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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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AIAS Associazione Italiana dell'Energia Elettricità Futura

AIAS - Italian Sustainable Agrivoltaic Association - is born. REA Srl as a founding member and Barbara Paulangelo as a member of the Board of Directors

Rea participates in the foundation of AIAS-Associazione Italiana Agrivoltaico Sostenibile (Italian Association of Sustainable Agrovoltaics), an association set up with the aim of promoting Agrovoltaics, supporting projects that enhance the production potential of both systems-Agricultural and Photovoltaic-also through advanced technological solutions and regulatory and normative standards that are up to the challenge of energy transition.
Barbara Paulangelo, appointed as a member of the AIAS Board of Directors, declares: "AIAS was set up to respond to a need for promotion and support for AGV projects, activating debates with decision makers on authorisation procedures, admission to incentives and guidelines, as well as to share case studies and best practices among operators. Agri-voltaics reveals a great potential and an opportunity for sustainable development for Italy, to boost solar production while respecting crops: a winning combination to achieve net zero goals.
The authoritative figure of Alessandra Scognamiglio, as ENEA's representative, will be leading the association's presidency.
Together with ENEA and REA - Reliable Energy Advisors among the founding members: ETA Florence Renewable Energies- REM TEC SRL LeGREENHOUSE, European Energy A/S and Renovo Bioenergy







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


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


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


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


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


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


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.

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  • Small Business Awards: REA has been nominated for the Small Business Awards as “Best Independent Energy & Utilities Advisory Firm-Italy”

    01 | 02 | 22REA insights
  • REA Srl joins AIEE: a tangible commitment to the Italian energy transition

    25 | 01 | 22REA insights
  • Now online the result of Arera's meeting n. 1183

    22 | 12 | 21REA insights
  • REA S.r.l. alongside Ivpc Group and Banco BPM. S.p.a. in the project finance of the Poggio Imperiale wind farm

    21 | 12 | 21REA insights
  • Giuseppe Mastropieri has been appointed as expert evaluator in the programme “Mission Innovation” by the Ministry of the Ecological Transition

    26 | 10 | 21REA insights
  • Santella leading Soelia Spa Waste Management in Argenta (FE)

    03 | 02 | 21REA insights

    21 | 01 | 21REA insights
  • SMALL BUSINESS AWARD: REA has been nominated for the Small Business Awards as “Best Renewable Energy & Utilities Advisory Firm-Southern Europe”.

    07 | 01 | 21REA insights

    06 | 10 | 20REA insights
  • Renewable energy communities and collective self-consumption

    17 | 09 | 20REA insights
  • Mastropieri appointed as expert for the European Commission IEC Programme: on track with the Green Deal project valuations

    03 | 06 | 20REA insights

    26 | 05 | 20REA insights
  • WEBINAR-Green Economy: “Funding and tools for businesses relaunch” Friday 29th May 11:00-12:30

    25 | 05 | 20REA insights
  • LUISS Business School's excellence education to meet the challenges of the MTI-3 water

    29 | 01 | 20REA insights

    03 | 01 | 20REA insights
  • Le Fonti Innovation Awards 2019: REA Excellence of the Year Advisory and Leadership for Green Economy

    08 | 11 | 19REA insights

    07 | 11 | 19REA insights
  • Law 128/2019: reduction of penalties for GSE incentive plants

    05 | 11 | 19REA insights
  • GSE extends the contract for Conto Termico investigations to RTI NRG.it-REA-Studio Malinconico

    17 | 09 | 19REA insights
  • REA technical advisor for ACEA in the acquisition of a 20MWp portfolio

    31 | 07 | 19REA insights

Giuseppe Mastropieri, PhDmanaging partner


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


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


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

© REA Srl

Reliable Energy Advisors
VAT no/Fiscal Code 03268091208
Share Capital of €130,000 fully paid up
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Elettricità Futura

Head office

via Milazzo, 17
Ph. +39 051 0549750
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Le Fonti Awards Small Business Awards 2020 Small Business Awards 2021


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