Pierpaolo Mastromarini
Partner

BANKING & FINANCE

ROME, MILAN

T: +39 06 68 40 581
D: +39 06 68 40 5816
M: +39 3358736799

EmailE: pmastromarini@wfw.com

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Pierpaolo Mastromarini

Summary Open

Pierpaolo is a Partner in the Finance department in Italy.

His work focuses on project finance transactions. He has assisted major national and international players in energy related financing and refinancing deals and he has participated in the negotiations and drafting phases, with both clients and counterparties, in relation to energy and infrastructure projects on international basis.

Pierpaolo has also gained a significant experience in drafting, negotiating and managing national and international EPC, DBO and O&M contracts as well as projects contracts.

In addition, Pierpaolo has a considerable experience in national and international contract law, corporate law and M&A.

He has also acted as advisor for investment banks on major national and international acquisition as well as on restructuring transaction related to international group companies carrying out business in the infrastructure and energy field. Moreover, he has worked for two years in a major investment bank in London working on renewable energy deals (corporate and project finance transactions) in the European market sector.

He graduated with full marks from the University “Roma Tre” of Rome in 2000 and later obtained a Master in Business Law from the Business School of Il Sole 24 Ore, where he currently teaches Finance Law and Project Finance in Master courses. He was admitted to the Italian Bar in 2003 and then as a solicitor of the Senior Courts of England and Wales in 2009.

Prior to joining WFW, Pierpaolo worked at Bonelli Erede Studio Legale. He has also worked for Allen & Overy in both Rome and London offices.

Pierpaolo is ranked among the world’s leading Energy lawyers (Who’s Who Legal Energy 2017), as well as in Band A in the Energy and Finance areas in Italy (Legalcommunity, Finance and Energy Reports 2017). In 2016 he was recognised as “Rising Star” in project finance (Legalcommunity Energy Awards) and praised for his “outstanding problem-solving attitude and prompt response to any and all client queries”. In 2013 and 2014 he was recognised as ‘recommended’ individual for Banking & Finance and Energy by the international legal directory Legal500.

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Experience Open

    Pierpaolo’s relevant experience includes advising:
    • A syndicate of twelve domestic and international banks on a complex transaction relating to the transfer of the original €280m financing of four wind farms with a total capacity of circa 180 MW in Italy (Apulia and Campania regions) owned by Daunia Wind S.r.l
    • BPER Banca and MPS Capital Services Banca per le Imprese S.p.A. on the structuring of a €16m project financing for the construction and management of a portfolio of four hydroelectric plants with the total capacity of circa 7.5 MW.
    • MPS Capital Services and UniCredit on their purchase of minority stakes in the €60m financing granted to Daunia Ascoli S.r.l. as borrower by a syndicate of banks in relation to a 53.5 MW wind farm in Ascoli Satriano (Foggia, Puglia).
    • Banca Popolare di Milano on two project financings, with an aggregate value of €6m, of two biogas plants (in Crevalcore and Villacidro) owned by Fri-El Group.
    • MPS Capital Services Banca per le Imprese S.p.A. on the €7m financing, structured as a project financing, of Italian renewables company Northern Star Energy S.r.l. part of ESU Holdings I C.V. Group (acting as sponsor), in order to manage and refinance four solar plants with a total capacity of circa 4 MW, located in the Piedmont and Lombardy regions of northern Italy.
    • BPER Banca (“BPER”) on the transfer of the original €60m financing, from a pool of banks, to the special purpose vehicle Daunia Candela S.r.l. for the construction, development and management of a wind plant with a total capacity of 39.1 MW, in Candela, Apulia, southern Italy.
    • BayWa r.e. Italia, a leading player in the Italian photovoltaic and wind energy sectors, on the acquisition of Italian O&M service provider Kenergia Sviluppo S.r.l., including its renewable energy portfolio of circa 280 MW.
    • MPS Capital Services Banca per le Imprese S.p.A. on the approximately €21m refinancing and partial financing, on a project finance basis, of a Belenergia S.A.’s photovoltaic portofolio located in the Apulia region of southern Italy.
    • Pavia Acque S.c.ar.l., the provider of all hydro services in Pavia province (Lombardy, Italy), in relation to the selection of a lender or pool of lenders to provide them with a financing facility of circa €80m for investment in the hydro sector in line with their 2016-2033 Investment Plan.
    • UBI Banca on the amendment of the respective finance documents and ancillary financial documentation for two separate projects’ financial facilities equal to, in aggregate, €23.5m and provided to two Italian energy producers, Energia Sviluppo Toscana S.r.l. and Possidente Energie S.r.l., which are special purpose vehicles held entirely by Solar Investment Group. The facilities were used for the construction, development, maintenance, management and operation of nine photovoltaic plants of 6 MW in total in the Tuscany and Basilicata regions of Italy.
    • UniCredit on the approximately €39m refinancing of seven Solar Investment Group BV owned special purpose vehicles (SPVs), collectively holding a photovoltaic portfolio in Italy of about 16.5 MW.
    • Banca Nazionale del Lavoro S.p.A. on the review of the original €23.8m project finance facility agreement and the related financial documentation for Difesa Wind S.r.l.
    • The lenders on the contractual arrangements related to a €28m medium-term syndicated loan for Fri-El Green Power, one of the most important Italian companies active in the production and sale of electricity from renewable sources.
    • A pool of banks for the acquisition finance of a majority stake in a vehicle in JV between F21 and Edison for the operation of all the Edison assets in Italy (Project Eureka – €245m).
    • Assistance in relation to the structuring of the first project finance of the development, construction, operation and maintenance of a touristic port in Porto Capo d’Orlando (Sicily Region).
    • A pool of banks for a €28m Project Finance deal in relation to the development, construction, operation and maintenance of a 14MW wind farm in Puglia Region (Italy).
    • A pool of banks for a €180m Project Finance deal in relation to the development, construction, operation and maintenance of a 34MW solar plants in Friuli Venezia Giulia and Sicily Regions (Italy).
    • A pool of banks for a €230m Project finance deal (Geopower/Falck) in relation to the development, construction, operation and maintenance of a wind farm of a 138 MW, located in the Sardinia Region.
    • A pool of banks for a €2bn Acquisition Finance deal Gardaland/Azkaban.
    • A pool of banks for a €186m Project Finance deal (Fri-El group) in relation to the development, construction, operation and maintenance of a wind farm in Apulia and Basilicata Region.
    • A pool of banks for a €120m Project Finance deal (Fri-El group) in relation to the development, construction, operation and maintenance of a wind farm in Sardinia Region.
    • A pool of banks for a €650m Project Finance deal (340,7MW) in JV between API group and Iberdrola in relation to the development, construction, operation and maintenance of various wind farms in the south of Italy. The largest wind farm project ever financed in Italy and in Europe (Project API Wind).
    • The purchaser in relation to a €1.5bn acquisition and restructuring deal concerning the IVPC Group (Project S)“European Renewable Acquisition Deal of the Year 2007” (Euromoney).
    • A pool of banks for a €146m refinancing deal of a 283.6 MW (gross) in relation to the development, construction, operation and maintenance of an integrated gasification and combined cycle power plant, located at Falconara Marittima and owned by Api Energia S.p.A.

Education Open

  • 2008: BPP Law School, attendance of the preparatory school to the UK Bar – London
  • 2003: Eurosapienza Department, La Sapienza University in association with Harvard University, Stanford University, Hameline University and ADR Center – Making and Saving Deals in the Global Business Environment (Commercial Law, European Law, Negotiation and Mediation law) – LLM credits
  • 2002 – 2003: Business School IlSole24Ore – Master in Business Law (Civil Law, Corporate Law and Banking Law)
  • 2000: Università degli Studi di (University of) Roma Tre – Juris Doctor Degree with full marks (Economics Courses)

Author/Speaker/Awards Open

  • “The Italian derivatives case” for Deutsche Bank AG.
  • “Conferenza sul IV Conto Energia” sponsored by Assosolare, Italia 2012.
  • “Meeting on legal news concerning the PV incentives”, Italy 2012.
  • Lecturing at Il Sole 24 Ore Training School, IPSOA and LUISS Guido Carlo University on Structured Finance.
  • “Osservatorio sui Mini-Bond – Workshop ‘Premium’ Cartolarizzazione di mini-bond, quali prospettive?”, Politecnico, Milan, May 2015
  • Presentation on “Project Bonds and Other Alternative Funding Structures in Project Finance deals in Italy” for UniCredit and ING, March – May 2015

Membership of Professional Societies Open

  • Solicitors Regulation Authority, UK
  • Qualified as Solicitor
  • Italian Bar Association of Milan, Italy
  • Qualified as Italian Lawyer

Employment Record Open

  • 2014 –  present: Watson Farley & Williams (Rome and Milan), Partner, Finance
  • 2011 – 2014: Bonelli Erede Pappalardo Studio Legale (Rome), Of Counsel Banking Group
  • 2010 – 2011: Allen & Overy Law Firm (Rome) – Senior Counsel Banking/Project Finance Department
  • 2008 – 2010: Deutsche Bank AG (London), In-House Lawyer
  • 2005 – 2008: Allen & Overy Law Firm (Rome/London) – Senior Associate Banking/Project Finance Department
  • 2004 – 2005: Chiomenti Studio Legale (Rome), Associate
  • 2003 – 2004: Baker & McKenzie (Milan), Associate Banking and Finance Department/Corporate Department
  • 2000: Picarone (family) law firm, Trainee (general litigation matters)

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