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Your reliable partner for energy challenges

REA Srl – Reliable Energy Advisors is an Italian independent advisor operating in the Green Economy, specialized in providing top-level services for energy and utilities markets, with main focus in renewable energy, water and environmental industries.

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Water unbundling 2018: the second phase for the delivery of CAS 2017 by water operators is open

On the 14th of September ARERA opened the second phase for the collection and delivery of the separate annual accounts (Conti Annuali Separati - CAS 2017) to be executed by the water operators, starting the 90-days deadline for the fulfillment (expiring on the 14th of December 2018).

Given its strong experience in the sector, REA stands as a qualified and reliable partner for water companies, supporting them in the construction of the accounting unbundling model and in the preparation of sector prospectuses. REA’s team, thanks to its competences and its specific regulatory expertise, is capable to follow the entire accounting unbundling process, supporting companies also in dealing with the auditing firms and in uploading data on ARERA’s web portal.

new service
Unbundling accounting 2018 for water service provider

REA has developed a integrated service to guide the operators in the transition phase, until the full implementation of the new regulatory framework.

Corporate Unbundling Design
Preparatory Activity to the for the construction of CAS «Conti Annuali Separati» aiming to optimise the accounting procedures consistantly with mandatory reclassification requirements
  • Analysis of the current situation through a careful documental recoinnaissance
  • Review and adaptation of «Piano dei conti» of «Co.Ge Contabilità Generale» and cost accounting to unbudling's prescriptions
  • Simulation of the CAS for the core business activity
Unbundling accounting 2018 (balance sheet 2016 and 2017)
First application of ARERA (ex AEEGSI) Deliberation no. 137/2016/R/COM with an «ex-post» approach
  • Analysis of technical-accounting data of 2016-2017 and mapping
  • Re-classification of accounting data with assignment to Activity, Common Services ( «Servizi Comuni – SC») and Shared Operative Functions («Funzioni Operative Condivise – FOC»)
  • Production of CAS sheets 2016-2017 and provision of a explanatory note
Unbundling in full operation
From accounting year 2018 starts the unbundling with «ex ante» approach
  • Analysis of technical-accounting data and mapping
  • Re-classification of accounting data with assignment to thwe core business Activity, Common Services ( Servizi Comuni - SC) and Shared Operative Functions (Funzioni Operative Condivise - FOC)
  • Produzion of CAS sheets 2018 and provision of a explanatory note

To require a service presentation and quotation, please contact:
Maria Luisa Santella
director water & waste area
E-mail: m.santella@readvisor.eu
M. +39 339 8364900

best seller
GSE Compliance audit for «Conto Energia» PV Plants

BE READY FOR GSE'S CONTROLS WITH REA

Thanks to the in-depth knowledge and wide experience of GSE's controls, REA provides a complete service of Audit for GSE Compliance, counting a solid background of more than 250 plants for a total power of more than 400 MW already audited.

The full service includes:

  • Analysis of all the documents uploaded on the portal when requesting the incentives, both in terms of completeness and adequacy. Such evaluation requires and includes further and detailed analyses, such as the land properties, permits' procedures, grid connection iter;
  • Site visit, to verify the adequacy of the a built project comparing with the authorized one, and the representation of the "as is" situation compared to what has been declared when accessing the incentives. . The site visit also comprehends the check and the compliance of inverters, meters and panels' serial numbers, to be performed both on a sample or on the totality of components. Special procedures of evaluation are activated for the "Salva Alcoa" cases and for the integrated photovoltaic plants;
  • Check of the list of documents requested by GSE to keep at the plant, to show at the moment of receiving the GSE's control;
  • Provision of possible mitigant actions to reduce the danger of revoke or reduction of the incentives, for all the risks detected during the Audit.

With the "Legge di Bilancio 2018" approved in December 2017, the preliminary checkup of the PV plants incentivized in Conto Energia becomes a "must" for all the operators, in the ligh of the growing number of GSE's verifications and also of the new penalty faculties, with the chance to vary the sanction for relevant violation with a reduction of the FiT between 20% and 80%.
Moreover, with the Law 205/2017 the implementation of the voluntary disclosure mechanism is extended, providing in case of self-denunciation by the producer the reduction up to one third of the penalty
Such mechanism boosts the one already introduced with Law 96/2017, providing a sort of "amnesty" to keep the Conto Energia tariff even in cases of not correspondence of the installed modules to the CEI EN certificates required with just a FiT reduction of 20% (that lowers to 10% in case of voluntary discosure).

REA assists the photovoltaic operators in preparing documental datarooms and in interacting with GSE in case of documental integration requirements from GSE, as well as assisting with its Senior Team the inspectors during a GSE's site inspection.

For further information about REA's services for GSE compliance or for our technical advisory services, please contact our Office at the phone number +39 051 0549750 or by email at the address auditgse@readvisor.eu.

Technical Advisory

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REA is the best in class in Italy in technical advisor for renewable energy technologies and in energy efficiency, with a team of engineers and advisors with an experience matured starting from 2005. Our Due Diligences aim to evaluate projects' bankability, plants' reliability as well as assessing the risks related to the investments projects in the green techs, both the regulatory aspects, and urban and real estate aspects, as well as exquisitely technical and performance aspects.

REA offers a full spectrum of high quality services, recognized by more than 100 clients, supporting financing operations as well as in the field of assets acquisitions by investments funds.

REA is a listed technical advisor for the main Italian and European banks, and is chosen by the leading Italian and international funds.

Thanks to a tailor made approach unique of its kind, REA is a unquestioned reference point and top benchmark for the compliance audits for GSE's controls.

A team of advisors with more than 10 years experience with more than 4GW of installed power already assessed, under the lead of Eng. Paulangelo, covers a wide range of engineering competences: electronic, mechanical, structural, environmental civil and, of course, electric.

Market & Financial Advisory

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REA offers a complete selection of M&A services: from project financial modeling, to valuation and support in transaction negotiations, from due-diligence to post-acquisition integration. Thanks to a proven track-record and a multidisciplinary highly-skilled team, REA is able to correctly define business plans assumptions and identify asset specific risks and attractiveness, providing accurate valuation estimates with respect to technical issues, operations and market & regulatory contexts. 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 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, analyzing 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.

Water & Waste Management

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Waste and water regulation has recently been object of a radical review process aimed to promote the industrial development of the industrial sectors overseeing the fruition of sensitive public services. A new regulatory framework has been defined: same rules across the whole country and a brand new an incentive scheme as a stimulation for a middle-long term investment cycle capable to revamp the services considered as strategic for the country.

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 a twenty years experience in services, infrastructures and regulated companies of wastes and water services.

Offered services by Water & Waste Management Area, chosen by more than 20 clients among Gestori, Enti d'Ambito e Asset Company are: tariff regulation, unbundling, corporate financing lines, expert reports for plants and holding assessment, contractual quality.

Engineering & Development

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With the entry of the director Fabio Amico in 2017 REA extended the range of its services with the support in the develop of greenfield projects, first and foremost for wind and photovoltaic project for leading investors, IPPs and Yield.Co operating in renewable energies.

Thanks to a unquestioned network of local technical partners and to its ascendancy with Regional authorities and energy distributors, REA develops utility scale projects with technical solutions and identification of sites capable to guarantee the best energy performances and extremely competitive LCOE.

REA assists its clients in the whole process of development with its services of executive planning, works supervision and the coordination for safety and health at both project and execution stages, complementing with the latest techniques of procurement and agile project management capable to guarantee the respect of the investments' schedules.

REA's projects, thanks to the national and international standing recognized in the advisory, are extremely attractive for financial investors: bankable contracts, better technologies with competitive provision conditions, advanced designed without need to rework and with efficient and reliable Balance of System, optimal sites, complete authorizations, and well structured, complete and user-friendly datarooms.

Asset Management

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Asset management services, provided through the scope Company REM Srl – Reliable Energy Management with a dedicated operative structure, are designed to provide specific support in the management of renewable energies assets.

With its first 100MW under management, REM represents the only independent asset manager in the renewable sources Wind, Solar and Hydro capable to capable to combine the high reliability given by the decades of experience of the team, the thorough technological industrial approach to the assets' operational and commercial management, the great care of the regulatory aspects of the energy business and the proper management of GSE's incentives.

Thanks to the earned standing among green financial investors and banks, REM is the favorite player for the temporary management of distressed assets, and for the turnaround support in the renovation of energy assets. REM cooperates with utilities and industrial opertors in the set up and training of the organisational structures, implementing process design dedicated to the operative administration of energy power plants.

REM
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Archive

  • Attempt of dialogue on water regulation in Sicilian non-compliant territories: ARERA will join the training day, set up by REA, on the next 19th of April to rise awareness and illustrate the implementing arrangements of the “bonus idrico"

    09 | 04 | 18REA insights
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  • REA won Atersir tender for 2018-2019 water tariff update in Emilia Romagna

    12 | 03 | 18deals & projects
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  • REA, NRG.it and Malinconico Law firm with GSE in technical-administrative assessment of the procedures of Conto Termico 2.0

    01 | 03 | 18REA insights
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  • Energy Authority changes name, REA changes "dress"

    01 | 02 | 18REA insights
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  • WORKSHOP ON SPALMA INCENTIVI AND THE PROTECTION OF INVESTMENTS IN THE FRAMEWORK OF THE ECT

    23 | 11 | 17REA insights
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  • WATER UNBUNDLING: READY, GO! THE ONLINE APPLICATION BY AEEGSI IS AVAILABLE

    15 | 11 | 17market highlights
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  • REA BECOMES BANCA INTESA LISTED ADVISOR

    03 | 10 | 17deals & projects
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  • REA PARTICIPATES AT INTERSOLA IN MUNICH

    16 | 05 | 17REA insights
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  • «ACQUA ADRIATICA» WORKSHOP: UNBUNDLING AND AEEGSI CONTROLS IN WATER SECTOR

    28 | 04 | 17REA insights
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  • PV 2.0 – POST FIT ERA: NEW OPPORTUNITIES, NEW PLAYERS

    20 | 04 | 17REA insights
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  • SECOND WORKSHOP ON NEW GSE PV REVAMPING REGULATION FOTOVOLTAICO

    05 | 04 | 17REA insights
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  • REA’S WORKSHOP ON NEW GSE OV REVAMPING REGULATION IS SOLD-OUT!

    21 | 03 | 17REA insights
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  • NEW GSE REGULATION ON MAINTENANCE STANDARDS AND REVAMPING CRITERIA FOR OPERATING PV PLANTS

    27 | 02 | 17REA insights
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  • THE SPALMA-INCENTIVI DEREE IS LEGITIMATE

    07 | 12 | 16market highlights
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  • WEBINAR ON WATER SECTOR. UNBUNDLING: HOW TO SUCCEED IN THE NEW REGULATION

    22 | 11 | 16REA insights
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  • SIGNIFICANT ADVISORY PIPELINE FOR REA

    07 | 11 | 16deals & projects
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  • NEW UNBALANCING VALORIZATION SCHEME FROM 2017

    27 | 09 | 16market highlights
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  • REFINANCING IN PHOTOVOLTAIC: REA’S OPINION ON MILK THE SUN BLOG

    23 | 09 | 16REA insights
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  • GSE COUNTER UPDATED: 400 MLN€ FOR RES INCENTIVATION

    25 | 07 | 16market highlights
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  • UPDATED REGULATION OF EMISSION LIMIT FOR BIOGAS PLANTS (GOOD NEWS!)

    05 | 07 | 16market highlights
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Giuseppe Mastropieri, PhDmanaging partner

LinkedIn
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REA's managing partner and founder, PhD Giuseppe Mastropieri thanks to his 15 years' experience in energy consultancy has acquired an in-depth and widespread knowledge of the Italian and european renewable energy industry.

During his career Mastropieri served more than 400 industrial and financial clients in different energy consulting firms – both financial and technical – he worked for.

Overall he provided advisory services in more than 370 investments projects, accounting about 4 GW of power for a financial value of about 5 billions Euro.

Currently, Mastropieri has been a board member of assoRinnovabili, the leading italian trade association of renewable energy producers (more than 700 RES producers for 12 GW of power capacity), now merged in Elettricità Futura. Mastropieri is often involved by banks and investment funds, with REA's management team, to lead turnaround and revamping project of distressed assets.

Thanks to his standing, Mastropieri is chosen as consultant leader in sensible and relevant litigations involving leading energy and financial players providing complex industrial advisory services to manage transaction disputes.

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 Electrical Engineering course at University of Bologna. Dr. Mastropieri is also faculty member at Energy Management Master promoted by University of Bologna.

Giuseppe Mastropieri

Barbara Paulangelo partner & technical director

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REA's founding Partner and Technical Director, Barbara Paulangelo has more than ten years' experience in energy consultancy, gained providing advisor services in technical due diligences and M&A operations for prominent banking institutions and investment funds.

Since 2007 she has been technical advisor in more than 350 investment projects achieving excellence in structured finance operations and deal negotiation.

Furthermore, she is specialized in providing technical notes and expert reports for litigations in the energy field. 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

Maria Luisa Santella director water & waste area

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Chartered Accountant and senior economist specialized in the field of utilities and public services, Ms. Santella gained a solid experience with more than 18 years in water, public transports and waste sectors working with leading national consulting firms in the field of industrial and tariffs planning, including REF, Nomisma and LUEL.

She has joined REA's Board of Directors as head of Water and Waste Management Area in January 2015 and achieving at the end of 2017 a clients portfolio with more than 20 clients among companies and Authorities.

During the last years, she oversaw the application of the new promising tariff regulation introduced by Italian Authority ARERA (ex AEEGSI) in several Italian regions, from Veneto to Sicily, from Emilia-Romagna to Umbria, accruing an in-depth knowledge of regulatory mechanisms and processes of business reconstruction due to the gradual refinement and enlargement of ARERA's regulatory activity (water unbundling, contracts' quality, tariffs).

Maria Luisa Santella

Fabio Amico director wind & hydro

LinkedIn
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Majored in Industrial Engineering at Polytechnic University of Turin, Fabio has more than fifteen years' experience in engineering, construction, operation & maintenance of conventional and renewable energy projects.

As a young process engineer in the late '90s he has been involved in the design of combined cycle power and cogeneration plants for a leading Italian IPP – Independent Power Producer.

Later, as a team manager he has developed several wind farm projects for a start-up company, and since 2005 has been assigned to the technical direction of the engineering and construction phases of several renewable energy projects for a total power of more than 500MW.

Currently more than 100 wind turbines, 20 photovoltaic plants and 1 biogas plant designed and directed by Fabio are operating in Italy, while 2 hydropower plants are under construction under his direction. As technical director he coordinated the O&M and asset management phases of several wind, hydro and photovoltaic plants owned by two Italian IPPs, PLT Energia Spa and Aren Electric Power SpA.

He has been in charge for the role of safety coordination and executive planning of several renewable energy project and he is still qualified according D.Lgs. 81/08.

Fabio Amico

© REA Srl

Reliable Energy Advisors
VAT no/Fiscal Code 03268091208
Share Capital of €130,000 fully paid up
info@readvisor.eu
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affiliated
Elettricità Futura

Head office

via Milazzo, 17
Bologna
Italy
Ph. +39 051 0549750

Branch office

S.P. 231 Km 1+200
Modugno (BA)
Italy
Ph. +39 080 9697950

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