Technical Advisory

Technical Advisory

Asset Management

Asset Management

Market Advisory

Market & Financial Advisory

Water and Waste Management

Water & Waste Management

Read more



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.

Read more

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.

Read more

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


  • May 19th, 2016
    Renewable secondary market: 60 MW ongoing advisory jobs for REA
    deals & projects
    REA Q2-2016 advisory pipeline is growing in a variety of operations. REA is currently providing technical advisory in an M&A transaction of a 14 MW wind farm, assessing a 10 MW PV distressed portfolio of non-performing loans, assisting a real estate fund in the consolidation process of about 24 MW PV portfolio and advising other investment funds in other M&A solar deals (12 MW). 
    REA independent advisory practice, thanks to its multidisciplinary and integrated approach, continues to be trusted by high standing investors in their italian renewable energy deals.
  • May 10th, 2016
    REA supports 8 large clients - companies and regulators - in water tariff design
    deals & projects
    REA is assisting 3 local authorities, 4 utilities and 1 asset company in the tariff approval procedures under MTI-2 AEEGSI regulation. Supported players have a cumulated turnover of about 680 Mln€ and 360 Mln€ of new planned investments up to 2019.
    I am satisfied of REA water business division early growth - Ms. Santella says - we are supporting, directly and indirectly on behalf of local authorities, tariff procedures for 8 water operators, which serve a relevant portion of the italian territory, with more than 3 million end-users
  • May 2nd, 2016
    New regulation for biomethane injection into natural gas network
    market highlights
    The Italian Energy Authority AEEGSI, with Resolution 204/2016/R/gas (, has approved the proposal presented by Snam Rete gas SpA to update the Natural Gas Network Code to allow the connections of biomethane plants to national gas grid. The Network Code’s changes concern the following relevant issues:
    i) Connection procedures permitting accessibility to transport gas grid, connection request procedures has been defined as well as the maximum time to transmit eligibility assessment results by Snam (120-days). In case of delay by TSO in work realization, an automatic compensation is provided;
    ii) Quality of biomethane, it is eligible the injection into the gas network only biomethane produced from the anaerobic digestion of organic products and by-products. Biomethane to be injected is required to respect the limits of the components / elements identified by the technical report UNI / TR 11537 and to be suitable for odorization process according to UNI 7133;
    iii) Metering, the biomethane producer is responsible for the installation and maintenance of the measuring systems. In case biomethane is injected into the network via tanker trucks, the responsible of measurement systems is the transportation company.
    This resolution was long-awaited by operators and it is therefore a big step forward to the deployment of a fair and not discriminatory regulation framework. Nonetheless, waste treatment plants, which it is believed to have the highest market potential in biomethane sector, are not yet allowed to inject gas into the grid.


  • March 2nd, 2016
    Updated regulation for IMU/TASI local tributes with positive impacts on PV plants
    market highlights
    The Italian government recently reviewed the regulation on PV taxable value (“rendita catastale”) for IMU and TASI local tributes. As introduced in “Stabilità” law and then clarified by tax authority (circolare 2/E of 1° Feb 2016), starting this year taxable value for PV plants, with the exclusion of some specific rooftop-integrated configurations, is estimated without considering inverter and modules.
    As deducible, with the exclusion of such components, taxable value can be strongly reduced (up to 60%) with a proportional reduction on property taxes (now typically about 10-15 k€/MW). REA believes savings from this provision might get significant, in particular in big PV portfolios.
    In order to benefit of the updated regulation, plants owner have to recalculate the taxable value and send it through to the local agency by means of DCFA system. Proposed value should be accompanied with a report containing plant description, plant cadastral layout and other information. REA is currently assisting several investment funds in such issue, providing value recalculation and DCFA sending.
  • January 18th, 2016
    New rules for water sector: tariffs, quality of service and unbundling
    REA insights
    The three pillars of water regulation: quality, tariffs and unbundling from 2016 will have a brand new regulation as recently introduced by energy and water authority AEEGSI. 
    The future development of the Italian sector is strictly linked to the application of such regulatory tools, representing a real opportunity for local regulator and companies.
    REA together with UTILITEAM organize a workshop and networking event  next February the 2nd in Bologna: a solid chance to debate and analyze the new regulation and the potential impacts in the short and medium term. See program at the following link:
    2016 will be a milestone year for the sector - says Maria Luisa Santella, head of REA water and waste Area  - forward-looking players will have the change to build sustainable bases to catch the impressive investment cycle of 60 billion €. The sector will need to struggle with a “demanding” regulation: only an industrial medium-to-long term approach will lead to the awaited renovation of the industry”.
  • December 23rd, 2015
    New regulation for WEEE from incentivized PV modules
    market highlights
    The GSE recently published a new regulation following law decree 49/2014, national implementation of 2012/19/UE Directive on WEEE - Waste Electrical & Electronic Equipment. The regulation introduce a withholding quota as warranty deposit to cover costs for collection and disposal of modules from plants incentivized with Conto Energia mechanisms.
    REA published an opinion on Quotidiano Energia - -  with some insights on the new regulation, staring a debate on some specific rules. “We believe the withholding quota might create some financial impact, in particular for plants commissioned in early stage of Conto Energia, when lower peak power modules were installed” says Mr. Nardon, REA’s senior analyst, however “we see some rooms of improvement in the regulation, that need to be more transparent in the quota update mechanism and better reflect specific modules technologies” says Mr. Mastropieri, REA’s CEO.
    Find attached the Italian and English versions of the published operational guide.
  • December 23rd, 2015
    GSE publishes new web portals on incentivized plants and controls database
    market highlights

    The GSE recently launched two new useful web portals. One is an “opendata” website were all incentivized RES operators are listed in a public database, with information about the company, VAT number and payed tariff in 2014 and 2015. Data are freely provided for Conto Energia scheme, non-PV RES scheme, green certificates and other incentives.

    The second one is a public database on the GSE control activity, with statistical data provided at regional level with information on number of controls, technologies involved, type of control and verified violations.

    We believe valuable information might be extrapolated from these web portals, helping investors in scouting activities and in the identification of typical issues in case of GSE controls.

    The two portals are available at the following links:

  • October 23rd, 2015
    AssoRinovabili Conference on GSE control activities, sponsored by REA Srl
    market highlights
    AssoRinnovabili together with REA Srl as main sponsor organized a conference to discuss on the GSE control activities. The event, that will be held in Milan in November the 6th, is divided in two sessions: first one focused on the details of the control activities on plants and a second interactive session dedicated to promote ideas and proposals on regulatory issues.
    To guarantee a proper interaction between experts and participants, the registration is possible up to the fulfillment of availabile seats. Please find the registration link at the following:
  • September 28th, 2015
    REA provides market insights to Argus Media
    REA insights

    REA recently started a long term partnership with Argus Media, London-based leading energy industry information provider, contributing with comments and analyses of the Italian renewable market and regulation. REA’s insights about the upcoming decree for non-PV renewables has been published in Argus European Electricity issue num. 15-172 of September 2015. 

  • September 23rd, 2015
    REA increases advisory pipeline thanks to M&A growing activity, 190 MW assessed
    REA insights
    Over the last few months REA has been involved in a growing pipeline of advisory jobs, catching the increasing M&A trend in Italian renewables. REA has provided due diligence and valuation M&A services for 4 PV small portfolios takeover (about 17 MW of installed power), 1 MW biogas plant and 1 MW hydro power plant. Plus, REA has supported debt renegotiation for about 10 MW of distressed PV assets. 
    Futhermore, despite a lower greenfield market activity, REA is carrying out technical due diligence for about 16 MW wind farm project finance and several lease-financed small biogas plants.  
    Lastly, REA is supporting a litigation case in the valuation of 2 wind farms projects (about 140 MW).