Green Horse Advisory

𝗡𝗲𝘁 𝗭𝗲𝗿𝗼 𝗠𝗶𝗹𝗮𝗻 𝗶𝘀 𝗮𝗽𝗽𝗿𝗼𝗮𝗰𝗵𝗶𝗻𝗴 — 𝗮𝗻𝗱 𝘄𝗲’𝗿𝗲 𝗽𝗿𝗼𝘂𝗱 𝘁𝗼 𝗯𝗲 𝗽𝗮𝗿𝘁 𝗼𝗳 𝗶𝘁. As Green Horse Advisory, we’ve been invited by Fiera Milano to act as 𝗞𝗻𝗼𝘄𝗹𝗲𝗱𝗴𝗲 𝗣𝗮𝗿𝘁𝗻𝗲𝗿 for the upcoming NetZero Milan expo-summit, taking place from 𝗠𝗮𝘆 𝟭𝟰 𝘁𝗼 𝟭𝟲. Together with pv magazine Global, we will be curating the vertical sessions dedicated to 𝗲𝗻𝗲𝗿𝗴𝘆 𝘀𝘁𝗼𝗿𝗮𝗴𝗲 and 𝘀𝗼𝗹𝗮𝗿 𝗣𝗩, two pillars of the Italian energy transition — and two sectors at the heart of ongoing regulatory, technological, and financial evolutions. To kick off the conversation, we partnered with ECCO think tank to publish a newsletter that offers a deep dive into: 🔸 the market outlook and policy frameworks for battery storage 🔸 the current state of play and investment trends in utility-scale solar 🔸 the structural challenges and opportunities shaping these industries in Italy ➡️ Read the full piece here: https://lnkd.in/dys9Fk3w. Special thanks to Erika Magrini and Massimiliano Livi PhD for their amazing contribution on the technological aspects of storage technology! We’re excited to contribute to the dialogue around Net Zero Milan and to bring the voice of market operators into the spotlight.

𝗘𝗻𝗲𝗿𝗴𝘆 𝗡𝗼𝘃𝗮 #𝟳 | 𝗧𝗵𝗲 𝗥𝗶𝘀𝗲 𝗼𝗳 𝗗𝗮𝘁𝗮 𝗖𝗲𝗻𝘁𝗲𝗿𝘀 – 𝗠𝗮𝗿𝗸𝗲𝘁 𝗧𝗿𝗲𝗻𝗱𝘀, 𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗶𝗼𝗻𝘀 & 𝗧𝗲𝗰𝗵𝗻𝗶𝗰𝗮𝗹 𝗖𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝘀 This time, we deep dive into one of the most crucial infrastructures of our time: 𝗱𝗮𝘁𝗮 𝗰𝗲𝗻𝘁𝗲𝗿𝘀.   With the rapid rise of 𝗮𝗿𝘁𝗶𝗳𝗶𝗰𝗶𝗮𝗹 𝗶𝗻𝘁𝗲𝗹𝗹𝗶𝗴𝗲𝗻𝗰𝗲 and the 𝗲𝘅𝗽𝗹𝗼𝗱𝗶𝗻𝗴 𝗱𝗲𝗺𝗮𝗻𝗱 𝗳𝗼𝗿 𝗱𝗮𝘁𝗮 𝘀𝘁𝗼𝗿𝗮𝗴𝗲 𝗮𝗻𝗱 𝗽𝗿𝗼𝗰𝗲𝘀𝘀𝗶𝗻𝗴, data centers are quickly becoming central to the global digital economy. But what exactly are they — and how is Italy positioning itself in this space?   To explore this topic, we’ve brought together experts from across Green Horse Advisory’s multidisciplinary teams: Celeste Mellone, Partner at #GreenHorseLegal, to focus on: Regulatory landscape & permitting hurdles Simonetta Formentini, Director at #GreenHorseFinancial, to focus on: Market dynamics, development trends, and investment opportunities Massimiliano Livi PhD, Consultant at #GreenHorseEngineering, to focus on: What is a data center, where should it be built, and what are the technical challenges?   In this episode, we cover: 🔸What is a data center and why does it matter in the digital age 🔸Market status & growth potential in Italy and Europe 🔸Legal and permitting frameworks 🔸Construction challenges and how the industry is responding   At Green Horse, we’re building a 360° approach to this emerging sector — blending legal, technical, and financial expertise to support clients navigating the complex data center ecosystem.   🎧 Tune in now to get the full picture. 🔸Spotify: https://lnkd.in/d8P-Q96C 🔸Apple Podcasts: https://lnkd.in/dEV7hMkR 🔸Our website: https://lnkd.in/dHcwfCMs

🔋 RENMAD - Energy Events – 𝟮 & 𝟯 𝗔𝗣𝗥𝗜𝗟 | 𝗥𝗢𝗠𝗘 𝗟𝗼𝗻𝗴-𝗗𝘂𝗿𝗮𝘁𝗶𝗼𝗻 𝗦𝘁𝗼𝗿𝗮𝗴𝗲 & 𝗣𝘂𝗺𝗽𝗲𝗱 𝗛𝘆𝗱𝗿𝗼: 𝗞𝗲𝘆 𝗦𝗼𝗹𝘂𝘁𝗶𝗼𝗻𝘀 𝗳𝗼𝗿 𝗚𝗿𝗶𝗱 𝗦𝘁𝗮𝗯𝗶𝗹𝗶𝘁𝘆 Iacopo Magrini, CEO at #GreenHorseEngineering, will be moderating a forward-looking panel on the role of 𝗹𝗼𝗻𝗴-𝗱𝘂𝗿𝗮𝘁𝗶𝗼𝗻 𝗲𝗻𝗲𝗿𝗴𝘆 𝘀𝘁𝗼𝗿𝗮𝗴𝗲 (𝗟𝗗𝗘𝗦) and 𝗽𝘂𝗺𝗽𝗲𝗱 𝗵𝘆𝗱𝗿𝗼 𝘀𝘁𝗼𝗿𝗮𝗴𝗲 (𝗣𝗛𝗦) in the evolving Italian energy landscape. The discussion will dive into: 🔸 How LDES and PHS compare to traditional batteries in flexibility and reliability 🔸Investment opportunities 🔸Technological innovation – from variable-speed turbines to hybrid systems Panelists: Maurizio Lancerin – CEO Trading, Gruppo Dolomiti Energia Letizia Magaldi – Executive Vice President, Magaldi Power SpA To register and know more click here: https://lnkd.in/d9GMkMpu

🔋 RENMAD - Energy Events – 𝟮 & 𝟯 𝗔𝗣𝗥𝗜𝗟 | 𝗥𝗢𝗠𝗘 𝗧𝗵𝗲 𝗢𝘂𝘁𝗹𝗼𝗼𝗸 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗜𝘁𝗮𝗹𝗶𝗮𝗻 𝗕𝗘𝗦𝗦 𝗠𝗮𝗿𝗸𝗲𝘁 – 𝗢𝗯𝘀𝘁𝗮𝗰𝗹𝗲𝘀 𝗮𝗻𝗱 𝗣𝗼𝘀𝘀𝗶𝗯𝗶𝗹𝗶𝘁𝗶𝗲𝘀 Andrea Gentili, Deputy Managing Partner at #GreenHorseLegal, will moderate a high-level panel on the current state and future prospects of 𝗕𝗮𝘁𝘁𝗲𝗿𝘆 𝗘𝗻𝗲𝗿𝗴𝘆 𝗦𝘁𝗼𝗿𝗮𝗴𝗲 𝗦𝘆𝘀𝘁𝗲𝗺𝘀 (𝗕𝗘𝗦𝗦) in Italy. The conversation will bring together key players from across the value chain to explore: 🔸 How pan-European experience is shaping investment strategies in Italy 🔸 The main development challenges – especially from a financial perspective 🔸 Whether current support mechanisms (CM, MACSE) are truly fit for purpose 🔸 Signs of a potential surge in merchant investments – and who’s best positioned to benefit Panelists: Giulio Cassai – Head of Business Development and Acquisitions, Statkraft Lorenzo Sani – Energy Market Analyst, Fotowatio Renewable Ventures (FRV) Gabriele Sommantico – Head of Development, BNZ Mario Palma – CEO, Star Energia Giulio Benedetti – Country Manager, Aura Power Emanuele Taibi – Country Manager, Field Find out more here: https://lnkd.in/d9GMkMpu

Enjoy our #RegulatoryLawAlert 33! 👇 To enhance readability on your phone, we recommend using the download feature to access the document. Simply click on the document and then on the icon in the top right corner.

Today, Carlo Montella, Managing Partner at #GreenHorseLegal, had the privilege of sharing his expertise with students at SDA Bocconi 𝗠𝗮𝘀𝘁𝗲𝗿 𝗶𝗻 𝗖𝗼𝗿𝗽𝗼𝗿𝗮𝘁𝗲 𝗙𝗶𝗻𝗮𝗻𝗰𝗲. We are honored to continue contributing to this prestigious program, and contributing to the education of the next generation of finance professionals. Carlo’s lecture provided a deep dive into risk management in M&A deals within the renewable energy sector, covering key aspects such as: 🔸 The 𝗱𝘆𝗻𝗮𝗺𝗶𝗰𝘀 𝗼𝗳 𝘁𝗵𝗲 𝗣𝗩 𝗺𝗮𝗿𝗸𝗲𝘁, with a focus on Brownfield vs. Greenfield projects. 🔸The 𝗰𝗿𝗶𝘁𝗶𝗰𝗮𝗹 𝗽𝗵𝗮𝘀𝗲𝘀 𝗼𝗳 𝗠&𝗔 𝘁𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻𝘀, from scouting and origination to closing. 🔸The role of 𝗱𝘂𝗲 𝗱𝗶𝗹𝗶𝗴𝗲𝗻𝗰𝗲 in identifying and mitigating transaction risks. 🔸Essential terms and conditions of the 𝗦𝗮𝗹𝗲 𝗮𝗻𝗱 𝗣𝘂𝗿𝗰𝗵𝗮𝘀𝗲 𝗔𝗴𝗿𝗲𝗲𝗺𝗲𝗻𝘁 (𝗦𝗣𝗔). 🔸Best practices for 𝗺𝗮𝗻𝗮𝗴𝗶𝗻𝗴 𝘁𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻 𝗿𝗶𝘀𝗸𝘀 effectively. A special thank you to Raffaele Ciotta and Leonella Gori for making this experience possible, and to Bocconi University for hosting yet another insightful session.

At KEY - Italian Exhibition Group, our CEO at #GreenHorseEngineering, Iacopo Magrini, shared his perspective on the renewed interest of major investors in Italy’s renewable energy sector. 𝗞𝗲𝘆 𝘁𝗮𝗸𝗲𝗮𝘄𝗮𝘆𝘀 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝗶𝗻𝘁𝗲𝗿𝘃𝗶𝗲𝘄 𝗼𝗻 EM Energia e Mercato: 🔹 After the regulatory slowdowns of 2024, investors are once again looking at Italy as a strategic market, particularly for 𝗿𝗲𝗮𝗱𝘆-𝘁𝗼-𝗯𝘂𝗶𝗹𝗱 𝗽𝗿𝗼𝗷𝗲𝗰𝘁𝘀 (to benefit from the FERX incentives). 🔹 The shift to 𝗮𝗴𝗿𝗶𝘃𝗼𝗹𝘁𝗮𝗶𝗰𝘀 presents new challenges, requiring additional expertise beyond traditional project development. 🔹 𝗕𝗶𝗼𝗺𝗲𝘁𝗵𝗮𝗻𝗲 is evolving into an industrial-scale sector, but success depends on robust biomass supply chains and strategic plant locations close to gas transmission networks. 🔹 The 𝘀𝘁𝗼𝗿𝗮𝗴𝗲 𝗺𝗮𝗿𝗸𝗲𝘁 is still emerging, with significant opportunities ahead as new business models develop and costs decline. 🔹 Overcoming 𝗡𝗜𝗠𝗕𝗬 𝗼𝗽𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻 is crucial—scientific evidence shows that renewables, particularly solar, have minimal land impact and can even improve soil fertility. Read the full interview here: https://lnkd.in/dQMGXqqd

𝗜𝘁𝗮𝗹𝘆'𝘀 𝗼𝗳𝗳𝘀𝗵𝗼𝗿𝗲 𝘄𝗶𝗻𝗱 𝘀𝗲𝗰𝘁𝗼𝗿 𝗶𝘀 𝗴𝗮𝗶𝗻𝗶𝗻𝗴 𝗺𝗼𝗺𝗲𝗻𝘁𝘂𝗺, driven by the growing recognition of its potential in the country’s energy transition. While the initial National Integrated Climate and Energy Plan set a modest goal of 0.9 GW by 2030, industry estimates suggest that offshore wind capacity has significantly higher potential, especially considering Italy’s deep-water coastal areas. 𝗗𝗲𝘀𝗽𝗶𝘁𝗲 𝘁𝗵𝗲 𝘀𝗲𝗰𝘁𝗼𝗿’𝘀 𝗽𝗿𝗼𝗺𝗶𝘀𝗲, 𝗰𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝘀 𝗿𝗲𝗺𝗮𝗶𝗻. Regulatory complexities and lengthy approval processes continue to slow progress, underscoring the need for streamlined permitting frameworks and greater institutional support to accelerate development. We are pleased to have contributed to the Italian chapter of the Orrick, Herrington & Sutcliffe LLP 𝗚𝗹𝗼𝗯𝗮𝗹 𝗢𝗳𝗳𝘀𝗵𝗼𝗿𝗲 𝗪𝗶𝗻𝗱 𝗥𝗲𝗽𝗼𝗿𝘁 𝟮𝟬𝟮𝟱, where Green Horse Advisory provided insights into the evolving landscape of offshore wind in Italy. The chapter includes an analysis of the 𝗗𝗲𝗰𝗿𝗲𝘁𝗼 𝗙𝗘𝗥 𝟮 and the 𝗿𝗲𝗹𝗲𝘃𝗮𝗻𝘁 𝗶𝗻𝗰𝗲𝗻𝘁𝗶𝘃𝗲 𝘀𝘂𝗽𝗽𝗼𝗿𝘁 𝘀𝘆𝘀𝘁𝗲𝗺 provided by the decree, which plays a crucial role in shaping the future of offshore wind development in the country. A big thank you to Orrick for the opportunity to collaborate on this important document, helping to shed light on the opportunities and challenges ahead for the sector. With strong growth projections and increasing focus on technological innovation, 𝗼𝗳𝗳𝘀𝗵𝗼𝗿𝗲 𝘄𝗶𝗻𝗱 𝗵𝗮𝘀 𝘁𝗵𝗲 𝗽𝗼𝘁𝗲𝗻𝘁𝗶𝗮𝗹 𝘁𝗼 𝗽𝗹𝗮𝘆 𝗮 𝗽𝗶𝘃𝗼𝘁𝗮𝗹 𝗿𝗼𝗹𝗲 𝗶𝗻 𝗜𝘁𝗮𝗹𝘆’𝘀 𝗿𝗲𝗻𝗲𝘄𝗮𝗯𝗹𝗲 𝗲𝗻𝗲𝗿𝗴𝘆 𝗹𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲. The coming years will be crucial in unlocking its full potential and advancing Italy’s position in the European offshore wind market.

𝗟𝗮 𝗦𝗲𝘁𝘁𝗶𝗺𝗮𝗻𝗮 𝗘𝗻𝗲𝗿𝗴𝗲𝘁𝗶𝗰𝗮 #𝟱 | 𝗘𝗻𝗲𝗿𝗴𝘆, 𝗽𝗼𝗹𝗶𝗰𝘆 𝗮𝗻𝗱 𝗶𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝗼𝗻 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸 In this episode of #LaSettimanaEnergetica, we dive into the latest developments shaping the energy transition: 🔸𝗦𝗮𝗿𝗱𝗶𝗻𝗶𝗮’𝘀 𝗿𝗲𝗻𝗲𝘄𝗮𝗯𝗹𝗲 𝗺𝗼𝗿𝗮𝘁𝗼𝗿𝗶𝘂𝗺 𝗼𝘃𝗲𝗿𝘁𝘂𝗿𝗻𝗲𝗱 – A major ruling in favor of energy investors? Tune in as Ivano Saltarelli analyzes its content and the potential implications for the upcoming 𝗦𝗮𝗿𝗱𝗶𝗻𝗶𝗮 𝗿𝗲𝗴𝗶𝗼𝗻𝗮𝗹 𝗹𝗮𝘄 𝗼𝗻 𝗗𝗠 𝗔𝗿𝗲𝗲 𝗜𝗱𝗼𝗻𝗲𝗲 𝗿𝘂𝗹𝗶𝗻𝗴 🔸𝗙𝗶𝗿𝘀𝘁 𝗠𝗮𝗰𝘀𝗲 𝗮𝘂𝗰𝘁𝗶𝗼𝗻 𝗼𝗻 𝗦𝗲𝗽𝘁𝗲𝗺𝗯𝗲𝗿 𝟯𝟬 – Terna sets the stage for Italy’s battery storage market. 🔸𝗜𝘁𝗮𝗹𝘆’𝘀 𝗿𝗲𝗻𝗲𝘄𝗮𝗯𝗹𝗲 𝗲𝗻𝗲𝗿𝗴𝘆 𝗱𝗲𝗹𝗮𝘆𝘀 – Legambiente’s latest report warns of an 8-year setback in reaching 2030 targets. 🔸𝗧𝗵𝗲 𝗯𝗼𝗼𝗺𝗶𝗻𝗴 𝗯𝗮𝘁𝘁𝗲𝗿𝘆 𝘀𝘁𝗼𝗿𝗮𝗴𝗲 𝗺𝗮𝗿𝗸𝗲𝘁 – Italy is now Europe’s most attractive market for BESS investments. 🔸𝗘𝗨’𝘀 𝗻𝗲𝘄 𝗔𝘂𝘁𝗼𝗺𝗼𝘁𝗶𝘃𝗲 𝗔𝗰𝘁𝗶𝗼𝗻 𝗣𝗹𝗮𝗻 – From EV incentives to BESS “Made in Europe” regulations, what’s next for the industry? 🔸𝗘𝗩 𝗰𝗵𝗮𝗿𝗴𝗶𝗻𝗴 𝗶𝗻𝗳𝗿𝗮𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲 𝗶𝗻 𝗜𝘁𝗮𝗹𝘆– Leading Europe in public charging density, but regional disparities remain. 🔸𝗘𝗻𝗲𝗿𝗴𝘆 𝗥𝗲𝗹𝗲𝗮𝘀𝗲 𝟮.𝟬 – A strong demand response: 70 TWh requested, unlocking 5 GW of new renewable capacity. 🎧 Tune in to the latest episode of La Settimana Energetica!  🔸Spotify: https://lnkd.in/dNDaQuUf 🔸Apple Podcasts: https://lnkd.in/d8DYJduS 🔸Our website: https://lnkd.in/dFuNkDJT

𝗦𝗼𝘂𝘁𝗛𝟮 𝗖𝗼𝗿𝗿𝗶𝗱𝗼𝗿: 𝗖𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝘀 𝗮𝗻𝗱 𝗢𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝗶𝗲𝘀 Daria Buonfiglio, Counsel and Head of Strategic Marketing & Communication, will be moderating the webinar “𝗦𝗼𝘂𝘁𝗛𝟮 𝗖𝗼𝗿𝗿𝗶𝗱𝗼𝗿: 𝗔 𝗻𝗲𝘄 𝗼𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝘆 𝗳𝗼𝗿 𝗯𝗿𝗶𝗻𝗴𝗶𝗻𝗴 𝗛𝟮 𝘁𝗼 𝗘𝘂𝗿𝗼𝗽𝗲” organized by RENMAD - Energy Events 📅 When: April 1, 2024 🕙 Time: 11:00 AM - 12:00 PM Learn more and register here: https://lnkd.in/dXr9g6uV Thank you to Renmad and Elena Spinelli for having us, and thank you to the esteemed panelists who will join the conversation: Carlo Bardini, International and European activities coordinator of the Energy Department at Ministero dell'Ambiente e della Sicurezza Energetica Nicolas Jennison, Senior Manager at Snam