Technical Advisory

Technical Advisory

Asset Management

Asset Management

Market Advisory

Market & Financial Advisory

Water and Waste Management

Water & Waste Management

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Value

Power

Technical Advisory

REA is the best in class national technical advisor, with a long-experienced and committed engineering team. Our due diligences aim to assess bankability, profitability and qualify any kind of risks of RES, power and utility investment projects.

REA provides full independent guidance and top professional services in financial operations, from corporate financing and factoring, to project financing and M&A deals. Technical advisory services are carried out for leading italian banks and investment funds.

Ten-year experienced advisory team, leaded by Mrs. Paulangelo, covers a wide range of engineering skills: electromechanical, structural, environmental, civil, electronic, wind and gas.

Owner's engineering services are offered both for greenfield and brownfield power projects.

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Power capacity under management

Asset Management

Asset management services are designed to provide highly reliable and specialized industrial, administrative, corporate and tax&accounting facility management services for operating RES power plants. REA offers high performing daily supervision, control and financial reporting services for asset class portfolios.

REA has a strong industrial network along RES supply chain and a significant knowledge of regional/local stakeholders and authorities throughout the Country.

Independent asset management services are customised for investment funds, non-energy players, family officies owning medium to large-scale RES power plants, with main focus on PV, Wind and Biomass generation facilities.

Thanks to an interdisciplinary engineering dept., REA is the ideal turn-key player to manage distressed power assets, tournaround and restructuring industrial projects.

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Market & Financial Advisory

REA offers in-depth analysis of market trends and dynamics of power, gas and environmental markets. Market strategic advisory services are focused on national and Euro-Mediterranean markets: Renewable Energy industry, Power & Gas markets and Waste-and-Water sector, analysing both Public Utility regulated businesses and Industrial dynamics, trends and outlooks. REA provides benchmarking activities, assessment of regulatory frameworks and critical analysis of market recent developments. Business intelligence includes terms and conditions on typical contractual structures, debt and equity transactions, participants and commercial terms. REA services are provided in the form of ad hoc reports, spreadsheet databases and, when required, of seminars at client offices.

REA offers a complete selection of M&A services: from project financial modeling and asset valuation to transaction services, due-diligence, post-acquisition integration and asset management services. Thanks to a proven track-record and a multidisciplinary highly-skilled team, REA is able to correctly define business plans assumptions and quantify asset specific risks and attractiveness, providing accurate valuation estimates with respect to technical issues, operations and market & regulatory context. REA provides ad hoc modeling services to support in supplier selections, bidding strategies, debt structuring and arranging or M&A transactions. In addition, REA provides independent asset appraisal services for investment funds and IAS/IFRS compliance.

REA's team leads outsourced energy management offices for industrial and civil entities: from Green Audits and feasibility analysis to energy procurement (power, natural gas, green/white certificates), designing and implementing energy efficiency and cost saving strategies.

Water & Waste Management Area

Waste and water regulation has recently been object of a radical review process aimed to promote the industrial development of the sector. A new regulatory framework has been defined: same rules across the whole country and a brand new an incentive scheme are expected to deploy an effective investment policy.

Taking advantage of the strong experience gained in the energy sector, REA has expanded scope of services to environmental and water investment industries, offering top level practice thanks to a skilled team of professionals with specific expertise in public utilities and Waste&Water infrastructures.

Offered services by Water&Waste Management Area are: tariff regulation, impact of tariff dynamics on investments and corporate strategy, M&A and corporate finance, technical and market advisory, due diligence and risk assessment. Target companies: local authorities, incumbent industrial players, banks and infrastructure investors.

REA's managing partner and founder Prof. Giuseppe Mastropieri more than ten years' experience in energy consultancy has acquired an in-depth and widespread knowledge of the Italian and european renewable energy industry.
During his carrier, he provided advisory services in more than 350 investment projects, counting on about 3 GW of power for a financial value of about 4,2 billion euro.
Currently, Mastropieri is board member of AssoRinnovabili, the leading italian trade association of renewable energy producers.
Mastropieri holds a PhD in industrial engineering achieved at University of Padua and he is currently teaching as a contract professor in Economics and Management of energy Utilities in the internationa Electrical Engineering master's degree at University of Bologna.
Dr. Mastropieri is also faculty member at Energy Management Master promoted by University of Bologna.
Furthermore, Dr. Mastropieri is technical director of a top performing wind farm installed in Molise Region.
Giuseppe Mastropieri

Giuseppe Mastropieri

managing partner
REA's founding partner Barbara Paulangelo has a wide experience in technical and operational issues of power generation. Since 2007, she has been technical advisor in more than 250 investment projects achieving eccellence in structured finance operations and deal negotiation.
Ms. Paulangelo has a strong confidence on energy regulation for power generation and transmission as well as a remarkable industrial know-how in photovoltaic, wind and biogas power plants. Moreover, she has a commendable experience of high efficiency CHP and heat recovery systems for industrial applications.
Before REA's engagement, Ms. Paulangelo has been senior advisor of a primary Italian energy consultancy firm. Ms. Paulangelo graduated cum laude in electrical engineering from Polytechnic of Bari and holds a second level master in Energy Management.
Barbara Paulangelo

Barbara Paulangelo

partner & technical director
Chartered Accountant and senior economist specialized in the field of utilities and public services, Mrs. Santella deals with management and governance of waste and water services industry.
Mrs. Santella gained solid experience in the utility sector working with leading national consulting firms, regulatory authorities and public companies.
She recently oversaw the application of the new promising tariff regulation introduced by Italian Authority AEEGSI in several regions, gaining top expertise by supporting local Authority planning requirements and renewal investments programs of W&W companies.
Mrs. Santella has joined REA’s Board of Director from January 2015 becoming head of Water and Waste Management Area.
Maria Luisa Santella

Maria Luisa Santella

director water & waste area
Industrial Engineer with a master degree in Renewable Energy (RIDEF) at Politecnico di Milano, 8 years' experience in development and construction management of renewable power plants and waste recycling plants.
Di Natale started his carrier in 2006 in technical dept. of Asja Ambiente Italia. He became in 2010 independent technical advisor for a leading large corporate bank and developed several greenfield biogas projects in partnership with a primary IPP of domestic renewable sector.
Since 2006, he has designed several biogas plants (30MWe) and has been technical advisor for a wide landfill and agricultural biogas plants (85 MW).
Di Natale has been recently qualified by GSE Spa – Gestore dei Servizi Energetici as independent engineer for biogas plant technical compliance (Decree of Jan 2014).
Di Natale has joined REA's team from March 2013 becoming director of Biomass Area.
Giuseppe Di Natale

Giuseppe Di Natale

director of biomass area

News

  • December 7th, 2016
    The Spalma-Incentivi decree is legitimate
    market highlights
    The Italian Constitutional Court has just pronounced on the well-known “Spalma-Incentivi” issue, right after the public hearing that take place yesterday. The retroactive cut on PV tariffs has been considered legitimate by the Court. In a few months the complete sentence with motivations of the judgment will be published. Here the official press release: http://www.cortecostituzionale.it/documenti/comunicatistampa/CC_CS_20161...
  • November 22nd, 2016
    Webinar on water sector Unbundling: how to succeed in the new regulation
    REA insights
    Next Friday, December 2nd 2016 at 10:00 am, REA will hold a training webinar to examine and discuss about recent changes introduced by Unbundling in water sector. Webinar participation is free and reserved to water companies. Find a description of the event and the participation link at http://www.readvisor.eu/webinar .
     

     

  • November 7th, 2016
    Significant advisory pipeline for REA
    deals & projects

    Q4-2016 is bearer of important company achievements. REA has successfully assisted, as technical advisor, the recent 6Mln€ transaction between VAM Investments and Gruppo Industriale Maccaferri (this http://vaminvestments.com/index.php/vam-invests-6-million-euros-in-maccaferri-photovoltaic-plants).

    Moreover, REA is currently providing strategic and technical advisory in four big onshore wind projects (totaling 100MW), taking part in the ongoing wind energy auctions.

  • October 6th, 2016
    REA opinion on Quotidiano Energia and Windpowermonthly about ongoing wind auction
    REA insights
    REA has recently published an opinion on Quotidiano Energia (http://quotidianoenergia.it) about ongoing wind auctions. The article, extracted from an in-depth competitive study on auction scenarios for wind operators, selects some of the relevant variables that will impact players bid strategies on GSE tender, granting tariffs for 800 MW. 
    Other pubblications are planned in trade press. Here the link to Mastropieri statement on WMP: http://www.windpowermonthly.com/article/1409341/italy-gears-800mw-tender 
     
  • September 27th, 2016
    New unbalancing valorization scheme from 2017
    market highlights
    With Resolution 444/2016/R/EEL the Authority introduced a new mechanism to valorize unbalancing which will directly impact renewable energy plants.
     
    The Resolution provides that from 2017 January the 1st, for not-relevant renewable plants (P<10MW) unbalancing will be valorized with a hybrid mechanism: “single pricing” within a band of +/- 7.5% (up to July amounted to 100%) and “dual pricing” beyond this threshold. The latter mechanism is very penalizing for non-programmable sources, in particular medium-scale wind.
     
    It is expected that from 2017 traders will unlikely be able to replicate 2016 quotations (i.e. “zonal plus”), with a negative impact on revenues from energy sales, already downsized by the bearish trend of the power exchange.
     
    Appeals by trade associations and operators are already annunced: unbalancing regulation has been intrinsically “uncertain” over the last 5 years and this is probably not the last chapter yet. The only thing that seems to be clear is the “direction” of the Authority, oriented to promote (?!) greater responsibility for renewable producers in forecasting and managing power flows. Find the Resolution in the following link: http://www.autorita.energia.it/allegati/docs/16/444-16.pdf
     
    REA's prepared a focus report on the new mechanism, please contact us (info@readvisor.eu) to request a free copy.
  • September 23rd, 2016
    Refinancing in photovoltaic: REA's opinion on Milk the Sun blog
    REA insights

    Milk the Sun blog published an interview with Lorenzo Nardon, senior analyst at REA, regarding refinancing of PV plants. The growing interest on refinancing operations (or renegotiation of existing contracts) is in fact driven by the favorable reduction in interest rates in the current financial environment. Find the Italian interview on the following link: http://it.blog.milkthesun.com/ottimizzare-un-impianto-fotovoltaico/rifinanziare-impianto-fotovoltaico

  • July 25th, 2016
    GSE counter updated: 400 MLN€ for RES incentivation
    market highlights
    GSE updated the annual expense counter for non PV renewables with new calculation method according to ministerial Decree 23 June 2016. Average annual cost decreased from about 5.55 BLN€ to 5.4 BLN€: space for new plants promotion is now almost 400 MLN€.
    GSE updated scenarios, based on new calculations, show that risk of exceeding the 5,8 BLN€ ceiling appears avoided, at least in the short term. Despite scenarios do provide some reassurance for investors in the short run, big uncertainties remain in post 2016 incentive support policy.
     
     
  • July 5th, 2016
    Updated regulation of emission limit for biogas plants (Good news!)
    market highlights
    Decree 19th May 2016, n. 118 updated the regulation of the emission limits for Total Organic Carbon (TOC) from biogas installations. This measure finally ends the uncertainties on how to correctly manage engine emissions. The main changes are: (i) exclusion of methane TOC measurement and (ii) decrease of emission limit value (new threshold to 100 mg/Nm³).
    Following new regulation, biogas plant managers are required to upgrade authorization titles within 15 September.
     
  • June 29th, 2016
    Hard-earned Decree for non-PV RES finally published
    market highlights
     
    The 18 months awaited decree for electrical non-PV renewables has finally been published in the official gazette (DM 23 June 2016) and will enter in force tomorrow the 30th of June. The decree will provide incentives for up to 1,4 GW of new power that will be tendered in public auctions within august 2016. The decree will remain in force until either 1st December 2016 or when the annual cost for incentivation will exceed the 5,8 billion€ threshold. As positive, an extension of validity for smaller plants (with direct access) has been introduced, postponing termination to 1st December 2017 (in case of non-exceedance of said annual cost). 
    GSE will tender some 860 MW of onshore wind power, 140 MW of power from biomass/biogas, 120 MW from concentrating solar power and 80 MW from hydropower. A new set of feed-in tariffs for distributed generation plants has been defined with an average decrease of about 10-20%. Plus, a new deadline has been introduced: new tariffs do not apply to plants that will be commissioned within one year from the enter in force of the decree, either through direct access and GSE registry.  
    If in one hand the new decree will preserve ongoing investments (mostly small plants) and will provide some new opportunities (onshore wind and CSP), one the other hand, the very short duration of the incentive scheme is missing to provide long term signals for investor in the renewable energy Italian sector.

     

  • May 26th, 2016
    Sicily finally integrates with the European power market: the new power line “Sorgente-Rizziconi” starts operations
    market highlights
    The ten-year awaited high-voltage (380 kV) power line “Sorgente-Rizziconi” that connect Sicily to the mainland has finally been completed and will officially start operation the 28th of May. This is a strategic infrastructure for the national electricity grid, completing the HV interconnection and mitigating the power flow constraints that caused significant price spreads in the last years between Sicily zonal market and the continental ones.
    The transitory regulation (AEEGSI deliberation 521/14), that was established to “artificially” decrease price spreads in Sicily, will automatically ends as the new power line get commissioned. Sicily zonal market price is therefore expected to soon align with the continental markets, reducing the still existing spread of about 4-5 €/MWh and decreasing PUN price and, in turn, cost of electricity for final users.