Dario Levi

Dario is a Partner of Prothea. He spent the last 30 years working in the Investment Banking and Private Equity sectors;
Between 1985 and 2005 he worked for International Investment Banks (Merrill Lynch, UBS Warburg and ABN AMRO) active in Italy as a Corporate Finance and M&A specialist;
Between 2006 and 2013 he was CEO of Mid Industry Capital, a listed investment company active as a private equity sponsor in mid size transactions;
During his professional carrier he successfully advised and executed transactions in the infrastructure sector and in particular he was:
  • Advisor to SNAM in the preparation and implementation of their privatisation;
  • Advisor to Italgas in bidding for some foreign concession networks;
  • Advisor to SNAM for the JV with Gazprom on South Stream;
  • Advisor for the merger that created Hera and subsequent IPO;
  • Advisor to Ferrovie dello Stato for the development and partial implementation of a strategic plan for the freight division;
  • Advisor to Schiphol on the attempted acquisition of Aeroporti di Roma and SEA;
  • Acquisition of Mar-Ter and Neri and merger between the two to create the Italian market leader of pulp logistic port operation.

David Armanini

Managing Director

With over 15 years of experience in the renewable energy and infrastructure sector, David is the founder and partner of Prothea, an independent advisory boutique based in Milan. He is a trusted advisor to institutional investors and corporate clients, providing them with strategic guidance and asset management services in the fields of sustainable energy, alternative energy, and water.

David is also a successful entrepreneur and investor, having co-founded and served as a board member of several companies in the renewable energy industry, such as LT, Limes, and Riverment. He has executed transactions with a total value of approximately Euro 3 billion, and has invested and exited several businesses. David holds a Ph.D in Environmental Sciences from the University of Milan, and has a strong background in water resources management, having worked as a consultant for public institutions in Europe and Canada.

Tommaso Angela

Senior Director

Tommaso is a Senior Director in Prothea and has a 10+ years experience in M&A and Project Financing of renewable energy projects. He holds a M.Sc. degree in Economics and Social Sciences from Bocconi University in Milan and a specialization master at Sole24Ore business school on project financing and financial modelling for renewable energy projects; Prior to joining Prothea in 2012, he worked as consultant in Brussels following the key EU policy developments on energy and climate topics on behalf of Italian and International energy utilities.
During his professional carreer he successfully advised and executed transactions in the energy transion and infrastructure sectors such as:
Advisor to an international IPP on 247 MW solar PV greenfield project sale
Advisor to GR Value strategic JV with Swiss Life AM (Wind and Solar PV) and subsequent project financing
Advisor to SR Investimenti on 40MW solar PV pipeline acquisition and refinancing
Advisor to UBS’s partnership of 1GW pipeline from Econergy
Advisor to F2i’s Porto di Carrara acquisition
Advisor to Econergy/IAM’s 34MW solar PV refinancing and portfolio sale
Fairness opinion on Milano Serravalle equity funding options

Pietro Torrente


Pietro holds a M.Sc. degree in Management, Economics and Industrial Engineering from Politecnico di Milano. As a Director in Prothea, Pietro is specialized in renewable energy assets and platforms as well as in the energy efficiency sector. Pietro has joined Prothea 7 years ago and prior to that he worked as a consultant in the Advisory services of one of the big four companies for nearly three years.

Massimo Bernardo


Massimo holds a Master of Science degree in Civil Engineering from Politecnico di Milano, complemented by a specialized Master's in Sustainable Energy and Renewable Sources. He further enriched his academic background with an Executive MBA from SDA Bocconi.

Prior to joining Prothea in 2019, Massimo accumulated approximately nine years of experience in the Project Finance team of a primary Italian construction company. His primary focus centered on Public-Private Partnership (PPP) opportunities, specifically in the development of projects such as hospitals, stadiums, and parking concessions.

During this tenure, Massimo actively contributed to the successful management of project finance transactions within both public procedures and private initiatives. His responsibilities encompassed overseeing the entire life cycle of projects, including their construction, operation, and financing.

At Prothea, Massimo contributes to the design and structuring of complex transactions, encompassing merger and acquisition agreements, structured financings, and financial restructurings. He manages and coordinates financial analyses, modeling activities, oversees due diligence processes, and plays a pivotal role in guiding clients through the negotiation phases of contracts for infrastructure and energy projects.

Giorgio Luraschi


Giorgio is a Director at Prothea and has a 10+ years’ experience in M&A and Private Equity. He holds a M.Sc. degree in Finance from Bocconi University in Milan and a Bachelor Degree in Civil and Environmental Engineering from Politecnico di Milano.
Prior to joining Prothea in 2022, he worked as Investment Manager at DeA Capital and as Associate Director at Palladio Holding.

Paolo Ciotta


Paolo joined Prothea in 2023 as an Associate.

Having worked in the financial advisory sector for more than 5 years, Paolo brings experience in financial modeling and M&A. Throughout his career, Paolo has been involved in all aspects of the investment process, ranging from origination to deal execution and disposals. 

Before joining Prothea, Paolo held associate positions in Deloitte and Grant Thornton. Paolo holds an MSc in Business Administration from Luiss Guido Carli Univeristy (Italy) with a concentration programme in Finance at ESADE business school (Spain).

Giulia Defendi

Senior Analyst

Giulia holds a M.Sc. degree in Accounting, Finance and Control from Bocconi University in Milan. Prior to joining Prothea in 2022, she worked in PwC as a consultant in the Energy&Utilities Strategy and M&A Team, supporting both strategic projects and M&A transactions for the Italian utilities. Giulia supports the financial analysis, modelling and marketing activities for infrastructure and energy projects, with a specific focus on renewables industry.

Nicolas Guerrero


Nicolas holds a M.Sc. degree in Management Engineering and Finance from Politecnico di Milano. As an Analyst in Prothea, Nicolas supports the execution of transactions in the Renewable Energy sector. Prior to joining Prothea in 2023, Nicolas worked in ING with Financial Institutions Coverage and as an Operations Coordinator for a US-based start-up. Nicolas also holds a Private Equity certificate from Wharton and financial modeling certificates from WSP.