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
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


  • 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:

  • 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
  • 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 .


  • 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

    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 ( 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: 
  • 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:
    REA's prepared a focus report on the new mechanism, please contact us ( 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: