Principal, Energy Finance

Position Title:

Principal, Energy Finance

Full-Time (in office)

$155,000–$175,000 annually, plus 15-25% bonus, and future carried interest opportunity

Immediate

Comprehensive benefits package, including 100% employee-paid health coverage, day-one 401(k), PTO, and more.

Overlay Capital is a multi-strategy private investment manager investing in the enabling infrastructure of the future across energy, waste, and the built environment. We focus on essential systems where advances in technology are driving step improvements in cost, performance and resilience. We operate with a commitment to excellence, transparency, and long-term impact. Working at Overlay means investing to solve some of the world's biggest problems, while seeking outsized returns for investors.

Overlay Capital is seeking a Principal to support the underwriting, valuation, and technical/commercial diligence of renewable energy investments across the United States. This role will be responsible for evaluating both distributed generation and utility-scale energy projects, with a particular emphasis on renewable assets approaching Notice to Proceed (NTP).

The Principal will play a central role in Overlay Capital's lending strategy by assessing projects that require capital to complete final development milestones and achieve NTP. The ideal candidate possesses deep expertise in energy project valuation, extensive transaction and acquisition diligence experience, and a comprehensive understanding of project development, financing, construction readiness, and investment risk.

This position works closely with the investment team, borrowers, developers, engineering consultants, legal counsel, and third-party advisors to ensure disciplined underwriting and portfolio management.

• Lead financial and commercial valuation of renewable energy projects across multiple technologies and U.S. and Canadian power markets.
• Develop and maintain sophisticated financial models to evaluate project economics, debt capacity, downside risk, and investment returns.
• Analyze project cash flows, merchant and contracted revenue assumptions, tax credit impacts, and capital structure alternatives.
• Evaluate sponsor assumptions regarding development costs, construction budgets, operating expenses, and expected returns.
• Prepare investment memoranda and recommendations for internal investment committees.
• Have some understanding of the M&A market for energy projects in the US and which markets are viewed as liquid

• Site control and land agreements
• Interconnection agreements and queue status
• Permitting and environmental approvals
• EPC contracts and construction readiness
• Equipment procurement and supply chain risks
• Offtake agreements and revenue contracts
• Insurance requirements
• O&M strategies
• Sponsor strength, capabilities, and historical performance
• Tax equity readiness
• Remaining development milestones to NTP

• Market consultants
• Legal counsel
• Insurance advisors
• Technical advisors
• Support Asset Management team to track project development milestones.
• Assist with portfolio valuations and periodic reporting.

• Monitor renewable energy market trends across U.S. ISOs and regional markets.
• Evaluate changes in energy pricing, capacity markets, transmission development, and regulatory environments.
• Track federal and state incentive programs, including tax credit developments.
• Maintain awareness of evolving project valuation methodologies and financing structures.

• Work closely with investment professionals, asset managers, and executive…