Industry focus: Energy in Italy


The well respected energy focus group at BonelliErede continues to advise on a wide range of gas and power partnership formations, stake acquisitions and the entry of infrastructure funds into the Italian market. Mario Roli coordinates the team, which also includes project finance and banking practitioner Catia Tomasetti. The team was boosted further as a result of the July 2019 merger with Lombardi e Associati, while Gabriele Malgeri is another name to note.

Practice head(s):

Mario Roli


‘Ample availability of high-quality associates and juniors. Strong track record and experience.’

‘Bonelli has very competent people for all matters. They are always available and they take care of the client and employ a business approach, not just a strict, theoretical or legal vision of the matter.’

Key clients




Cairn Energy

Contour Global

EF Solare Italia


Societé Générale




Work highlights

  • Assistance to First State Investments in the acquisition of Uniper’s entire stake (48.2%) in OLT Offshore LNG Toscana (€400m).
  • Assistance to Ascopiave in a large energy partnership in Northeast Italy with the Hera Group.
  • Legal assistance for the financing of a LPG boiler and efficiency improvement works to be carried out in the industrial plant of Matrica in Sardinia.

Gianni, Origoni, Grippo, Cappelli & Partners

The energy team at Gianni, Origoni, Grippo, Cappelli & Partners, which is spread across the firm's Rome and Milan offices, offers '360-degree, excellent' support on matters concerning energy regulation as well as corporate and commercial matters. Among the team's highlights during 2019 included a complex public sector energy efficiency deal, fibre optic financing projects and the sales of photovoltaic assets. Ottaviano Sanseverino Vimercati and Francesco Puntillo lead the team's efforts.

Practice head(s):

Francesco Puntillo; Ottaviano Sanseverino Vimercati


‘Francesco Puntillo is not only an excellent lawyer, but he always has a strategic approach to the client’s issues and is able to finalize any deal and operation.’

‘Very strong energy team. They know about infrastructure, environment, renewables, energy’

‘Francesco Puntillo combines technical skills with commercial and soft-skills.’

‘Francesco Puntillo has unparallelled negotiation skills and can always guide the transaction in favour of his clients.’

‘The energy team led by Francesco Puntillo outperforms any other law firm in Italy and elsewhere. There is no comparison in terms of experience and negotiation capabilities and preciseness in contractual forms.’

‘Francesco Puntillo mixes an effective negotiation capacity with a strong technical background.’

‘Francesco Bruno is a very technical and well-prepared lawyer, he is an important asset for the team and the law firm.’

‘Proficiency and professionalism.’

Key clients

Macquarie Infrastructure & Real Assets (Europe) Limited



Terra Firma Capital Partners Limited


AXA Real Estate Investment Managers

A2A S.p.A.

Terna S.p.A.


Quaero Capital

Alperia S.p.A.

Ardian –                Infrastructure

Cubico Sustainable Investments Group

Tages Capital

Mitsubishi Corporation

Gruppo Wood/Amec Foster Wheeler

EF Solare

Nord/LB Norddeutsche Landesbank

Cubico Sustainable Investments Group

BayWa r.e.

Contour Global

Ital Gas Storage S.r.l.

Adriatic LNG

Esso Italiana S.r.l.

Credit Suisse Energy & Infrastructure  Partners

Whysol Renewables Holding 1 S.P.A.

Plenium Partners

NextEnergy Capital (NextPower)


Erogasmet S.p.A.

Fondazione Cariplo

Eurpean Energy SA

Repower S.p.A.

Work highlights

  • Assistance to Terra Firma in the process for the disposal of all its photovoltaic assets in Italy, the RTR portfolio, composed of 134 PV plants (characterized by varied features as to typology, size and location) with an overall installed capacity of 334 MW.
  • Assistance to A2A (the largest Italian multi-utility company, a leader in the energy, environmental and district-heating sectors) in the industrial integration among ACSM-AGAM and several multi-utility companies operating in the Lombardia region.
  • Assistance to Macquarie and its subsidiary Società Gasdotti Italia in a complex joint venture with Snam (the main Italian gas transport operator) for the development of the infrastructure for the transportation of natural gas in the Sardinia Region.

Orrick, Herrington & Sutcliffe

Orrick, Herrington & Sutcliffe is involved in many innovative deals in the Italian energy market. In 2019, the department took a role on a major financing project for a grid parity plant; a case concerning a state-of-the-art concentrating solar power system; and negotiations for a significant 10-year power purchase agreement. Carlo Montella, global deputy business unit leader of the energy and infrastructure practice, is ably supported by of counsels Andrea Gentili and Pina Lombardi.

Practice head(s):

Carlo Montella


‘The energy team at Orrick is very strong, they have outstanding experience in the most complex transactions in the energy industry covering the full scope of energy mandates. The team provides full-service assistance, from the structuring of the transaction to closing and is able to address every single aspect of the deal and issues involved promptly and with sound advice.’

‘Carlo Montella is one of the top energy lawyers and has a solid reputation in the market. Carlo is very client-oriented and extremely helpful in negotiations. Carlo is a very positive, enthusiastic and proactive person, he has a commercial mindset with incredible problem-solving skills. Andrea Gentili has a reputation as an excellent lawyer in energy M&A, always has a complete view of the overall transaction and is able to deal with the most complex issues so to find smart and effective solutions. Andrea is responsive, precise and quick. Pina Lombardi has lengthy experience in the energy sector, she is very attentive to details, punctual and precise and is able to provide high-quality service especially with respect to administrative and regulatory issues relating to energy projects. ‘

‘The team covers all areas required by international investors. Not only does it have a thorough understanding of the legal boundary conditions, but also understands the levers that make a project outstanding economically and helps the clients achieve these targets.’

‘Carlo Montella is an expert in the energy industry, he understands what international clients need and supports them in achieving their goals of legally solid and economically successful transactions.’

Key clients

Glennmont Partners

WRM Group

Canadian Solar

Foresight Group LLP

European Energy

Quercus Assets Selection


VEI Green



PLT Group




Obton A/S

Work highlights

  • Assisted the WRM Group in a first-of-its-kind securitization of performing and non-performing energy credits originated by Mediocredito Italiano.
  • Acted for Canadian Solar, one of the world’s largest solar power companies, in a 10-year Power Purchase Agreement, which is the longest-term PPA for a fully unsubsidized solar PV portfolio signed to date in Italy.
  • Acted for Natixis on the first ever financing of a photovoltaic plant not supported by state subsidies in Italy.


At Ashurst, the 'proactive and reactive' energy and infrastructure team is routinely involved in renewables financing and refinancing projects (with a focus on non-performing loans, especially in the solar segment), M&A and regulatory in the gas, waste and energy efficiency industries. Team head Carloandrea Meacci is the point of reference for many banks and infrastructure funds, while head of administrative law and regulatory expert Elena Giuffrè has a wealth of experience in renewables, conventional energy and utilities. Up-and-coming associate Nicola Toscano also plays an important role in the team.

Practice head(s):

Carloandrea Meacci


‘Carloandrea Meacci: always engaged with the client, great knowledge of the matters combined with great business acumen.’

‘In-depth knowledge of the latest developments in the market, easy to work with, creative. Having in-house tax capabilities with Fabio Balza working alongside the financing team makes the process of structuring deals much quicker and avoids having to coordinate different firms’

‘Knowledgeable, hard-working and importantly always a pleasure to work with!’

‘Ashurst has a commercial sense and is always able to find solutions keeping in mind the interest of the client. They can also offer a really strong international network which is another important added value for the client. Ashurst is always involved in complex and cutting edge transactions which often represent a market first.’

‘Energy and infrastructure partners are talented lawyers with top quality technical skills, a deep knowledge of the relevant industry and the market trends.’

Key clients

Banca IMI

Banco BPM


BNP Paribas

Cassa Depositi e Prestiti

City Green Light

Crédit Agricole Corporate

Enel S.p.A.

Enel Green Power


European Investment Bank


ING Bank

Intesa SanPaolo

Macquarie Capital/Green Investment Group

MedioCredito Italiano




Société Générale

Tages Helios


UBS (infrastructure debt fund)


Vei Capital

Work highlights

  • Advised the lenders, Banca IMI, Crédit Agricole Corporate and Investment Bank, ING, BBVA, Société Générale, BNP Paribas, UBI,  on the €1bn refinancing of Terra Firma’s RTR solar portfolio in Italy.
  • Advised UBS Infrastructure Debt Fund on the first solar NPL deal in Italy.
  • Assisted clients on the €1bn debt refinancing of EF Solare Italia’s 400 MW solar portfolio in Italy.


Carola Antonini heads the energy department at Chiomenti. Acquisitions, issuance of green bonds and energy efficiency insurance policies were all key areas of activity for the team in the past year, covering a wide range of sectors, including oil and gas, renewables and biomass. A series of counsel promotions in January 2019 strengthened the team at mid-level.

Practice head(s):

Carola Antonini


‘Excellent knowledge of the market, very pragmatic approach, excellent experience and skillset’

‘It is a real pleasure to work with Carola Antonini and her team.’

‘Well versed and extremely knowledgeable, high number of professionals capable of supporting a client in various circumstances. Extremely capable in drafting and negotiating project finance contracts, strong experience and expertise’

‘Special mention to Carola Antonini, always available and dedicated, knowledgeable and supportive’

Key clients

Jinko Solar Import and Export Co. Ltd.

Enterra Holding Ltd.

Bayerische Landesbank

FIRE (Federazione Italiana per l’uso Razionale dell’Energia)

Terna S.p.A.

Snam S.p.A.

Banca Europea per gli Investimenti (BEI)

Solar NRG S.r.l.

Banco Bilbao Vizcaya Argentaria S.A.

FRI-EL Green Power S.p.A.

A2A S.p.A.

Unione di Banche Italiane S.p.A.

F2i – Fondi Italiani Per Le Infrastrutture S.p.A.

Enel S.p.A.


Société Générale

Ansaldo Energia S.p.A.

Banca IMI S.p.A.

BNP Paribas

ING Bank

Work highlights

  • Advising a pool of international banks in the context of a financing transaction on a ‘multi-borrower’ basis (Bayerische Landesbank, BNP Paribas, ING Bank and Société Générale).  
  • Advised Nws Holdings Limited – on investment in an Italian joint venture.
  • Advising F2i – Fondi Italiani Per Le Infrastrutture S.p.A. in relation to the acquisition from Enel Produzione of two plants for the production of electric energy from vegetable biomass.

Clifford Chance

Umberto Penco Salvi - who boasts strong M&A, administrative and tax credentials - heads up Clifford Chance's Italian energy and infrastructure team, which also has a track record on project and trade finance, intellectual property and antitrust matters. Renewables is an important sector, while another key part of the practice revolves around operations such as portfolio expansions and acquisitions (especially those aimed at energy efficiency).

Practice head(s):

Umberto Penco Salvi

Key clients


Ansaldo Energia

Building Energy

E.ON Connecting Energies Italia

E2i Energie Speciali


EDP Renewables



EPH (Energetický a Průmyslový Holding)



Macquarie Group

MET Group

Partners Group

Work highlights

  • Assisted Edison in relation to the worldwide sale of its oil & gas division, including the signing of the agreement with Energean Oil & Gas to sell the 100% of Edison Exploration and Production and its subsidiaries in the hydrocarbons exploration and production business.
  • Assisted Edison in the acquisition from EDF Renouvelables of EDF EN Italia with a portfolio of plants powered by renewable energy consisting of 265 MW of wind power and 77 MW of photovoltaic power.
  • Assisted Partners Group in the sale of 15 PV plants, totalling 26.4 MW, to Cubico Sustainable Investments, global leader in renewable energy investment.

DLA Piper

At DLA Piper, the energy team - led by Giulio Maroncelli - has a strong corporate and M&A focus. Francesco Novelli, for example, handles major transactions in the oil and gas and wind sectors. In late 2018, the department increased its administrative law capacity - especially in the electricity, sanctioning proceedings, energy efficiency and public incentives sectors - with the hire of litigation and regulatory legal director Alessia Marconi from Macchi di Cellere Gangemi. Germana Cassar is another key name from the litigation and regulatory team.

Practice head(s):

Giulio Maroncelli

Key clients



Enlight (listed in Tel Aviv)


EDP Comercial

EDF Energy Nouvelles Italia

Trans Adriatic Pipeline AG (“TAP”).


Falck Renewables

Asja Ambiente


Tages Capital

Canadian Solar

Genera (Leading Italian ESCo)

Work highlights

  • Advised on the sale of a majority stake of CEBAT – a leading contractor for energy and water infrastructures – to a fund managed by Oaktree Capital Management.
  • Assisted the Energy Efficiency Fund launched and managed by Susi Partners AG, in its €50m acquisition of energy receivables owed by Italian Energy Services Companies (ESCo) vis-à-vis Italian Private and Public clients.

Legance - Avvocati Associati

With a wide focus, covering M&A, finance and project finance, the team at Legance - Avvocati Associati led by Monica Colombera is dedicated to energy, projects and infrastructure, and made up by experts in a variety of fields - including administrative law, tax, public law and regulatory. In 2019 the team was substantially strengthened at associate level and also welcomed new more senior figures, including Cristina Martorana from Orrick, Herrington & Sutcliffe, who is now head of the energy administrative group. Giovanni Scirocco was promoted to partner; he is particularly well-versed in wind, photovoltaic, biomass and waste-to-energy cases.

Practice head(s):

Monica Colombera


‘Filippo Ruffato is absolutely outstanding as a lawyer in renewable and energy in general. He is available any time, a great negotiator and deal maker.’

‘Strong knowledge of the market, the players, the regulatory context and best practises. Strong commercial attitude: from the risk assessment to the risk allocation and the problem solving ‘

‘The firm provides high-level assistance, with technical skills, a commercial approach and rare capacity to deliver under great pressure and with tightest deadlines. We also appreciate their commercial sensitivity and problem-solving approach, as well as their very fair approach with counterparties and the capacity to create a co-operative work environment which is a key factor for the success of complex transactions in energy and project finance sector.  The relevant partners are widely acknowledged as market leaders, with high technical skills and wide experience in the sector. Another point of strength of the firm is its wide knowledge of regulatory issues and its involvement in major international conferences and technical tables with Italian authorities in the energy and infrastructure sector. Finally, strong internal coordination among different departments, thanks to which the client benefits from full-service assistance in many different profiles of complex deals’

‘Extraordinary commitment and result orientation.’

‘A great competence and knowledge of the consultants that make up the team of environmental experts’

‘Cristina Martorana: high professionalism combined with a charismatic personality’

‘Always approachable and provide quick answers. You feel you are taken care of with a very professional and efficient manner’

‘The team is very strong top to bottom. The partners are hands-on on the deals and they bring all the experience and expertise in all the deals they work on’

‘They are insightful, result-oriented and not afraid of taking a stance in the complex Italian legal environment’

Key clients

2i Rete Gas

Acea S.p.A.





Banco BPM

BKW Group

Blue Energy Group

BNP Paribas

BPER Banca

Cassa Depositi e Prestiti

Castello SGR

Crédit Agricole


E2i Rete Gas


EF Solare




European Investment Bank (EIB)

EWT Italia Development



Green Arrow Capital SGR S.p.A.

(formerly Quadrivio Capital SGR S.p.A.)

Gruppo Intesa SanPaolo

ING Bank

Innogy Italia S.p.A.


Maccaferri Industrial Group


Monte dei Paschi di Siena


Plenium Partners


Sonatrach Raffineria Italiana


Snam Rete Gas S.p.A.

Tages Capital

Toto Holding

UBI Banca


Zouk Capital LLP

Work highlights

  • Assistance to F2i SGR in the acquisition from Terra Firma of the Italian photovoltaic assets indirectly held by its Italian holdings, RTR Capital and RTR Holdings VII.
  • Assistance to UniCredit and the bond subscribers in the structuring of the issue by ERA S.p.A. of a junior/mezzanine bond.
  • Assistance to Holding Energia Solare 3 S.r.l., a company fully owned by EF Solare Italia – joint venture between F2i and Enel – in relation to the due diligence and the process for the acquisition by Serin S.p.A. (Casillo Group) of 100% corporate capital of six SPVs, owners of six photovoltaic plants with an overall capacity of 13,8 MW.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton count on well-established relationships with top-level energy companies in Italy, for which they provide advice across a variety of sectors. During recent months, Marco D’Ostuni has advised on investigation proceedings and disputes before the civil and administrative courts; Luciana Bellia took on arbitrations and regulatory matters concerning infrastructure; while Matteo Montanaro has represented a number of key clients during acquisitions and joint ventures.

Practice head(s):

Matteo Montanaro; Marco D’Ostuni; Ferdinando Emanuele; Carlo Santoro


‘Significant ability to address legal issues in energy matters under various angles and looking at several jurisdictions.’

‘Luciana Bellia is very experienced and reliable.’

‘Very competent advice.’

‘Determined and focused. Solution-oriented. ‘

‘High competence, reliability and flexibility’

‘The main strengths of Luciana Bellia and Ferdinando Emanuele are great legal sensitivity, intuition, quick problem-solving and effective legal support. Luciana is always available and always ready for new challenges.’

Key clients









Terminale Adriatico LNG

EP Produzione


Work highlights

  • Successfully represented Siram and parent company Veolia in an Italian Competition Authority proceeding.
  • Counsel to A2A, one of the main Italian utilities, in a civil action for damages concerning the price of EDF’s takeover bid for Edison (one of Italy’s largest energy companies).
  • Counsel to Snam in the merger control aspects of the acquisition of DESFA (the State-owned Greek natural gas transmission operator) by a consortium vehicle established by Snam, Enagás Internacional, and Fluxys.

Hogan Lovells International LLP

With a very broad Rome-based energy practice, Hogan Lovells International LLP is raising its profile in the oil and gas market - especially in respect of global energy companies, for which the firm increasingly acts as trusted advisers. The team is coordinated by Leah Dunlop, a dual-qualified M&A lawyer; Francesca Angeloni contributes to the team with her environmental law and regulatory expertise, while competencies in tax, competition, restructuring and insolvency round out the practice's offering.

Practice head(s):

Leah Dunlop

Key clients

Kuwait Petroleum International

Shah Deniz consortium -AGSC

Work highlights

  • Assisted Enel X in the deal with Infracapital to launch a platform dedicated to energy efficiency projects for Italian commercial and industrial (C&I) customers.
  • Advised Phlogas in the negotiation and approval by the competent court of its restructuring plan pursuant to article 182-bis of the Italian Insolvency law.
  • Advised Phlogas in the sale of its entire equity interest in Molise Gestioni to Erogasmet.

Macchi di Cellere Gangemi

Macchi di Cellere Gangemi's energy and natural resources team has expanded from a focus on M&A and tax to also include regulatory and administrative capabilities. While advice on production plants, fossil fuels and renewables play a central role, Claudio Visco's team is increasingly involved in energy transportation and distribution deals, for example in concessions for gas distribution. Marco Sella is the key partner for power generation projects and the purchase or divestment of energy assets, while Francesco Piron is a  former consultant to the legislative and legal direction of the Italian Regulatory Authority for Electricity and Gas. Antonio Colavecchio joined as of counsel in 2019; Emilio Sani left to found Sani Zangrando.

Practice head(s):

Claudio Visco


‘Competence and depth of analysis, attention to the clients and their needs and ability to work in a team.’

‘Marco Sella is an exceptional person before a great professional, capable of giving advantageous solutions without ever putting his interest before that of the client. Reliable and transparent. Another very valid collaborator is Maria Lucia Tizzani, agile and smarth, focused on the result and ready to face any kind of unexpected event.’

Key clients


HERA GROUP SPA (Frullo Energia Ambiente, Hestambiente) and some other energy players

Hera Group

Building Energy S.p.A.

Nelsa S.r.l.

Società Gasdotti Italia SpA

Work highlights

  • Assisting Caviro Extra with reference to the acquisition of a plant for the production of biomethane, assisting the company before the Administrative Court (Tar Lazio) regarding the allocating of the specific incentive schemes.
  • Assistance to the Hera Group with reference to the measures taken by the Institution and the GSE in the matter of CIP6 and green certificates as a result of the controls carried out on waste-to-energy plants.
  • Advised Building Energy on public law, procurement and regulatory matters in relation to the construction of a hydroelectric plant.

Norton Rose Fulbright

The energy team at Norton Rose Fulbright handles a range of matters covering banking, public law, corporate and employment, drawing on its international reach to serve its Italian clients across borders. The department is led by Arturo Sferruzza, an expert in the renewables sector and specifically construction and engineering, operations, energy storage, power purchase and power trading as well as commercial and regulatory issues. His energy M&A projects are often award-winning transactions.

Practice head(s):

Arturo Sferruzza


‘They are very well aware of what happens in the market and active on plenty of deals. High experience in the sector, high technical and cultural preparation.’

Key clients


Deutsche Bank

Intesa Sanpaolo


Banca MPS

BNP Paribas


Enel Green Power

Tages Capital





Marseglia Group

Silver Ridge

Work highlights

  • Advised Enel Green Power on a €950m multi-tranche financing for a portfolio of five wind projects in South Africa.
  • Advised Sonnedix on its participation in a competitive bid for the acquisition of one of the leading solar PV operators in Europe (RTR Rete Rinnovabile).
  • Advised Tages Capital in relation to the due diligence for a €537.5m refinancing of a 48 MW solar project in Italy.

Osborne Clarke

The well-rounded energy practice at Osborne Clarke boasts particular talents in corporate and commercial law (such as Giovanni Penzo, who deals with cases brought by public-owned companies in the waste, water and electricity sectors), corporate M&A (with managing partner Riccardo Roversi), and administrative law (with promising senior associate Carlo Gioffrè). The head of the infrastructure services team, Giorgio Lezzi, who joined in June 2019 from LC&P - Lipani Catricalà & Partners, is also active in the energy sector as far as public procurement and local entities law are concerned.

Practice head(s):

Riccardo Roversi


‘Associate Carlo Gioffrè is an expert in the area of ​​administrative law and has proved to be of fundamental support both in the field of litigation and in the preliminary due diligence phase. He is very attentive to detail, precise, with a widespread and specific knowledge of the reference sector and with the solution always at hand, and yet with a unique humility. ‘

Key clients

Linea Ambiente s.r.l

Lactalis Group (Egidio Galbani)

Unieco Holding Ambiente s.r.l and Unieco Società Cooperativa in LCA

DIF Consulting Deutschland GmbH

Acque Bresciane s.r.l

Setramar S.p.A  / Adriacoke S.r.l.

Cogeme Group

Quercus Assets Selection S.a.r.l

Infrastrutture Recupero Energia Agenzia Regionale Ligure – IRE S.p.A.

ALER MILANO (Azienda Lombarda per l’Edilizia Residenziale)

Società Cremasca Reti e Patrimonio S.p.A

Tea Energia s.r.l and Tea Reteluce S.r.l.

Brianzacque S.r.l.

Alfa s.r.l.


ACSM-AGAM Reti Gas Acqua S.p.A.


AGESP Energia S.r.l.


COGESER Servizi S.r.l.

Proenergy S.p.A.

Prealpi Gas S.r.l.

Feralpi Siderurgica S.p.A.

Work highlights

  • Representing Quercus Assets Selection, a fund focused on investments in renewable energy, on establishing ERG Q Solar1, a company designed for the acquisition of multiple small scale solar assets in Italy.
  • Advising construction and engineering supplier, Unieco Società Cooperativa, on drafting a competitive tender for the sale of its environment division – work made more challenging by the fact that the client is in compulsory administration.
  • Advising Infrastrutture Recupero Energia, company operating in the energy efficiency sector, on the management of key, high value contracts related to the maintenance of heating systems and the supply of gas or other fuel to the region’s hospitals.

Pavia e Ansaldo

Pavia e Ansaldo's activity in energy is characterized by a sector-specific team, intertwined with the other departments in the firm - including corporate M&A, administrative and environmental law and litigation. E-mobility, regasification and the Italian nuclear sector (with projects regarding the construction or decommissioning of nuclear power plants) are niche areas of expertise that accompany the more traditional oil and gas, electricity and renewables offerings. Carlo Del Conte is at the head of the team.

Practice head(s):

Carlo Del Conte


‘Capability to arrange a team with the right skills for each project, especially in the energy sector.’

‘Specific experience in the energy sector ‘

‘Very competent team and business-oriented.’

‘Claudio Cera is a very expert lawyer and is able to coordinate due diligence and purchase agreements with an impressive capability to mitigate legal risks and complex commercial adjustment mechanisms. ‘

Key clients

Camozzi Holding/Componenti Speciali

Elecnor S.A.

Innowatio/Youtrade S.p.A.

M+W Italy S.r.l.

Octopus Investments

Solar Access Sustainable Energy B.V.

Protos S.p.A.

Sorgente SGR

VEI Green s.p.a.  (Palladio Holding Group)


Enovos SA

Studio Legale Associato a Watson Farley & Williams

The energy department at Studio Legale Associato a Watson Farley & Williams has a broad perspective on the market, taking up projects which not only pertain to renewables, but also the conventional energy and natural resources sectors. Key recent work has focused on the wind energy space, with Eugenio Tranchino and his team advising RGreen Invest on financing for the first grid parity onshore wind project in Italy.

Practice head(s):

Eugenio Tranchino

Key clients

Blue Elephant (BEEGO IPP GmbH)

Belenergia S.A.

K.R.Energy – listed in the Italian stock exchange

RGreen Invest

Saffron Energy

UniCredit S.p.A.

Nordic Solar Energy A/S


Tolo Energia S.r.l.

Maas Capital Renewables

Work highlights

  • Advised RGreen Invest on the subscription of a private placement of secured notes issued by Italian company Renexia Pech that will be used to finance the 36 MW Casalduni wind park, the first built in Italy with ‘market parity’, meaning it will not benefit from any feed-in tariffs provided by Gestore dei Servizi Energetici, the Italian government body promoting renewable energy and energy efficiency.
  • Advised Belenergia on sale of solar plants to Acea.
  • Advised Blue Elephant Energy AG, on its acquisition of a 26 MW photovoltaic solar portfolio from EOS.


After the departure of Matteo Falcione in May 2019, leadership of Dentons' Italy energy practice was assumed by Carsten Steinhauer, who had joined in January of the same year from McDermott Will & Emery Studio Legale Associato. His focus lies in transactions in the renewables sector (the solar industry in particular), and he brought with him a significant pool of German clients, including power producers, investment funds and banks. The firm is a member of the wind industry association WindEurope and of the Association of International Petroleum Negotiators.  

Practice head(s):

Carsten Steinhauer

Key clients

Allianz Global Investors

IB Vogt GmbH

Green City AG

Enel Green Power S.p.A

Work highlights

  • Advising Allianz Global Investors (AGI) on the acquisition by a fund managed by AGI named Aref II Renewables Investment Holding of a portfolio of eight photovoltaic plants.
  • Providing legal assistance in  a complex litigation concerning the abolition of a special contractual scheme applied by Gestore dei Servizi Energetici.

Bird & Bird

With established expertise in the solar sector, Bird & Bird advises developers, regulators, banks, utilities and other companies on matters relating to renewables, energy efficiency, smart energy and distribution networks. Practice head Pierpaolo Mastromarini has a cemented reputation in the field of energy efficiency.

Practice head(s):

Pierpaolo Mastromarini

Key clients

Banca Iccrea

Banco BPM



Cubico Sustainable Investments Ltd.

Falck Group


Fri-el Green Power S.p.A.

Green Utility

Hydro Drilling S.r.l.

Iba Molecular Italy S.r.l.

Intesa Group

Italgas S.p.A.

Lugo Immobiliare S.p.A.

Margherita S.r.l.

MPS Capital Services

Pavia Acque S.c.a.r.l.

Raggio di Puglia 2


Trina Solar

UBI Banca


Work highlights

  • Assistance to Italgas in relation to a regulatory litigation against non-performing end users.
  • Assistance to a pool of banks led by Société Générale in relation to the amendments to a loan of €85m for the financing of wind farm with a capacity of 70MW located in Italy.
  • Assistance to Cubico Sustainable Investments on the €75m refinancing with Crédit Agricole e Société Générale of 14 solar assets in Italy with a combined capacity of over 27MW.

Freshfields Bruckhaus Deringer

Practice head(s):

Giorgio Candeloro


Linklaters' Italian energy and infrastructure practice is led by experienced counsel Tessa Lee, a UK trained solicitor who is also admitted to the Milan bar. Her team is intertwined with the magic circle firm's London and global energy group, which has broad capability to handle matters across a wide variety of sectors.

Practice head(s):

Tessa Lee

CBA Studio Legale e Tributario

At CBA Studio Legale e Tributario, the team of energy, infrastructure and project finance specialists devotes its attention to clients predominantly in the secondary market who are involved in renewable resources, energy efficiency and biogas matters. Many of their highlights - especially M&A and project finance cases - are dealt with by practice head Paolo Esposito in collaboration with other lawyers specialised in tax and administrative law or M&A and private equity.

Practice head(s):

Paolo Esposito

Key clients

Snam S.p.A.

Enel Green Power S.p.A.

Iren S.p.A.

KI-KELAG International GmbH

Italgas S.p.A.

Bper Banca S.p.A.

Maccaferri Group


Valle Umbra Servizi S.p.A.

Raffineria di Milazzo

Work highlights

  • Advised Bper Banca on the refinancing of a PV Portfolio owned by TAGES Helios on a project financing basis.
  • Advised Ki-Kelag on the acquisition of 95% of the corporate capital of an Italian company that owns two hydro power plants in full operation and the concession and the building permits for the construction of another hydro power plant.
  • Advised Valle Umbra Servizi on drawing up the documentation required to authorise the distribution of biomethane through the Italian gas grid – the first case in Italy in application of ARERA’s resolution no. 46/15.


CMS's Italian energy practice counts major clients in the oil and gas sector (covering oil and gas exploration and production, public tender procedures, taxation of oil products and transactions) as well as in the electricity and renewables sectors (solar, biomass and wind energy) and in minerals. The experienced Pietro Cavasola is head of the department and a member of the wider firm's global energy group.

Practice head(s):

Pietro Cavasola


‘Pietro Cavasola is a very experienced professional ‘

Key clients

TotalErg (now known as Italiana Petroli, part of the “Gruppo Api”)


Solaria Energia y Medio Ambiente SA

Global Solar Fund

Senec GmBH

Raffineria di Roma

Total Italia S.p.A.

Total E&P S.p.A.

Q8 Italia (Kuwait Petroleum Italia S.p.A.)

Quarzwerke GmbH

Work highlights

  • Advised Encavis, a company leader in the production of electricity from renewable energy sources on the acquisition of a stake in an Italian company active in the renewable sector and O&M related services.
  • Assisting Solaria Group on all aspects related to its corporate restructuring in Italy as well as on €52.2m financing granted by Banco Santander to Solaria Lyra, an Italian company fully controlled by Solaria Energía Generación Renovable, S.L. Sociedad Unipersonal.
  • Advised Senec on the purchase of corporate capital from Tempus.

Deloitte Legal Italy -Società tra Avvocati a r.l.

With a team based across offices in Milan, Rome and Padua, the energy practice at Deloitte Legal Italy - Società tra Avvocati a r.l. has a successful track record in advising clients on M&A, plant construction and operation, energy efficiency and regulations. Antonella Alfonsi leads the firm's Central Mediterranean energy, resources and industrial group, as well as the Central Mediterranean power and utilities group.

Practice head(s):

Antonella Alfonsi; Gioacchino Amato; Massimo Zamorani

Key clients


Enernovum GmbH & Co. KG and SAMAG Deutschland GmbH

FRATELLO SOLE Energie Solidali Impresa Sociale S.r.l.

Work highlights

  • M&A assistance to AEGA ASA for the sale of eight solar plants.
  • Assistance to Enernovum in an energy efficiency project.
  • Provided legal assistance to Fratello Sole Energie Solidali Impresa Sociale for the incorporation of the first ESCO operating in the Third-Sector.

Gitti and Partners

Gitti and Partners has grown organically since its founding in 2015 and now features a well-integrated energy and utilities practice. Piero Viganò is dedicated to energy matters and leads on issues such as biomethane, environmental issues and compliance. The department has a varied roster of clients, featuring infrastructure funds, utilities, trading societies, banks and funds as well as business associations and WEEE operators.

Practice head(s):

Piero Viganò


‘Flexibility, ability to understand the business context in which the customer operates’

‘Attention to detail, listening, competence, fair compensation’

‘The team is compact, consolidated and very close-knit. The effectiveness of their action is evident to both customers and counterparties. They are available, fast and at the same time precise. They identify problems and find solutions with extreme ease. Pragmatism and problem solving are their distinctive features, made possible by a solid preparation and a deep knowledge of the reference market.’

‘The team is coordinated by the responsible partner Piero Viganò. For many years Viganò has dealt exclusively with issues related to the world of energy and the circular economy. He is extremely serious, authoritative and has a vast relational network. He has a deep knowledge of the energy market and the circular economy, and a marked inclination to problem-solving. Irina Gherca, a senior associate of note, is extremely prepared, fast and competent. He is authoritative and at the same time inclined to find both contractual and contractual solutions.’

‘Excellent overview of the energy market and energy efficiency, in-depth knowledge of the regulatory framework, knowledge of the operators and the opportunities offered by the market. Pragmatism and risk assessment skills allow us to achieve the expected results.’

Work highlights

  • Advised Wrm Group on the acquisition from Mediocredito Italiano of a portfolio of receivables, having a GBV of €187m, backed by photovoltaic assets: the first transaction in the Italian market of receivables backed by renewable energy assets.
  • Advised E.ON Energia on the acquisition of 80% of Solar Energy Group, a prime Italian company active in the installation of solar heating and photovoltaic plants.
  • Advised E.On Business Solutions on the acquisition of the ownership and management of a 0,9 MW power cogeneration plant located in Correggio (RE) and in the takeover of a project for the construction and management of a second 0,6 MW cogeneration plant located in Fombio (LO).

K&L Gates

Highly regarded M&A lawyer Paolo Zamberletti sits at the head of K&L Gates's energy practice; he works with a team of associates on a variety of matters, including the construction and management of energy regasification terminals, the drafting and negotiation of agreements for gas sale, purchase and supply as well as the regulatory framework of reference.

Practice head(s):

Paolo Zamberletti


‘The K&L energy group has deep knowledge of the applicable laws and regulations, coupled with a very pragmatic approach. They have unique capabilities to put together teams for the relevant deal or matter which combine expertise on the relevant legal issues (corporate, litigation, regulatory etc.) and understanding of the industry and our business needs.’

‘Paolo Zamberletti has strong expertise in the energy industry and is well informed of the most recent trends. Availability, responsiveness and understanding of our business model and needs are his key qualities. Counsel Chiara Toccagni is also very good on regulatory matters. ‘

‘Excellent team.’

‘Paolo Zamberletti is an absolute star. He is an amazing M&A lawyer with a massive experience in complex cross-border transactions. He is extremely intelligent, creative and commercial. He will review all drafts prepared by his associates ensuring top quality of the products.’

‘Great technical expertise, customer focus and dedication.’

‘Paolo Zamberletti takes full responsibility for his projects and delivers on time the best results for the client. ‘

Key clients

Edison S.p.A.

European Bank for Reconstruction and Development (EBRD)

Origis Invest N.V.

Metano Nord S.p.A.

Utilità S.p.A. S.p.A.

Levigas S.p.A.

Gasway S.p.A.

Augusta Ratio S.p.A.

Work highlights

  • RepresentedOrigis Invest in the disposal of its solar portfolio located in Italy and in Slovakia, having a total capacity of approximately 41 MW.
  • Representing Utilità in litigation proceedings before the competent administrative court.
  • Representing in litigation proceedings before the competent administrative court.

L&B Partners Avvocati Associati

A wide range of clients, among them investors, private equity funds, energy operators and financial institutions, instruct the team at L&B Partners Avvocati Associati. Acting in close collaboration with its associated financial advisory arm, the practice has a key focus on assisting with large investments into renewables, energy efficiency and infrastructure. The firm is headed by Michele De Terlizzi, who regularly advises on M&A transactions and provides administrative assistance, as well as working on financing matters within the energy sector. Also notable is Bartolomeo Cozzoli, who has extensive experience of administrative law and public utilities.

Practice head(s):

Michele Di Terlizzi


Strong ability to combine excellent legal assistance with great commercial sensitivity, due to a deep knowledge of the sector and of its relevant economic aspects.

Deep legal/financial expertise, tailor-made solutions, perfect cohesion between financial and legal teams.

Michele Di Terlizzi is very commercially minded and deal-oriented.

The partners actively participate in the structuring of any transaction and follow any single phase with attention and diligence.

Key clients

Tozzi Group S.p.A.

WindFarm Deliceto

ACE Renewables Holding S.A.

Tolve Windfarm Holding


L&B Capital SpA


Swisspower AG

Unicredit S.p.A

Natixis S.A.

Work highlights

  • Assisted Ardian Infrastructures with the acquisition of a renewables portfolio, including assets in Italy and Spain.
  • Advised UniCredit and Natixis on the financing of a large wind factory project.
  • Assisted Evolvere with a €2m bond issuance in the energy efficiency sector.

Nctm Studio Legale

In the energy sector, Nctm Studio Legale focuses on contracts relating to tolling, risk hedging and energy performance, as well as acquisitions and joint ventures. Eugenio Siragusa's practice centres around corporate, banking and finance matters, while Giulio Berruti's focus is on administrative and European public law.