A new experience every day and always learning is what drives Lucy McKelvey, associate director in EY’s energy and infrastructure corporate finance team.
When did you decide on a career in finance?
I was interested in business from an early age. I did a degree in accounting and finance at Newcastle University and, while studying, I applied for several roles in both industry and professional services firms, across a variety of finance roles. EY offered me a position on its placement scheme in forensics. I returned for my final year at uni, left with a first-class honours degree and joined EY in 2015. I have been with the firm ever since.
What was your initial experience?
At the start of my EY career, I explored a variety of roles, working out which service line I would thrive in and enjoy the most, as well as trying to find a team in which I could see an ideal pathway for progression. I particularly enjoy working in an environment where I am constantly learning, with no two projects the same, and collaborating with entrepreneurs. I decided to specialise in renewable energy and energy transition, fields that require an understanding of regulatory regimes and the ability to spot emerging trends. The experience of other EY teams allowed me to grow in my current role.
Why did you move into corporate finance?
My placement year in forensics was a great introduction to professional advisory. I spent a year undertaking complex investigations and litigations, and developed an understanding of my own strengths. I enjoyed the client-facing side of the job, but wanted to explore other areas before deciding on a long-term career path. I had a short secondment to infrastructure advisory, and realised the tangible nature of deals really motivated me in my career – you have a real impact in your role. One example was working on the financial close of a large hospital concession while on secondment. That was incredibly rewarding, seeing funding raised by our team used for critical societal importance.
What is your current role?
I am an associate director in the energy and infrastructure corporate finance team. We advise a wide range of clients, from developers to financial sponsors to corporates, on investing, disposing or financing grid-scale energy assets or businesses in the energy transition space. I am biased, but energy is one of the most exciting sectors to be involved in. Our work takes us to some of the most natural resource-rich corners of the earth. The aim is to deliver cleaner power to residential and commercial users. I am passionate about the outlook of renewable energy in the UK and abroad, as well as its impact on future generations.
What deals stand out for you?
Innovation is a huge focus in the energy sector and my team works with many talented entrepreneurs who deliver new and exciting solutions for the energy market. In 2021, I worked on the £120m financing of two large greenhouses in Suffolk, powered by ground-source heat pumps using waste heat from nearby water treatment works. The greenhouses are now used to grow around 10% of the UK’s production of tomatoes and are the first to do so using 90% renewable sources rather than being diesel-fuelled. It was my first experience of working in renewable heat, an area that historically has been more complex to decarbonise than electricity. Since then, I’ve worked on several agricultural and biogas projects, using my experience in the greenhouses to advise current clients.
What about your work encouraging women in corporate finance?
I have been fortunate to have a very close female role model from my early days as a graduate – Louise Shaw – who is now the head of energy and infrastructure at EY. I have spoken on panels about my role and I always encourage women starting their career to consider corporate finance where appropriate. The job needs a variety of skills – emotional intelligence and strong communication skills are just as important as knowing the numbers.
What are your future ambitions?
I see myself staying in corporate finance – I’d like to be a leader in the energy transition space. The energy sector is constantly disrupting itself as technology advances and markets decarbonise. My ambition is to deliver value for clients, monitor market dynamics and see how that impacts investment strategies. I’d like to continue my progression at EY and become a client service partner.
