Financial Controller - Power Plant Construction Project

Al Jomaih Energy & Water (AEW) headquartered in Saudi Arabia, is a fast-growing investor, lead develper, and operator of utility and infrastructure projects in various geographical markets such as KSA, GCC, Asia & North Africa, with investments in 6 GW of Conventional and Solar power plants, and around 700,000 m3/day of water.

AEW was established in 2007, as a subsidiary of Al Jomaih Holding Company, a leading Saudi conglomerate with a legacy spanning over 80 years, focused on enabling sustainable, social, and economic progress in the Kingdom of Saudi Arabia and beyond.

At AEW, our mission is to tackle new technologies, solve complex problems, and leverage our expertise to unlock opportunities in the Power, Renewables & Water Sectors, while driving impact for our stakeholders across the value chain.

Role Profile: Financial Controller-Power Plant Construction Project

This is a greenfield CCGT project to be constructed with a net power capacity of 2600 MW, together with its ancillary equipment, associated infrastructure and facilities. The Project comprises the Plant and associated Electrical Special Facilities (ESF). The Plant will be located inland at a site situated approximately 50 km north-east of the City of Abu Dhabi in Taweelah Complex

This role offers a unique opportunity to engage in the full lifecycle of the project, from design and engineering to construction and operation, all within a dynamic and innovative environment. This project promises stability and long-term impact.

Location: Taweelah, Abu Dhabi, UAE

Reporting Structure: Direct Report -CFO

Job Purpose

The Financial Controller is responsible for managing all financial aspects of the power project, ensuring effective financial planning, budgeting, reporting, internal controls, lenders and statutory compliance, and commercial support throughout the project lifecycle. The role ensures financial integrity, supports strategic decision-making, and safeguards project profitability. The Financial Controller shall be capable of independently managing all financial matters of the Project Company during the CFO's absence. The role requires experience in project finance, management of lender requirements, Common Terms Agreements (CTA), financing documentation, drawdown processes, reserve accounts and financial covenant compliance.

Key Responsibilities

Project Finance & Lender Management

• Support the CFO in all project financing activities from Financial Close through Commercial Operation Date.
• Manage all financing obligations under the Financing Agreements.
• Coordinate all lender interactions during construction.
• Prepare and submit Drawdown Notices.
• Coordinate utilization of debt facilities.
• Manage Equity Bridge Loan (EBL) facilities.
• Coordinate shareholder equity injections.
• Prepare Conditions Precedent (CP) documentation required for debt drawdowns.
• Coordinate with Technical Advisor, Insurance Advisor, Independent Engineer, Facility Agent and Security Trustee.
• Maintain compliance with all financing documents including:
• Common Terms Agreement (CTA)
• Facility Agreements
• Accounts Agreement
• Security Documents
• Direct Agreements
• Intercreditor arrangements
• Monitor financing covenants.
• Prepare regular lender reports.
• Coordinate responses to lender information requests.
• Participate in lender meetings.
• Support refinancing activities if requiredFinancial Planning & Budgeting

• Develop project budgets, forecasts, and long-term financial plans.
• Monitor project costs against approved budgets.
• Analyze budget variances and recommend corrective actions.
• Prepare periodic cash flow forecasts and funding requirements.Financial Reporting

• Prepare monthly, quarterly, and annual financial reports.
• Produce project performance reports, including cost-to-complete and earned value analysis.
• Present financial insights and KPIs to senior management.
• Ensure timely and accurate financial closing.
• Prepare Board financial reports.
• Prepare Shareholder reports.
• Prepare Lender Reports.
• Support Financial Model updates.
• Prepare variance analyses against Financial Model assumptions.Project Cost Control

• Monitor capital expenditure (CAPEX) and operating expenditure (OPEX).
• Review project commitments, purchase orders, and contracts.
• Track project profitability and cost recovery.
• Validate contractor and supplier invoices prior to payment.Commercial & Contract Management

• Review EPC payment applications.
• Verify milestone payment calculations.
• Assess financial implications of claims.
• Support insurance claims.
• Support delay analyses from financial perspective.
• Support commercial negotiations and contract reviews.
• Monitor contractual financial obligations and claims.
• Review variation orders, change requests, and financial impacts.
• Coordinate with procurement and project teams on commercial matters.Cash Flow, Treasury and Financing

• Develop detailed construction cash flow forecasts.
• Forecast debt and equity funding requirements.
• Coordinate debt drawdowns.
• Prepare monthly funding requests.
• Manage project bank accounts.
• Administer waterfall payment mechanisms.
• Manage reserve accounts including:
• Debt Service Reserve Account (DSRA)
• Major Maintenance Reserve
• Operating Reserve
• Distribution Accounts
• Forecast debt service.
• Monitor debt utilization.
• Coordinate foreign exchange requirements.
• Manage short-term liquidity.
• Coordinate banking relationships.
• Manage project cash flow and working capital.
• Monitor funding availability and financing arrangements.
• Coordinate with banks, lenders, and financial institutions as required.
• Optimize cash utilization across project activities.Drawdown Management

• Prepare Drawdown Requests.
• Verify Conditions Precedent.
• Coordinate with lenders and Facility Agent.
• Review Independent Engineer certificates.
• Verify EPC payment certificates prior to financing.
• Coordinate debt utilization schedules.
• Track debt availability.
• Maintain drawdown register.
• Coordinate equity contributions prior to debt utilization.Equity Bridge Loan Administration

• Manage Equity Bridge Loan facilities.
• Coordinate shareholder funding.
• Monitor EBL utilization.
• Forecast EBL repayments.
• Coordinate conversion of EBL into shareholder equity.
• Ensure compliance with shareholder funding obligations.Compliance & Governance

• Ensure compliance with IFRS/local accounting standards.
• Maintain strong internal financial controls.
• Coordinate internal and external audits.
• Ensure compliance with tax, VAT/GST, and statutory reporting requirements.Risk Management

• Covenant compliance risk
• Identify financial risks affecting project execution.
• Develop mitigation strategies for cost overruns and revenue leakage.
• Monitor foreign exchange exposure and financing risks.
• Support project risk assessments from a financial perspective.Stakeholder Management

• Liaise with project managers, engineering, procurement, and construction teams.
• Support executive management with financial analysis.
• Coordinate with auditors, tax consultants, regulatory authorities, and lenders.
• Project profitability
• Internal control effectiveness

• Bachelor or Master of commerce. CA, CMA, CPA will be preferred.
• 10-15 years of solid work experience as managing finance department of a project.
• Solid knowledge and understanding of contracts and financing agreements.
• Thorough understanding of IFRS.
• Analytical thinker with strong conceptual and problem-solving skills.
• Meticulous attention to detail with superb organizational skills.
• Commitment to ethical conduct and adherence to regulatory and safety standards.