Technical Advisory

Technical Advisory

Asset Management

Asset Management

Market Advisory

Market & Financial Advisory

Water and Waste Management

Water & Waste Management

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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.

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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.

Area Servizi Idrici e Ambientali

Il settore idrico è stato recentemente oggetto di un radicale processo di riforma volto a promuovere lo sviluppo industriale dei comparti attraverso la definizione di modelli regolatori omogenei a livello nazionale e l'introduzione di meccanismi incentivanti sia nella gestione dell'impresa che nello sviluppo delle politiche di investimento. La regolazione è stata affidata all'AEEGSI e, REA, vista l'esperienza acquisita in ambito energetico, ha esteso il perimetro dei servizi offerti anche ai settori ambientali avvalendosi delle competenze maturate e di un team di professionisti con specifiche e consolidate conoscenze in materia.

I servizi offerti spaziano dalla consulenza in materia regolatoria legata allo sviluppo della tariffa ed all'analisi economico-finanziaria delle scelte di investimento, all'assistenza nella strutturazione dell'unbundling contabile e nelle verifiche ispettive dell'AEEGSI.

Il target di clientela include le Autorità locali di regolazione, le imprese operanti nei settori e i potenziali investitori istituzionali.

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


  • January 15th, 2018
    GSE INSPECTION 2.0. A new workshop organized by REA in the light of the news introduced by the Legge di Bilancio 2018
    REA insights

    The first workshop organized on the news introduced by the Legge di Bilancio 2018, approved last December and intervening in the theme of the growing GSE inspections and in the sanctioning powers of GSE, is going to be held by REA inside the Event Space of Swiss Chamber in Milan.

    The event takes place under the auspices of Elettricità Futura, and provides special conditions for the members of the Association with a 50% discount (60€ + VAT instead of 120 €) reserved to the energy producers by solar source.

    After the great success of the previous editions, the workshop “GSE inspection 2.0” enriches with a round table with prestigious administrative legal firms in Italy in the energy field: Prof. Carlo Malinconico, Andrea Sticchi Damiani, Germana Cassar to discuss the scenarios and the implementing issues related to the new inspections’ regulation, between the voluntary disclosure and the expected rating of violations.

    Together with the speech of Prof. Mastropieri, REA’s CEO, about the impact that GSE’s controls are leading to the brownfield market, and the address of Eng. Paulangelo about the main technical-administrative contested violations and anomalies occurring during the inspections, there will be a speech held by the Certification Institute KIWA Cermet about the incompliances in PV modules’ certificates.


    Please, find attached the full program and regulation.

    To subscribe, please click here.

  • November 23rd, 2017
    Workshop on “Spalma incentivi” and the protection of investments in the framework of the ECT
    REA insights
    Next Thursday 30th Elettricità Futura organizes a workshop aiming to provide an overview of the international arbitration procedures suitable for the Italian Spalma-Incentivi case, focusing on arbitration jurisprudence and on the importance of a damage assessment. REA will participate the workshop with a speech on key marked-related assumptions on Italian PV asset valuation.
    The workshop will be held in Elettricità Futura offices (via Pergolesi 27, Milan), participation is reserved to foreign companies that invested in the Italian PV asset before the Smalma-Incentivi law.
    Find attached the program, to participate send a request to
  • November 15th, 2017
    Water unbundling: ready, go! The online application by AEEGSI is available
    market highlights


    Last 6th of November AEEGSI communicated the official opening of the second phase of the Unbundling regulation for operators of the Italian water system. So it starts the 90 days’ countdown for the application of the unbundling rules for 2016 balance sheets and the upload of data on Authority’s web portal.

    The last dowel, in time order, concerning water regulation was then incardinated. REA is also in the field of water unbundling advisory business, thanks to the trust already granted by 6 water companies. “Thank to the deep knowledge of tariff mechanisms and the familiarity with accounting separation’s reclassification principles – states Marialuisa Santella, Director of Water and Environment Area -  we intend to reach the aim of assisting 20 water companies before the end of the first unbundling’s session”.  

  • October 3rd, 2017
    REA becomes Banca Intesa listed advisor
    deals & projects

    Thanks to its relevant track-record and recognized standing, REA has recently been accredited as listed advisor of Mediocredito Italiano, the commercial arms of Banca Intesa group, first Italian bank and one of the most solid in Europe. REA advisory practice now covers all major Italian banking institutions active on renewable energy financing, being able to support its clients in a more wide range of operations.

    Following the hot market moment, in Q3 REA confirm its growth with ongoing advisory mandates for more than 200 MW (400 MIO€) under assessment.

  • May 16th, 2017
    REA participates at Intersolar in Munich
    REA insights

    REA’s delegation will be present at Intersolar in Munich, the biggest European solar power exhibition. On the 1st of June REA’s professionals are hosted at Milk the Sun stand (hall A3 – stall 420) to discuss with visitors about available options to improve profitability of operating PV plants in Italy. Topics will range from refinancing to revamping as well as recent regulatory updates (super-ammortamento, selfconsumption, etc.).

    To reserve a meeting (30 minutes each) and benefit a free entry ticket for the exhibition, please visit the following links:

  • April 28th, 2017
    “ACQUA ADRIATICA” workshop: Unbundling and AEEGSI controls in water sector
    REA insights
    On the 25th of May, REA has organised a technical workshop on the new unbundling regulation (Del. 137/2016/R/COM) and AEEGSI controls. The aim is to present how to employ the unbundling model and to understand the specic provisions for 2016 balance sheet. Moreover, during the session focused on regulator’s controls activity, typical issues, documental requirements, past controls results and fines will be discussed.
    Workshop participation is free for Adriatic water companies and discounted for Utilitalia associates.
    For information and registration follow the link:
  • April 20th, 2017
    PV 2.0 – Post FIT Era: New Opportunities, New Players
    REA insights

    On the 27th of April the IEA - International Energy Agency is organizing in Rome, in collaboration with GSE, the conference “PV 2.0 – Post FIT Era: New Opportunities, New Players”. The event is set in the middle of three days of meetings on Task 1 “Strategic PV Analysis & Outreach” and aims to identify ideas and strategies for potential developments in PV markets no more supported by tariffs and incentives.

    Giuseppe Mastropieri, REA’s CEO, will participate on behalf of assoRinnovabili the final round table to discuss about the post FIT PV market. Click here for the program

  • April 5th, 2017
    Second workshop on new GSE PV revamping regulation
    REA insights
    In response to the great interest for the first edition of REA's workshop on the new GSE revamping regulation on PV plants, a full day of training on PV plants’ management has ben organised for the 11th of May. The day is divided in two separated workshops:
     - Workshop 1: “GSE controls and the new document for maintenance and revamping interventions on operating PV plants”. To be performed in the morning, it will be the second edition of the event already carried out in Milan the last 30th of March;
     - Workshop 2: “Italian WEEE regulation and case studies for PV plants”. To be performed in the afternoon, it will be a fresh new workshop with specific focus on PV panels’ end of life and, as speakers, specialists of the WEEE regulation.
    To participate, to one or both the seminars, follow the link:  
    Find attached the program of the two workshops.
  • March 21st, 2017
    REA’s workshop on new GSE PV revamping regulation is sold-out!
    REA insights
    The events promoted by REA aimed to analyze impacts of the new GSE regulation on “Maintenance and revamping interventions on operating PV plants” saw a great deal of interest by PV plant operators. The workshop, which was organized for maximum 80 participants, is already sold-out. 
    Considering the level of overbooking, REA is planning to organize a second event. 
  • February 27th, 2017
    New GSE regulation on maintenance standards and revamping criteria for operating PV plants
    REA insights

    GSE has recently published the awaited technical document on “Maintenance and revamping interventions on operating PV plants” (see file attached).

    The new regulation defines the procedures to be employed in case of revamping intervention on PV plants, in order to comply with the objective requirements for tariffs access and maintenance (pursuant to Conto Energia decrees) as well as the prescriptions of the decree of 23 June 2016. The document covers the following topics:

    - Reporting requirements to GSE in case of revamping interventions with significant effect in plant characteristics or configuration;

    - The timing and list of documents to be sent to GSE for any intervention type.

    Compared to the previous version of the document (published in august 2015 but pulled back soon after) the threshold on energy production increase (3%) it is no longer present in the text. Does persist the limit on “incentivized” power increase, fixed up to 1% for plants over 20 kW, with however no limitation on increase of non-incentivized power.

    The new rules will certainly affect PV plants’ management efforts, raising up compliance standards in carrying out plant’s administrative and technical activities, requiring more rigorous and proactive approach in GSE relationship management.

    In order to discuss the new regulation impacts on PV assets and the combed effect of GSE control activity, REA has organized an executive workshop that will take place in Milan next 30th of March. For registration and infos: