Carlo Montella

Co-Founder and Managing Partner
Project Development and M&A

Carlo co-heads the Project Development and M&A practice.
He is a transactional lawyer with extensive experience in project development, asset acquisitions and financings in the energy and infrastructure sectors.
Carlo has strong proficiency and consolidated background in assisting international sponsors, multinational energy companies, large private equity funds, project developers, borrowers and debt issuers, investment banks and other capital providers and investors who value his contribution thanks to his vast experience, practical know how and willingness to go the extra mile for his client.

Carlo regularly advises on energy sector mergers, acquisitions, joint ventures, development, structuring and financing of large-scale energy and infrastructure projects, both in Italy and internationally (including UK and Eastern European countries).
He has a significant experience in the electric power sector, wind, solar, biomass, geothermal and other renewable energy projects and has also represented clients in transactions involving electric power and natural gas transmission.

Notable Experience


Representative transactions Carlo has recently advised include assistance to:


Glennmont Partners and PGGM Infrastructure Fund on the sale of one of the largest operating onshore wind project portfolios in Italy to Eni. The portfolio of onshore wind assets comprises 13 plants spread across mainland Italy and Sicily with a total installed capacity of around 315MW.


Greencells Group in the negotiation and signing of a development and sale and purchase framework agreement – and related development contracts – in relation to a pipeline of agrivoltic projects under development by a leading developer in the sector. The pipeline, with a total expected capacity of up to 790 MWp, is located in Sardinia. Also, the team assisted the client in the finalisation of the first closing relating to an initial set of projects for a total capacity of 207 MWp.


Glennmont Partners in the acquisition and development of a project in Lazio with an authorised capacity of 54 MW, at the end of a complex administrative dispute involving the Council of Ministers and MIBACT.


Obton A/S on the acquisition of a photovoltaic portfolio from E2E, which has allowed the fund to reach an installed capacity in Italy of over 270MW.


MEAG Munich Ergo, the asset management company of the Munich Re Group, as subscriber of €300 million worth of alternative debt instruments issued by Metaenergia in the context of the €500 million project financing for the construction of nine gas power plants developed by Metaenergia for the Italian peak capacity market.


Obton A/S (WT II Senior S.r.l.) in the €400 million green loan financing, on a project finance basis, granted by Natixis S.A., UniCredit S.p.A. and Generali Global Infrastructure.


Obton A/S (Vialli PV Italy) in the €126.6 million financing granted by Intesa Sanpaolo S.p.A. and Banco BPM S.p.A. The purpose company financed indirectly owns through subsidiaries 43 photovoltaic plants located in Italy.


Acea Group on the €220 million sale to the UK investment fund Equitix of a majority stake in the company that owns Acea Group’s photovoltaic assets already in operation or in the process of being connected to the grid in Italy. Equitix will set up, together with ACEA Produzione S.p.A., a HoldCo, that is 60% owned by the fund, which will acquire Acea Sun Capital S.r.l., which is the owner of a portfolio of corporate entities holding photovoltaic plants with a total capacity of 105MW. The agreement included a long-term power purchase agreement (PPA). Orrick also assisted Acea Produzione in the structuring of a loan of over €190 million provided by a pool of banks consisting of Intesa Sanpaolo, ING, Natixis and BPCE Lease.


European Energy in the sale to Iren of a portfolio of five photovoltaic plants with a total nominal capacity of approximately 120MW.


KGAL in the context of two acquisitions of photovoltaic projects for an aggregated capacity of 250MWp to be built in Lazio.


KGAL in the drafting and negotiation of the second ever long-term PPA in the market, executed with DXT, in relation to “market parity” photovoltaic projects.


A pool of banks consisting of Natixis S.A., as agent; Natixis SA – Milan Branch as structuring mandated lead arranger, bookrunner and lender; together with Intesa Sanpaolo S.p.A. as structuring mandated lead arranger, bookrunner, lender and account bank; and UniCredit as structuring mandated lead arranger, bookrunner and lender in the €185 million project financing of “Obton Secondo” sub-fund, set up within the Obton Italy fund managed by Sagitta Sgr.


Natixis on the first ever financing for the construction of a photovoltaic plant with a power capacity up to 103 MW not supported by state subsidies in Italy, at the time the biggest solar plant in Italy.


Glennmont Rebs Fund on a new €25.6 million green securitisation transaction secured by a portfolio of renewable energy plants with a total installed capacity of 110MW.


Foresight Group, a fund manager, on its €12.8 million subscription to a series of project bonds which are listed on Borsa Italiana’s dedicated ExtraMOT PRO segment. The bonds were issued to finance the construction of a biogas plant in Sardinia with a capacity of approximately 30 thousand tonnes per annum.


Canadian Solar Inc. in a 10-year PPA with TrailStone GmbH for the electricity produced by a 17.6 MWp solar PV plant portfolio in Sicily to be realized in market parity without any FiT or other governmental incentive. The portfolio is jointly owned by Canadian Solar and Manni Energy. The PPA will cover 100% of the electricity generated by the portfolio, is believed to be the longest-term PPA for a fully unsubsidized solar PV portfolio at the time of the signing.


ERG in an agreement between its subsidiary Erg Power Generation and Renergetica concerning the development of greenfield photovoltaic and wind projects in Spain, with capacity totalling around 100MW per year, as well as the acquisition of ready-to-build and operating projects.


Sonnedix on the €160 million non-recourse refinancing of a portfolio of 21 photovoltaic plants in Italy, with an installed capacity of 29.3 MWp.


Sonnedix in the first ever acquisition (per size) of subsidy-free solar power plants active in Sicily, with a total capacity of 17.7 MWp, from the joint venture set up by Canadian Solar UK Projects LTD and Manni Energy S.r.l. (a Manni Group company).


Green Arrow Capital, manager of the GreenArrow Energy Fund (GAEF), on the construction of two mini-hydropower plants located on aqueducts in Viterbo and Campobasso.

iCON Infrastructure in strengthening its existing joint venture with the EGEA Group.


UniCredit S.p.A., as Sole Structuring MLA, Lender, Hedging Counterparty, Transaction Agent and Account Bank, and two institutional investors, as underwriters, in the €87 million refinancing of the portfolio of 40 photovoltaic plants owned by Sungem Holding Italy S.p.A. through 10 SPVs. The complex financing transaction comprises of a project finance loan and a bond.


VEI Green in the sale to ERG of a 90 MW portfolio of operational PV assets in Italy with an enterprise value in excess of €330 million.


VEI Green (controlled by VEI Capital) and Foresight Group, in a corporate reorganization aimed at consolidating the respective PV portfolios (approx. 90 MW) into the joint venture vehicle ForVEI, thereby optimizing the returns from existing assets (also through a €180 million limited recourse facilities granted by UBI Banca S.p.A., Banca IMI S.p.A., UniCredit S.p.A. and Mediocredito Italiano) and creating a platform for subsequent investments in PV assets.


Glennmont Partners (formerly BNP Paribas Clean Energy Partners) in the €190 million refinancing of a 245 MW Italian wind portfolio. Financing included f a hybrid facility comprising a €20 million bank loan and a €170 million bond issued by CEF 3 Wind Energy S.p.A. The unrated bond consisted of a single fixed rate tranche and is listed on the Italian ExtraMotpro segment with national and international institutional investors.


Glennmont Partners in the €416 million acquisition of the above mentioned 245 MW wind projects portfolio from Spanish electric utility Iberdrola.


Università degli Studi di Roma “La Sapienza”, Facoltà di Giurisprudenza, J.D., 1999, 110/110 cum laude
Cambridge University, Faculty of Law, LL.M., 2003.




Tel: +39 348 5165604