPP is to serve and strengthen the DevCo; you will have to deeply understand and continuously better understand the development business and its leaders’ problems and priorities.
• Don’t subsidize the DevCo, though; defend the IPP against adverse selection, against being taken advantage of by the DevCo. The IPP’s job is to strengthen the DevCo, but it must be paid fairly for everything it does, and it must get a good price for the projects.
• Collaborate with other IPP employees and the CEO to raise capital to finance projects.
• Ensure that the IPP is overseeing high-quality, on-budget, on-time construction projects, by hiring and managing EPC contractors and others.
• Develop the IPP’s asset management strategy, for projects that reach commercial operation.
• Sell IPP assets! We’re not trying to build a huge IPP that adds to the company’s enterprise value by accumulating assets.  When we can sell off operating projects at attractive prices and recycle capital, we’ll want to do that.

Desired Qualifications

• A minimum of 10 years of progressive experience in renewable energy development, EPC, project finance, and/or operations, ideally including experience operating one or more essential functions for a renewable energy IPP;
• Experience scaling organizations or building new functions within a growth-stage company;
• Prior P&L responsibility for a business or business unit and a strong understanding of the drivers of financial results for an IPP business;
• Project design and construction subject matter expertise derived from direct experience;
• Familiarity with power purchase agreements, contract negotiations, and power plant offtake strategies, as well as with aspects of projects finance such as capital structure and M&A;
• Superb stakeholder management and relationship-building skills;
• Experience working with a wide range of stakeholders, including investors, lenders, utilities, and leaders of other departments of functions within a single company;
• Ability to evaluate project economics and perform or oversee financial modeling to drive business decisions;
• Entrepreneurial mindset with ability to thrive in a dynamic environment; adaptability to changing regulatory, financial, and market conditions;
• A track record of strong people management including mentoring, developing talent, and building cohesive, high-performing teams that include a diverse set of skills, habits, and cultures: think finance, development, and construction management, all under one roof;
• Exceptional verbal, written, and interpersonal communication; comfort with board- and executive-level communications and reporting;
• Strong project management discipline;
• Passion for renewables and decarbonization; and
• Maximum integrity and accountability, with affinity for NLE’s cultural pillars of transparency, respect, and humility.

Compensation

New Leaf Energy compensates all employees in three ways: market-competitive base salary, plus above-market variable compensation, plus an equity-like program such that all employees experience the benefits of ownership.  We use a data-driven and transparent methodology to calibrate compensation that is externally competitive and internally equitable, guided by the New Leaf Energy compensation manual, which is available to all employees.

Under our compensation framework, the likely base salary range for this position is $206,480-$269,120. The on-target annual cash bonus associated with this position is an additional 40% percent of base salary. Your actual salary may be above, in, or below this range, depending on your location and experience. We value transparency and can share more during the interview process.

Benefits and Culture

New Leaf Energy’s success is driven by our collaborative, long-term relationships based on trust and transparency. We offer a flexible work environment that places significant responsibility in independent teams and creates opportunities for innovation and personal growth. New Leaf Energy’s benefits are designed to appropriately recognize our employees’ contributions and enable a reasonable work/life balance. Our benefits include:

• Competitive salaries and comprehensive benefits, including medical, dental and vision;
• A 401k plan with immediate vesting and a company match (100% of the first three percent of your pay; 50% for the next two percent you contribute);
• An open and self-managed paid time-off policy;
• A hybrid work location policy that supports working from home for part of the week;
• A parental leave policy for both birthing and non-birthing parents, available immediately upon hire;
• Professional development and education assistance.

Commitment to Diversity and Inclusion

New Leaf Energy values the diverse perspectives, skills, experiences, and contributions of all employees. We want all our employees to feel like they belong and are empowered to be their most authentic selves at work. We’re actively committed to fostering diversity and creating an inclusive environment not only within our own organization but also within the clean energy industry.

We seek a diverse candidate pool in this–and every–search. New Leaf Energy provides equal employment opportunities to all employees and applicants without regard to race, color, religion, gender, age, sexual orientation, national origin, ancestry, disability, genetics, veteran status or any other characteristic protected by state, federal and local laws. In addition to federal law requirements, New Leaf Energy complies with applicable state and local laws governing nondiscrimination in employment in every location in which the company has facilities. EEO M/F/D/V.

A Note to Third-Party Recruiters

New Leaf Energy’s People + Culture team coordinates all recruiting and hiring at our company. New Leaf Energy does not accept unsolicited resumes from third-party recruiters, staffing firms, or related agencies. Resumes are only accepted from third-party recruiters, staffing firms, or related agencies if a signed agreement is in place AND if external recruiting assistance is authorized by the People + Culture team for a specific position. All unsolicited resumes will be considered the property of New Leaf Energy. New Leaf Energy is not responsible for any fees related to unsolicited resumes.