Ben joined Greensphere Capital back in 2021. Greensphere is a leading sustainability investor that excels in scaling engineered and nature-based technologies that help to mitigate the biggest risks facing our generation - resource scarcity, commodity and fuel volatility, and climate stress.  Through its triple bottom line approach (profit, people & planet) and hands-on management style, Greensphere strives to deliver long-term strong financial returns, as well as having a positive social and environmental impact.

Ben is an agile and pragmatic CFO with over 20 years’ experience in senior financial, operational and strategy roles. Ben is a Big-4 qualified Chartered Accountant with economics degrees from the London School of Economics and Cambridge University.  He has worked in different sized organisations from practice, not-for-profit, PE to FTSE100 at senior management / Board level across multiple industries & countries, working for recognised brands including HSS Hire Group Plc, Lloyds Banking Group, Lex Autolease, Serco and Deloitte.  He has spent the last 5 years in private equity.

Our search to find the CFO for Greensphere was nationwide and Ben’s experience across different sectors and different roles made him the perfect hire. There are so many reasons why we wanted to share his experiences with our network - none least his move into one of the fastest growing sectors.

When we were leading the nationwide search for Greensphere to find their CFO, there was a large pool of candidates to assess. How did you distinguish yourself from the rest of the candidates having never worked in the renewables sector before, and how have you found the transition to a new and fast growing industry?

When I decided to leave my last role, I made the decision that I wanted to feel that I am working for the ‘greater good’.  I was attracted by a career in renewables as I believe it is a major contributor to an improved tomorrow.  The role with Greensphere really stood out as it ticked all the boxes in terms of what I wanted in a role, combined with being in an industry that I wanted to work in.  To be noticed I managed to convey my passion for both the role and business in my initial application.  Once the interview process started, I felt confident that my enthusiasm and belief in the business would help me against other candidates despite being new to the industry.  I believe that successfully expressing this enthusiasm combined with a track record of successful moves in the past made me stand out.

The variety in my career has given me the ability and experience to look at problems or opportunities from multiple perspectives.  It also provides me with the conviction to appreciate that a good (or bad) business judgement is the same no matter the business.  Combining this confidence in my own ability with considerable research into the industry has made the transition to renewables relatively smooth, although with any move it takes a while to fully understand the subtleties and nuances within that industry.  That said, the renewables sector is so wide-ranging that I expect to be constantly learning for the foreseeable future.

I need to add that I am fortunate to work in one of the best teams I have been part of during my career.  The core team is small, but everyone has strengths that complement each other.  The team works hard and supports each other.  This has really helped the transition.

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So many CFOs stay in the same sector throughout much of their career. You have had a varied career across multiple sectors - what have been the benefits to you in having this variety of experience?

There are multiple benefits.  At a technical level, I find that each industry has adopted certain ways of working and these have evolved over time.  Working across multiple industries has exposed me to different ways of addressing similar problems, increasing the tools available to me and making me more effective in my role.

Whilst not a sector specific question, working in different sized organisations also has similar benefits.  When I reflect on my time in Blue Chips, my experience has been invaluable and has enabled me to successfully apply best practice developed in fields such as change management, board communications and corporate governance to more agile smaller entities.  

On a more personal level, I feel fresh.  I have an appetite to constantly learn and changing industry comes with an associated need to acquire knowledge.  I also believe that I have built resilience as a person.  I am not afraid of change; in fact, I actively seek it.  I am confident when presented with challenges as I have experienced new things many times before.  

This confidence to address new challenges really helps working in a private equity/SME environment where there may be a requirement to lead in areas where you have limited experience.  I am comfortable working outside of my recognised, finance skill set.  

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In a world where remote working vs. hybrid vs. home is still very much at the forefront of people’s minds when looking for their next role, what advantages and disadvantages has remote working had for you and the teams you manage?

Hybrid working has been great for me and a key part of my working pattern for many years, well before the pandemic necessitated a change in the way people operate.  I have always been a strong advocate of hybrid working and believe that it provides the flexibility for teams to very productive.  There are times in a month when you just need to get your head down and working from home can provide the environment to do this without time being wasted on the commute.

I advocate a hybrid working pattern.  I feel that a fully remote role has disadvantages that are very hard to overcome.  In an entrepreneurial environment where ideas and collaboration are required to find solutions and discover opportunities, it is invaluable to spend time with your team to chat things through and for ideas to spark.  It is possible for this to be done remotely in a meeting, but in an office it happens throughout the day; in meetings, at your desk and of course the proverbial water cooler conversation.  I try and manage my diary, so I am at the office / on-site a couple of days a week and arrange my ‘office days’ to coincide with the team so we are regularly together.

I don’t find any disadvantages with a hybrid working pattern so long as everyone makes it work together.  However, I do believe that the flexibility provided by being able to work from home needs to be carefully managed.  I usually do a few hours work over the weekend, particularly if an idea comes to mind, but this is a choice for me.  I try and be careful to ensure that this is not an expectation of anyone else.

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The majority of businesses we speak to today have more than at any other time a real focus on a purpose led and ESG strategy. Is this as easy to do in the renewables sector where there is already a visible purpose?

Yes, this is probably much easier; Greensphere’s whole raison d’etre could be deemed an ESG strategy.  Greensphere has grown green and sustainable businesses for over a decade.  Our business model is to create long-term sustainable science-based and technical jobs, invest in and grow our supply chain partners, and try to spread good business practices.  We don’t believe our investors need to compromise on returns to also do good.

One benefit from having such a long-established strategy is that Greensphere is a very credible partner.  Multiple partners are very keen to work with us due to our green credentials.

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As the renewable energy industry heads into 2023, soaring demand and attractive, long-term incentives are creating strong tailwinds, yet still being mindful of some of the challenges that 2022 presented in supply chain, inflation and increasing interest rates. How can the sector navigate the headwinds and be in a stronger position for growth 2023/24?

Growing concern around climate change, evolving global energy policies and increased pressure from investors on companies to adopt environmental social governance (ESG) polices continue to raise the profile of renewables.  Coupled with the long-term move towards reducing greenhouse-gas emissions to net zero by 2050, the renewable energy industry certainly is the future and that will keep the sector attractive for some time.  

There is a risk that the recent invasion of Ukraine will, at least initially, slow down the transition to a net-zero economy with government focusing more on energy security.  Concern may result in an increase in fossil-fuel production and a revival of recently decommissioned generation assets, but the hope of course is that energy-security concerns will drive investment into renewables as part of the solution for energy independence.

Whilst it is not always appropriate to group all renewable energy sources into a single category as market dynamics can greatly differ, there are challenges that all renewable energy sources are facing; long-lead times for fixed assets, higher costs of funding, increasing costs in general, higher rates and excesses in the insurance market with cover harder to find, and Brexit-driven import delays.  

The sector as a whole, and individual businesses in general, need to focus on the fundamentals of the business and not rely on historically high energy prices.  The power price has softened considerably in recent months and many businesses are being forced to look at their cost base.  Having the right team in place, a focus on the supply chain and adapting to the new environment is a must to position the business for future growth.

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When looking back on your own career, you are not a “typical” Accountant. What have been the highlights and what advice would you give anyone looking to establish a career in finance?

My key highlights have been the vast range of opportunities that have presented themselves owing to being a Chartered Accountant.  I have travelled the world and done things that I never envisaged when I started my career.  My experience has been far removed from the ‘bean-counter’ stereotype; I held strategy, pricing and operational roles before moving back into the finance function and progressing to my current position as a CFO.  

My advice would be to view the ACA qualification first and foremost as a business qualification, which equips anyone wanting a career in business with a set of key skills that are transferable across industries and recognised across the globe.  Many people choose to pursue a traditional career path through the finance function to become a CFO, but there are other routes that can be taken including moving away from finance altogether.  I would recommend pursuing areas that interest you and that you feel passionate about.  You will look forward to going to work every day, you will feel more fulfilled, and because of that you are more likely to be successful, however you define success.