Associate / Senior Associate, Project Finance

The Role

Madison Energy is seeking an Associate/Sr Associate to join our Greenfield Development Project Finance team. This role will support investment decisions, strategic development initiatives, and market analysis across our renewable and storage portfolio.

The Associate/Sr Associate will work closely with greenfield development, investment, and operations teams, owning the financial modeling process from LOI through project approval and often well beyond.  The core of this work is not just building models, but challenging the inputs: pushing back on assumptions, partnering with developers to identify which levers most positively impact returns, and ensuring every material risk is either reflected in the base case or captured in a downside sensitivity.

This role is well-suited for someone who is highly analytical, detail-oriented, experienced working cross-functionally, and interested in supporting disciplined capital deployment to meet growing energy demand. 

Responsibilities

Commercial & Financial Modeling

• Build, maintain, and refine DCF models for solar, solar + storage, and standalone storage projects.
• Collaborate closely with developers to stress-test project economics, model upside and downside scenarios, and identify levers that can meaningfully improve returns while preserving offtaker priorities.
• Critically evaluate inputs and assumptions, identifying where estimates may be optimistic and ensuring the model reflects a defensible view of project economics prior to capital commitment.
• Develop and run sensitivity analyses across the full range of pre-construction uncertainties, including production yield, O&M costs, price forecasts, tax treatment, ITC eligibility, FEOC compliance, congestion, accreditation methodologies, and construction timeline, to stress-test returns and inform investment decisions made well ahead of capital deployment.
• Support investment underwriting, project valuation, and strategic development using market forecasts and scenario analysis.

Strategic Development

• Assess energy storage economics across multiple value streams, including energy arbitrage, capacity, ancillary services, and congestion-related opportunities to evaluate merchant BESS deployment across target state programs.
• Evaluate the feasibility of prospective land campaigns in relation to community solar opportunities across target state programs, identifying optimal markets and informing option agreement decisions.
• Track development budgets and model the impact of long-lead costs on cash flow management and project returns as opportunities progress through the pipeline.
• Support development strategy related to market participation, offtake structures, and risk management approaches.
• Partner with internal teams to align market insights with project design, siting, and execution decisions.

Qualifications

Required

• Bachelor’s degree in economics, engineering, finance, mathematics, or a related quantitative field.
• 1–5 years of relevant experience in power markets, energy analytics, renewable energy, energy storage, consulting, or investment analysis.
• Strong understanding of U.S. wholesale electricity markets and ISO/RTO market structures.
• Experience modeling or evaluating revenues for energy storage and/or renewable assets.
• Advanced Excel skills; experience with Python, R, SQL, or similar analytical tools preferred.
• Ability to synthesize complex analysis into clear, decision-oriented recommendations.

Preferred

• Experience with market forecasting tools or vendors (e.g., Aurora, PLEXOS, Enverus, Wood Mackenzie).
• Familiarity with hybrid renewable + storage projects.
• Exposure to commercial transactions, offtake agreements, or market participation strategies.
• Working understanding of tax equity financing, solar ITC, FEOC compliance, and tax credit eligibility and transfer.
• Advanced degree in finance, economics, engineering, or a related field, or equivalent professional certification (e.g., CFA).

What We Value

• Intellectual rigor and attention to detail.
• Ownership mentality and accountability.
• Collaborative, cross-functional mindset.
• Comfort operating in evolving and imperfect market environments.
• Genuine interest in renewable energy and the role of storage in the power system.

Benefits

• PTO and company holidays
• Medical, dental, vision
• Employer-paid short-term disability, long-term disability, life insurance
• 401(k) and company match
• Professional development stipend
• Strong culture of collaboration, performance, and personal growth