Financial Controller - Power Plant Construction Project

Company Overview

Aljomaih Energy & Water (AEW), based in Saudi Arabia, is a rapidly expanding investor and operator in utility and infrastructure projects across KSA, GCC, Asia, and North Africa. They invest in 6 GW of both Conventional and Solar power plants as well as producing about 700,000 m3/day of water. AEW was established in 2007 as a subsidiary of Al Jomaih Holding, a prestigious Saudi conglomerate with over 80 years of history, focused on promoting sustainable social and economic advancement in Saudi Arabia and beyond.

AEW is dedicated to advancing technologies, resolving complex challenges, and leveraging their expertise to create value in Power, Renewables, and Water sectors while positively impacting all stakeholders.

Role Summary

The Financial Controller will supervise all financial functions of a greenfield Combined Cycle Gas Turbine (CCGT) power plant project in Taweelah, near Abu Dhabi. This facility will have a 2600 MW net capacity and includes associated infrastructure and electrical facilities. The role reports directly to the CFO and carries responsibility for financial planning, budgeting, reporting, internal controls, lender compliance, and commercial support throughout the project lifecycle. This position demands the capability to independently manage financial affairs during the CFO's absence and requires experience with project finance, lender relations, financing documentation, drawdown procedures, reserve accounts, and covenant compliance.

Key Responsibilities

• Assist CFO in all financing activities from financial close until the commercial operation date.
• Oversee compliance with all financing agreements and obligations.
• Coordinate interactions with lenders and manage drawdown notices and utilization of debt facilities.
• Manage Equity Bridge Loan facilities and coordinate shareholder equity contributions.
• Prepare necessary documentation for debt drawdowns and coordinate with technical, insurance, and engineering advisors as well as financial agents.
• Monitor adherence to Common Terms Agreement, Facility Agreements, and related financial covenants.
• Create project budgets, forecasts, and long-term financial plans; monitor costs against budgets and analyze variances.
• Generate monthly, quarterly, and annual financial and performance reports, including cash flow forecasts and KPIs for senior management and stakeholders.
• Supervise project cost control including capital and operating expenditures, contract reviews, invoice validations, and profitability tracking.
• Evaluate commercial and contractual aspects such as EPC payment applications, claims, delay analysis, and negotiations.
• Develop and manage construction cash flow forecasts, debt and equity funding requirements, bank accounts, reserve accounts, and related treasury functions.
• Prepare and verify drawdown requests, track debt availability, and maintain drawdown registers.
• Administer shareholder funding, forecast and monitor Equity Bridge Loan utilization and repayments.
• Ensure compliance with IFRS and local accounting standards, maintain robust internal controls, and coordinate audits and statutory reporting.
• Identify financial risks including covenant compliance and foreign exchange exposure and develop mitigation strategies.
• Collaborate with project management, engineering, procurement, auditors, tax consultants, regulators, and lenders to ensure smooth finance operations and project profitability.

Requirements

• Bachelor's or Master's degree in commerce; professional qualifications like CA, CMA, CPA are preferred.
• 10 to 15 years of proven experience managing finance for large projects.
• Strong understanding of contract and financing agreements.
• Comprehensive knowledge of IFRS accounting standards.
• Excellent analytical, conceptual, and problem-solving abilities.
• Highly detail-oriented with exceptional organizational skills.
• Strong adherence to ethical guidelines and regulatory and safety compliance.

Location & Reporting

Position based in Taweelah, Abu Dhabi, United Arab Emirates. This role reports directly to the Chief Financial Officer (CFO).