M&A Associate

M&A Associate
Milano, MI, Italia

Job Type: Full Time

Workspace:
The role is based in Milan with a hybrid working model, including regular presence in the office and close collaboration with the Sky Distributed Energy team and our local platform businesses in Italy and Portugal. The position will require regular travel, particularly within Italy and Portugal, as well as occasional travel to other European markets.

Benvenuto nel futuro dell'energia!

Sky Distributed Energy is a pan-European distributed energy business backed by Sky, a renewable energy fund managed by Octopus Energy Generation. We develop, finance, own and operate decentralised energy assets across Europe through our local operating platforms, including Coralsun in Italy and Spark Wave Energy in Portugal and Spain. Our activities span behind-the-meter solar, small-scale distributed generation, battery storage and other energy-transition solutions for commercial and industrial customers.

As the business grows, acquisitions of third-party projects and portfolios are becoming an increasingly important complement to our internally developed pipeline. Opportunities range from individual or portfolios of Ready-to-Build (RtB) projects to operating renewable‑energy assets, including behind-the-meter projects, Portuguese UPP portfolios and Italian FER X portfolios.

We are looking for an M&A Associate – Southern Europe to join our investment team and support the origination, assessment and execution of transactions across Southern Europe, with an initial focus on Italy and Portugal. You will work closely with the Head of Investments, Coralsun and Spark Wave management teams, and the wider Sky Distributed Energy and Octopus Energy Generation teams.

Cosa Farai
You will play a key role in executing acquisitions of renewable‑energy projects and portfolios, from initial screening through due diligence, investment approval, negotiation and closing.

In Particular, You Will

Support and progressively manage acquisition processes from initial assessment through signing and completion, covering RtB, construction-stage and operational distributed-energy assets.

Own transaction timetables, information requests, data rooms, due diligence trackers and advisor work streams.

Act as a key point of coordination between Sky Distributed Energy, Coralsun, Spark Wave, sellers and external advisors.

Identify material transaction issues early and drive them towards resolution.

Financial modelling & valuation

Own and maintain financial models for project and portfolio acquisitions.

Translate technical, commercial, regulatory and contractual assumptions into robust investment cases.

Analyse cash flows, acquisition consideration, development premiums, operating performance, tax assumptions and expected investment returns.

Perform valuation analysis for operating assets and RtB portfolios.

Run sensitivities and downside scenarios to identify key value drivers and risks.

Review and challenge vendor models and underlying assumptions.

Help develop standard acquisition models and valuation tools across Sky Distributed Energy.

Due diligence & investment risk

Coordinate financial, commercial, legal, tax, technical, ESG and development due diligence with internal teams and external advisors.

Define proportionate due diligence scopes based on transaction size, complexity, development stage and risk.

Critically assess advisor findings and identify the issues that materially affect the investment case.

Translate due diligence findings into valuation adjustments, contractual protections, conditions precedent or other mitigants.

Develop reusable due diligence checklists and transaction playbooks, including for recurring acquisition types such as UPP and FER X portfolios.

Investment approvals

Prepar…