Table of contents

• Who wants a capacity market, and why?
• But why fix a system that isn’t broken?
• The BKZ Wildcard
• Lessons from elsewhere

In a previous analysis of Germany’s renewable energy opportunities, we noted ongoing discussions around a potential capacity market mechanism by 2028. The industry debate around this is intensifying, revealing significant disagreements between stakeholders who feel that the current system works and those who fear it may not work for much longer.

On the one hand, Germany’s current energy-only market (EOM) functions effectively: generators are paid exclusively for the electricity they actually deliver, and this market-based mechanism has successfully driven massive investment in renewable energy and battery storage (BESS).

On the other hand, powerful voices, including one of the country’s Transmission System Operators (TSOs), TransnetBW, are calling for the introduction of a capacity market (CM). This proposed system would pay providers not for the power they produce, but for the mere promise of capacity – the guaranteed availability to generate electricity during future periods of high demand or system stress, such as the dark, still periods of winter. Proponents argue it is essential to ensure reliability as coal and nuclear are phased out, while opponents see it as a dangerous distortion of a thriving market that risks locking in fossil fuels and stifling innovation. This article looks at both sides of the argument, the immediate regulatory hurdle of the BKZ grid fee, and what these dynamics could mean for project financing.

Who wants a capacity market, and why?

Germany’s energy transition (Energiewende) has positioned the country as a leader in renewable energy adoption, with renewables accounting for between 50% and 67% of its electricity mix. However, this rapid expansion of variable renewable sources like solar and wind creates challenges for grid stability and reliability. Generation fluctuates based on weather conditions, leading to potential supply gaps during periods of low wind and sunlight known as Dunkelflaute (“dark doldrums”).

To address this, Germany is considering introducing a capacity market mechanism by 2028 designed to ensure reliable electricity supply. The proposal involves consultation around various options for the design of the CM and to introduce it as part of a combined (centralised and decentralised) model that incentivises flexible consumer and storage facilities alongside power plants. It’s supported by the German Federal Ministry for Economic Affairs and Climate Protection (BMWK) and involves a technology-neutral approach to guarantee system adequacy and stable investment, including renewables, storage, and flexible loads.

Another CM advantage is its ability to unlock financing for new projects. By providing a stable, long-term revenue stream for being available, capacity payments would de-risk investments, particularly for capital-intensive projects. Guaranteed income reduces reliance on volatile merchant revenues from energy trading and ancillary services, making banks more comfortable providing debt financing. Project bankability like this addresses a key concern for developers and financial institutions.

Proponents also argue that a centrally organised capacity auction would facilitate a more strategic and predictable build-out of necessary capacity, instead of piecemeal, reactive development driven by short-term market signals. Planned expansion like this ensures that the right types of resources are developed in the right locations, creating resilience and reliability. In short, those in favour of a CM think it will solve:

• Volatility of energy prices 
• Barriers to investment
• Risk of undersupply
• The need for additional measures to ensure network stability

But why fix a system that isn’t broken?

Developers who are not in favour of a CM point to the fact that the current system is working effectively, delivering substantial investment in BESS and other flexibility solutions without government intervention. Worries about a CM revolve around these concerns:

• The additional costs of securing capacities are usually passed on to electricity customers.
• CMs can create excess capacity when too many plants are built just to receive capacity payments.
• CMs can distort competition by favouring certain technologies or existing, larger players who have easier access to capital.
• CMs can support the continued operation of environmentally damaging fossil power plants or delay their closure.
• They may distort prices in the EOM and undermine investments made on the basis of the EOM.

EOM proponents hold that introducing a capacity mechanism would distort the very price signals that drive innovation and efficient operation in the existing market. Analysis shows that Germany’s current market design has successfully attracted significant investment in flexibility resources without capacity payments.

Then there is the gas plant problem, with substantial risk that a technology-neutral CM auction would primarily subsidise the construction of new gas-fired power plants, potentially locking in fossil fuel infrastructure for decades. This would directly contradict Germany’s decarbonisation goals and climate commitments. Critics point to experiences in other European markets where capacity mechanisms have disproportionately benefited fossil fuel assets.

Then there is the question of whether BESS even needs CM support. Battery storage is already proving its commercial viability in Germany’s frequency regulation and energy arbitrage markets. CM mechanisms are traditionally used to support technologies that aren’t economically viable on their own – but revenue stack analyses show that BESS projects are achieving attractive returns through existing market mechanisms. And they are being built and financed based on their ability to compete and generate revenue in Germany’s existing EOM, operating without direct taxpayer subsidies. The introduction of a capacity market would force them to compete against government-backed assets – such as already-mentioned new gas power plants – that receive guaranteed payments through the CM. This creates an uneven playing field, where the true cost of securing capacity is passed through to all electricity consumers via their bills, potentially distorting the market that BESS projects have so far thrived in without public financial support.

The BKZ Wildcard

The Baukostenzuschuss (BKZ) is a significant upfront grid connection fee charged by distribution (DSO) and TSO system operators, directly adding to a project’s capital expenditure. This creates immediate financial strain and uncertainty. A lost court battle over its legality for storage projects, coupled with cost variations between different grid operators, makes projects more expensive and financial planning and site selection more complex.

In the EOM, the high, unpredictable BKZ erodes project returns, making it harder for merchant projects to secure financing based on volatile revenue forecasts. For a future CM, these fees directly undermine the mechanism’s goal of ensuring new capacity. If the BKZ remains a barrier, it could prevent the very new, flexible assets the CM is meant to incentivise from being built, rendering the policy less effective before it even starts.

Lessons from elsewhere

The UK’s and Poland’s experience with CMs offers insight. The UK’s model demonstrates that a well-designed mechanism can integrate batteries and demand response, avoiding a pure lock-in for large gas plants. Conversely, Poland’s example serves as a cautionary tale of how these markets can inadvertently prolong the life of polluting fossil assets if climate goals are not hardwired into their design. 

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Table of contents

• Servizi ausiliari tramite MSD
• Arbitraggio sul mercato all’ingrosso e servizi atti a risolvere i problemi di congestione
• Mercati di capacità a breve termine e tolling agreements
• PPA privati
• La pronta crescita di ricavi indica la strada giusta

I contratti di capacità a lungo termine disciplinati dal Meccanismo per l’Acquisizione di Capacità di Stoccaggio Elettrico (MACSE), approvato con Decreto Legislativo dell’8 novembre 2021, n. 210, sono progettati per supportare fino a 50 GWh di nuova capacità di stoccaggio, principalmente al Sud e nelle isole. A breve sarà lanciata la prima asta, la quale offrirà una bancabilità su larga scala dei sistemi di accumulo     (Battery Energy Storage System, BESS). Tuttavia, recenti dati sulle prestazioni suggeriscono che si potranno ottenere valori significativi da diverse fonti di reddito alternative all’approvvigionamento di capacità. Ad esempio, gli asset standalone di 4 ore con le migliori prestazioni nel Nord Italia sono passati da margini annualizzati che faticavano a raggiungere i 100 €/kW nel 2024, a picchi settimanali che superano regolarmente i 200 €/kW nella primavera del 2025.  Con la capacità solare ed eolica dell’Italia che si prevede raddoppierà entro il 2030, e il disaccoppiamento dei prezzi zonali ormai in atto per quasi il 30% delle ore totali, esistono molteplici opportunità di introiti negli ancillary services e nell’arbitrage all’ingrosso, nonché in modelli contrattuali come i tolling agreements.

• I servizi di stabilità della rete includono mercati ausiliari come la Riserva di contenimento della frequenza (FCR), la Riserva automatica di ripristino della frequenza (aFRR) e il Mercato dei Servizi di Dispacciamento (MSD). Questi compensano gli operatori BESS e gli asset flessibili per la regolazione rapida della frequenza e il bilanciamento in tempo reale. A questi si aggiungono i servizi in caso di congestione, in cui gli operatori di rete pagano per alleviare i cd “colli di bottiglia” a livello locale, e i programmi UVAM (Unità Virtuali Abilitate Miste), che consentono agli asset aggregati su piccola scala di partecipare ai mercati della flessibilità.
• Le opportunità di trading energetico includono l’arbitraggio tra il mercato del giorno prima (Mercato del Giorno Prima, MGP) e il mercato infragiornaliero (Mercato Infragiornaliero, MI), che consentono agli asset di capitalizzare sui differenziali di prezzo.
• Gli accordi contrattuali che riducono il rischio degli investimenti includono accordi quali i tolling agreements (in cui terzi gestiscono lo stoccaggio a un costo fisso) e accordi privati per l’acquisto di energia (PPA) che abbinano le energie rinnovabili allo stoccaggio al fine di ottimizzare la fornitura. Infine, i contratti di capacità a lungo termine forniscono a loro volta energia di riserva durante i momenti di stress del sistema.

Servizi ausiliari tramite MSD

Il mercato italiano dei servizi ausiliari, ossia il Mercato dei Servizi di Dispacciamento (MSD), offre opportunità di guadagno per le batterie e gli asset aggregati. Questi asset possono partecipare a tre mercati: Fast Reserve, Frequency Containment Reserve (FCR) e Automatic Frequency Restoration Reserve (aFRR) fornendo servizi di risposta a frequenza rapida e di bilanciamento della rete. Questi servizi sono fondamentali per stabilizzare la rete italiana procedendo di pari passo allo sviluppo delle energie rinnovabili, con la transizione di FCR e aFRR a piattaforme armonizzate a livello UE (PICASSO/MARI) avvenuta quest’anno, che aprirà opportunità di scambio transfrontaliero. Tuttavia, la saturazione del MSD ha ridotto i margini, spingendo i partecipanti verso strategie ibride, che combinano i ricavi accessori con i contratti trading merchant o relativi al mercato della capacità.

La riforma TIDE ha dato vita alle Unità Virtuali Abilitate Miste (UVAM), che aggregano risorse distribuite per partecipare alle aste nei mercati ausiliari. Le UVAM, introdotte dall’operatore di trasmissione italiano Terna nel 2018, superano ora i 1.500 MW di capacità flessibile qualificata e sono fondamentali per sostituire i servizi di bilanciamento basati sui combustibili fossili. Il Sud Italia, con la sua abbondanza di energia solare e i vincoli di rete, favorisce la partecipazione delle UVAM a risposta rapida, mentre il Nord sfrutta la volatilità infragiornaliera.

Arbitraggio sul mercato all’ingrosso e servizi atti a risolvere i problemi di congestione

L’arbitraggio sul mercato all’ingrosso sfrutta le differenze di prezzo tra il mercato del giorno prima (MGP) e il mercato infragiornaliero (MI). Il Sud Italia, in particolare, presenta una significativa volatilità dei prezzi zonali a causa della saturazione solare nelle ore centrali della giornata e dei cd “colli di bottiglia” della rete di trasmissione. Ciò offre ai BESS la possibilità di caricarsi quando i prezzi sono bassi per poi scaricarsi durante le ore di punta serali.  

La riforma TIDE ha introdotto nel MI periodi di regolamento di 15 minuti (le transazioni e i prezzi vengono calcolati e regolati finanziariamente ogni 15 minuti anziché ogni ora) e impone l’applicazione di prezzi zonali anziché di un prezzo medio nazionale. Ciò aumenta notevolmente la granularità e la volatilità dei prezzi tra il Sud, ricco di energie rinnovabili, e il resto del Paese, e amplifica le opportunità di arbitraggio sul mercato all’ingrosso, dove i BESS possono trarre profitto dalla ricarica nelle ore a basso prezzo, saturate dal solare, e dallo scaricamento durante i picchi serali di alta domanda.

Una volatilità di questo tipo, con l’intensificarsi delle congestioni della rete, rafforza il business case a favore dei BESS, che possono fornire non solo arbitraggio energetico, ma anche servizi di gestione delle congestioni e flessibilità, assorbendo l’eccesso di offerta quando i prezzi diventano negativi e sostenendo l’offerta nelle ore di prezzo elevato.

Mercati di capacità a breve termine e tolling agreements

Terna organizza aste annuali sul mercato della capacità in cui i produttori di energia elettrica forniscono capacità con due anni di anticipo rispetto alla consegna. I progetti vincitori alla fine del 2024 si sono aggiudicati contratti di fornitura della durata di 15 anni con un compenso di circa 45.000-67.500 €/MW all’anno. Ciò garantisce la stabilità della rete remunerando la disponibilità di capacità al di là dei ricavi del mercato libero dell’energia. Il mercato della capacità attrae ingenti investimenti in BESS (la maggior parte della nuova capacità contrattualizzata all’inizio del 2025). Questi contratti di capacità coesistono con i ricavi di mercato, consentendo ai proprietari degli asset di partecipare ai mercati dei prezzi del giorno prima e ai mercati ausiliari, sebbene i prezzi del giorno prima siano soggetti a un tetto massimo al fine di evitare profitti eccessivi oltre ai pagamenti per la capacità.

I tolling agreements sono contratti in cui il proprietario di un asset mette a disposizione di un toller (operatore) un impianto (ad esempio una batteria), che ne controlla la gestione commerciale, compresa la commercializzazione dell’energia elettrica immagazzinata, senza esserne proprietario. Il proprietario dell’asset continua a essere responsabile della costruzione, della messa in servizio e della manutenzione e riceve un reddito fisso e stabile.

PPA privati

I contratti di acquisto di energia privata (PPA) italiani sono in aumento nel 2025. Ad esempio, METLEN ha firmato un PPA privato decennale con Iliad Italia per fornire energia solare da due parchi solari con una capacità complessiva di 15 MW, fornendo 20 GWh all’anno a Iliad. Nonostante l’interruzione causata dalla sospensione temporanea del regime di rilascio di energia in Italia da parte dell’UE, la tendenza generale mostra un aumento dell’attività dei PPA guidata dalle aziende e dai servizi pubblici, rendendo l’Italia uno dei mercati europei leader per questi accordi.

La pronta crescita di ricavi indica la strada giusta 

Le prestazioni commerciali degli asset di stoccaggio in Italia richiedono un’attenzione particolare alla struttura dei ricavi. Grazie alla bancabilità dei progetti garantita da MACSE per alcuni operatori, è possibile integrare i pagamenti di capacità con la partecipazione UVAM, il trading infragiornaliero e i PPA privati per creare flussi di reddito resilienti. Questo tipo di accumulo dei ricavi riflette la maturità di un mercato in cui la raffinatezza operativa determina quali progetti sono in grado di cogliere appieno il valore della transizione energetica italiana.

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Table of contents

• Ancillary services
• Wholesale market arbitrage and congestion services
• Short-term capacity markets and tolling agreements
• Private PPAs
• Agile revenue stacking points the way

Italy’s long-term capacity contracts under the Electricity Storage Capacity Procurement Mechanism (Meccanismo per l’Acquisizione di Capacità di Stoccaggio Elettrico – MACSE) are designed to support up to 50 GWh of new storage capacity, primarily in the south and the islands. The first auction launches shortly and will offer crucial bankability for large-scale BESS deployment. But recent performance data suggests significant value is being captured from diverse revenue streams beyond capacity payments. The best-performing 4-hour standalone assets in northern Italy, for example, have surged from struggling to reach €100/kW annualised margins in 2024 to regularly exceeding €200/kW in weekly performance peaks during spring 2025. With Italy’s renewable capacity set to double by 2030 and zonal price decoupling now occurring for almost 30% of total hours, multiple revenue opportunities exist in ancillary services, wholesale arbitrage, congestion management, and contracting models like tolling agreements.

• Grid stability services include ancillary markets like Frequency Containment Reserve (FCR), automatic Frequency Restoration Reserve (aFRR), and the Mercato dei Servizi di Dispacciamento (MSD). These compensate BESS operators and flexible assets for rapid frequency regulation and real-time balancing. These are complemented by congestion services, where grid operators pay to relieve local bottlenecks, and UVAM (Unità Virtuali Abilitate Miste) programmes, which allow aggregated small-scale assets to participate in flexibility markets.
• Energy trading opportunities include arbitrage between the day-ahead (Mercato del Giorno Prima, MGP) and intraday (Mercato Infragiornaliero, MI) markets allow assets to capitalise on price spreads.
• Contractual arrangements that de-risk investments include tolling agreements (where third parties operate storage for a fixed fee) and private Power Purchase Agreements (PPAs) that pair renewables with storage for optimised delivery. Short-term capacity contracts also provide backup power during system stress.

Ancillary services

Italy’s ancillary services market, Mercato dei Servizi di Dispacciamento (MSD), presents revenue opportunities for battery and aggregated assets. These assets can participate in three markets: Fast Reserve, Frequency Containment Reserve (FCR), and automatic Frequency Restoration Reserve (aFRR) by providing rapid frequency response and grid balancing services. These services are critical for stabilising Italy’s grid as renewables grow, with FCR and aFRR transitioning to EU-harmonised platforms (PICASSO/MARI) this year, unlocking cross-border trading opportunities. However, saturation in the MSD has squeezed margins, pushing participants toward hybrid strategies – stacking ancillary revenues with merchant trading or capacity market contracts.

TIDE reform has given rise to Unità Virtuali Abilitate Miste (UVAMs), which aggregate distributed resources to bid into ancillary markets. UVAMs, pioneered by Italian transmission operator Terna since 2018, now exceed 1,500 MW of qualified flexible capacity and are central to replacing fossil-fueled balancing services. Southern Italy, with solar abundance and grid constraints, favours fast-response UVAM participation, while the north capitalises on intraday volatility.

Wholesale market arbitrage and congestion services

Wholesale market arbitrage exploits price differences between the Day-Ahead Market (MGP) and the Intraday Market (MI). Southern Italy, especially, has significant zonal price volatility due to solar saturation during midday hours and transmission-grid bottlenecks. This creates opportunities for BESS to charge when prices are low and discharge during evening peak hours.  

The TIDE reform introduced 15-minute settlement periods (transactions and prices are calculated and financially settled every 15 minutes instead of hourly) in the MI and mandates the application of zonal pricing instead of a national average price. This sharply increases price granularity and volatility between the renewable-rich south and the rest of the country, and it amplifies opportunities for wholesale market arbitrage where BESS can profit from charging in low-price, solar-saturated hours and discharging during high-demand evening peaks.

Volatility like this, with intensified grid bottlenecks, strengthens the business case for BESS to provide not only energy arbitrage but also congestion management and flexibility services by absorbing excess supply when prices turn negative and supporting supply during high-price hours.

Short-term capacity markets and tolling agreements

Terna organises annual capacity market auctions where power producers provide capacity two years ahead of delivery. Winning projects in late 2024 secured 15-year fixed contracts paying around €45,000 to €67,500/MW per year. This ensures grid stability by remunerating capacity availability beyond merchant energy market revenues. The capacity market attracts significant BESS investments (the majority of new contracted capacity in early 2025). These short-term (yearly) capacity contracts coexist with market-based revenues, allowing asset owners to participate in day-ahead and ancillary markets, although day-ahead prices are capped to prevent excessive profits on top of capacity payments.

Tolling agreements are contracts where the asset owner makes the facility (like a battery) available to a toller (operator), who controls the commercial operation, including market trading of stored electricity, without owning the asset. The asset owner remains responsible for construction, commissioning, and maintenance and receives fixed, stable revenue.

Private PPAs

Italian Private Power Purchase Agreements (PPAs) are on the increase in 2025. For example, METLEN signed a 10-year private PPA with Iliad Italia to supply solar energy from two solar farms with a combined capacity of 15 MW, delivering 20 GWh annually to Iliad. Despite interruption by the temporary suspension of Italy’s Energy Release scheme by the EU, the overall trend shows rising PPA activity driven by corporates and utilities, making Italy one of the leading European markets for these agreements.

Agile revenue stacking points the way

The business performance of storage assets in Italy needs close attention to revenue architecture. With MACSE providing essential project bankability for some, operators can also layer capacity payments with UVAM participation, intraday trading, and private PPAs to create resilient income streams. Revenue stacking like this reflects a maturing market where operational sophistication determines which projects capture the full value of Italy’s energy transition.

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Table of contents

• What’s driving the surge in BESS opportunities?
• How will the planned capacity market work?
• How does Germany’s auction and tender system work?
• TSO booster projects
• Standard auctions
• Innovation tenders
• Contracts for Difference

Germany’s renewable energy market is getting busy – nearly 60% of electricity consumption was already covered by renewables in early 2024, and the 80% target for 2030 now appears increasingly achievable. Adding to potential for this market is the country’s plan to phase out coal power. The Coal Phase-out Act targets complete elimination by 2038, though the government hopes to accelerate this to 2030. The plan establishes gradual reductions, with both hard coal and lignite plants decreasing to 8-9 gigawatts each by 2030. Regular reviews in 2026, 2029, and 2032 will evaluate energy security and price impacts, potentially enabling even earlier shutdowns. 

To reach their 80% target for 2030, Germany plans massive capacity expansions across key renewable technologies. The country aims to nearly triple its solar capacity to 215 GW and increase wind capacity to 145 GW by 2030. Solar capacity recently surpassed 100 GW, with around 17 GW of newly installed photovoltaic systems on rooftops and open spaces added in 2024 alone. The country is aiming for 215 GW by 2030 and 400 GW by 2040. Meanwhile, without a capacity target set, battery storage is poised for five-fold growth by 2026.

What’s driving the surge in BESS opportunities?

Battery storage is a growing market in Germany, with price volatility the usual driver. Around 7 GWh of new storage will be added to the existing 1.8 GWh large-scale capacity. And the entire storage sector is flourishing beyond just utility-scale projects. By mid-2024, Germany had installed almost 16 GWh of total storage capacity across all segments. This includes 1.51 million home storage systems (13 GWh), 1.1 GWh of commercial battery capacity, and 1.8 GWh of large-scale storage – the largest residential storage market in Europe. You can find continuously updated figures here. 

Although February 2025 saw lows in BESS revenues in Germany, with only €5,000/MW/month, the overall trend remains positive, driven by increasing renewable integration and market volatility. This year, all four German Transmission System Operators (TSOs) — 50Hertz Transmission GmbH, Amprion GmbH, TransnetBW GmbH, and TenneT TSO GmbH — need to include a new product, reactive power. 50Hertz Transmission started recently, implementing a market-based procurement of reactive power ahead of the Federal Network Agency’s deadline. This new reactive power market aims to reduce costs through increased transparency and competition while developing alternative sources beyond conventional fossil fuel plants, including renewable energy systems, electrolysers, and large battery storage systems.

Opportunities span multiple revenue streams, including frequency containment reserve (FCR), automatic frequency restoration reserve (aFRR), and spot market arbitrage. FCR is the fastest response to grid frequency deviations, activated within 30 seconds to counteract supply and demand imbalances. aFRR provides a more sustained solution, restoring grid frequency over a slightly longer period. Spot market arbitrage involves buying electricity at low prices and selling it when prices are high, capitalising on wholesale market fluctuations. 

Co-location with renewables creates strong economics. The September 2024 innovation tender awarded 587 MW of solar-plus-storage at €0.0709/kWh – these hybrid installations optimise land use, share grid infrastructure, and enable load shifting. Beyond these primary revenue streams, BESS operators can tap into Germany’s daily auctions for 570 MW of FCR capacity, offered in 4-hour blocks.

How will the planned capacity market work?

German authorities are discussing how to strengthen its electricity market with a capacity mechanism by 2028, which would reward power producers just for being available. The new government, following February’s elections, is leaning toward an integrated capacity market that combines the centralised auctions for guaranteed capacity with incentives for small, flexible assets. For battery storage operators, this creates a potential new revenue stream beyond the usual arbitrage and grid services.

The debate isn’t settled yet. Power market players are still arguing over the details – how centralised should it be? Which technologies qualify? How much will it cost consumers? But they do agree that paying for standby capacity is cheaper than blackouts when the wind doesn’t blow and the sun doesn’t shine.

How does Germany’s auction and tender system work?

Germany’s renewable energy market operates through auctions managed by the energy system regulator, Bundesnetzagentur (Federal Network Agency or BNetzA). This system has evolved significantly since 2017, when Germany shifted from feed-in tariffs to competitive auctions for most renewable projects.

TSO booster projects

German Transmission System Operators (TSOs) manage Grid Booster projects through structured tendering processes designed to integrate battery storage into the grid as virtual power lines. These Storage-as-Transmission-Assets projects begin with TSOs like Amprion or TransnetBW launching competitive tenders for private partners to build and operate large-scale battery systems at strategic grid congestion points. For example, Amprion’s 2024 tender sought five decentralized 50 MW systems, while TransnetBW partnered with Fluence to deploy a 250 MW/250 MWh battery in Kupferzell.

Battery operators earn hybrid compensation: fixed availability payments and market-based revenues from arbitrage or frequency regulation services like aFRR. The next bid is Amprion’s (registration by April 3, 2025 for operation 2026), with contracts expected to be awarded in summer 2025. Others have not yet been announced. 

Standard auctions

For standard technology-specific auctions, BNetzA publishes submission dates online. Developers submit bids specifying their desired market premium and installation volume. The agency selects winners based on the lowest bids, with price ceilings set annually to ensure economic viability. For 2025, these ceilings are 7.35 cents/kWh for onshore wind (unchanged from 2024), 6.80 cents/kWh for ground-mounted solar (down from 7.37 cents/kWh), and 10.40 cents/kWh for rooftop installations (down from 10.50 cents/kWh). To ensure stable revenue, successful bidders receive a ‘market premium’ (the difference between their bid price and the market price) for each kilowatt-hour they produce over a 20-year period.

Innovation tenders

Beyond standard auctions, Germany has introduced innovation tenders overseen by the Bundesnetzagentur, specifically for hybrid projects. These are specialised auctions for projects that combine variable renewable sources (like solar and wind) with non-variable sources or energy storage. The goal is innovative solutions for grid stability and flexibility. Recently adjusted regulations for innovation tenders aim to make them more attractive to developers. These include increasing the maximum feed-in tariff for hybrid PV-battery systems by 25% to €0.0918/kWh, addressing previous challenges of low participation rates and insufficient economic benefits for co-located solar and storage projects.

Innovation tenders are heavily subscribed and have been particularly successful for solar-plus-storage. The next Innovation Tender is scheduled for 1 May 2025. Overseen by the Bundesnetzagentur, they’re for bids that integrate renewable energy and storage.

Contracts for Difference

Germany is moving toward two-sided Contracts for Difference (CfD) in line with EU requirements. By 2027, all new state-backed support mechanisms to promote wind, solar, geothermal, hydro and nuclear power must include repayment clauses to avoid over-funding. The German economy ministry proposed several CfD options in September 2024, where installations would receive support when wholesale prices are low and return profits when prices are high. Recent amendments to the Renewable Energy Act (EEG 2023) have further streamlined the market. The law now designates renewables as being in the ‘overriding public interest,’ simplifies PV system expansion, and provides incentives for household energy projects. The latest amendments also adjust remuneration during negative price periods and reform marketing for smaller plants.

Germany’s auction systems, innovation tenders, and upcoming shift to CfD are revamping how projects secure revenue. This makes Germany a promising renewable energy market – combining scale, supportive policy, and growing demand for solutions that balance the increasingly renewables-powered grid.

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Unpacking the FER 2 Decree: What developers need to know​

The FER 2 Decree is Italy’s latest legislative effort to incentivize the development of renewable energy sources. Unlike previous measures, this decree specifically targets innovative technologies and mostly smaller-scale projects, broadening the scope for developers across the country. The decree’s introduction marks a new step towards aligning Italy’s energy strategy with the European Union’s renewable energy directives, especially after the current government decided to ban Solar-PV on agricultural land earlier in the year.

Key elements of the FER 2 Decree

Understanding the core elements of the FER 2 Decree is important for developers looking to capitalize on the opportunities it presents. Here are the most important aspects:

• Eligible Technologies: The decree supports a wide range of renewable energy sources, including thermodynamic solar, offshore floating photovoltaics, inland floating photovoltaics, offshore wind, geothermal energy, biomass, biogas, and tidal power. This inclusivity ensures that various projects can benefit, promoting more diversity in Italy’s renewable energy portfolio.
• Incentives and Support Mechanisms:
  • The decree introduces competitive auctions where developers bid for financial support. Winning projects receive either a guaranteed tariff or a premium, making long-term project viability more achievable.
  • Support is tiered based on project size and type. For instance, smaller projects and those involving innovative technologies might receive higher incentives compared to large-scale conventional projects.
• Project Eligibility and Requirements:
  • Projects must meet stringent criteria to qualify for these incentives, including compliance with technical standards, environmental regulations, and completion timelines.
  • Emphasis is also placed on grid compatibility, requiring projects to demonstrate they can integrate seamlessly with the existing energy infrastructure.

These elements form the backbone of the FER 2 Decree, guiding developers through the process of securing support for their renewable energy projects.

The Role of CfD in the FER2 Decree​

The introduction of CfD (contracts-for-difference) in the FER2 Decree is a strategic move to attract investment by mitigating market risks.

Providing this mechanism, producers secure a steady income. CfDs help to reduce the financial uncertainty that could deter investment in renewable energy projects. This mechanism is particularly important for offshore wind projects where significant upfront capital is needed alongside the long development timelines.

Navigating the legal and regulatory framework​

While the FER 2 Decree opens up new avenues for renewable energy development, it also presents a complex legal and regulatory landscape. Developers must be prepared to navigate these challenges to fully benefit from the decree’s incentives.

Key legal considerations​

• Permitting: Securing the necessary permits remains a significant hurdle. Developers must ensure compliance with environmental, historical, and cultural regulations, which can vary widely depending on the project’s location.
• Grid connection: Demonstrating that a project can integrate with the existing grid is a prerequisite for receiving incentives. This often involves extensive planning and collaboration with grid operators.
• Contractual obligations: Winning a competitive auction comes with contractual obligations, including adherence to construction timelines and operational standards. Failure to meet these obligations may result in penalties or the loss of incentives.

Final thoughts: Seizing the opportunities of FER 2​

The FER 2 Decree represents a good opportunity for developers to contribute to the country’s renewable energy goals while benefiting from the new incentives. By understanding the decree’s intricacies and preparing accordingly, developers can position themselves for success in this evolving market. 

For more detailed insights into the FER 2 Decree, we recommend consulting with your nearest legal energy team and/or consult the official text of the FER 2 Decree available on MASE’s home page. 

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After the German Federal Government adopted the first draft of Solar Package 1 in August 2023 and a small selected part of Solar Package 1 already entered into force in December 2023, the German Parliament and the German Federal Council have now adopted the remaining (main) part of Solar Package 1. The Solar Package 1, which was significantly amended during the legislative process, contains a number of new regulations for solar energy in Germany, particularly in the Renewable Energy Sources Act (Erneuerbare-Energien-Gesetz – “EEG”) and in the Energy Industry Act (Energiewirtschaftsgesetz – “EnWG”). These new regulations are intended to facilitate and accelerate the expansion of solar energy in Germany and contain numerous changes for both ground-mounted and rooftop PV plants. In addition to solar-related provisions, the Solar Package I also contains new regulations for the acceleration of grid connections, and the operation of electricity storage systems, and introduces new or amended models for on-site electricity supply solutions.

In the following, we provide an overview of Solar Package 1’s main points. 

The key Changes of the Solar Package 1​

New regulations for ground-mounted plants​

New financial support regime for special solar plants (besondere Solaranlagen)​

The Solar Package 1 revises the financial support for the so-called “special solar plants” (e.g., agri-PV, floating-PV, moorland-PV, and parking-PV).

The previous bonuses that special solar plants received as a supplement on top of the EEG-awarded tariff were not sufficient, in the opinion of the legislator, to increase the expansion of solar plants in this segment.

In the future, the financial support for special solar plants will be replaced by a new sub-segment in the EEG tender procedures for solar energy with an adjusted maximum bid value (2024: 9.5 ct./kWh; from 2025: the average of the highest bids with a successful award from the last three bid dates plus a supplement of 8%, but not more than 9.5 ct./kWh).

In addition, a new special two-stage award procedure has been introduced (Section 37d EEG): in the first instance, the Federal Network Agency (Bundesnetzagentur – “BNetzA”) will grant the awards for the special solar plants up to the legally defined volumes:

2024: 300 MW
2025: 800 MW
2026: 1,200 MW
2027: 1,500 MW
2028: 2,000 MW
2029: 2,075 MW

Only afterward, in a second instance, the BNetzA will grant the awards for the remaining solar plants in the first segment up to the maximum bid volume.

New requirements for the compatibility of ground-mounted PV plants with nature and landscape conservation

The Solar Package 1 is introducing a new minimum nature protection criteria for all subsidized ground-mounted PV plants (with the exception of special solar plants), which intendeds to improve the compatibility of ground-mounted PV plants with nature and the landscape. For this purpose, Section 37 (1a) EEG provides for a catalog of five minimum criteria from which plant operators must meet at least three.

The choice of the respective three criteria to be met is at the sole discretion of the plant operator. It is also possible to select those minimum criteria that are already met due to technical or structural circumstances, such as not using pesticides or fertilizers on sealed surfaces. Plant operators are required to provide regular evidence to the grid operator (every 5 years) to demonstrate compliance with those criteria that are not plant-related but operation-related. Non-compliance with the minimum nature protection criteria is sanctioned under the EEG by penalty payments in the amount of EUR 2/kW of the installed capacity per month (Section 52 (1) No. 9a, (3) No. 2 EEG).

Increase in the maximum bid amount​

The Solar Package 1 increases the maximum bid amount for the EEG tender procedures for ground-mounted PV plants from the previous 20 MW to 50 MW of installed capacity per bid. Likewise, the maximum volume per bid for which a payment entitlement (Zahlungsberechtigung) can be issued to the plant operator has also been increased to 50 MW.

Disadvantaged regions: Conceptual switch from a “opt-in” to “opt-out” mechanism​

Under the previous legal framework, the German federal states had to explicitly designate disadvantaged regions (benachteiligte Gebiete) within the meaning of Section 3 No. 7 EEG (areas with certain natural or site-related disadvantages) by means of a legal ordinance in the respective state territory so that financial support under the EEG was made possible for ground-mounted PV plants in these areas. This previous practice of an “opt-in” authorization for the German federal states is replaced by an “opt-out” authorization under the Solar Package I: in the future, the German federal states must explicitly exclude areas in disadvantaged regions (Section 3 No. 7 EEG) to prevent them from being included in the EEG tender procedures. This change should increase the availability of areas in disadvantaged regions for solar energy.

New regulations for rooftop PV plants (co-called solar plants of the second segment)​

Reduction of the threshold for the obligation to participation in EEG tender procedures​

Previously, solar plants of the second segment with an installed capacity of up to and including 1 MW were exempt from participating in EEG tender procedures. This statutory threshold has now been reduced to 750 kW by the Solar Package 1, so that in the future, all rooftop PV plants with an installed capacity of more than 750 kW are obliged to participate in the EEG tender procedure in order to receive any financial support under the EEG.

Increase of tender volumes for solar plants of the second segment​

With the reduction of the threshold obligation to participate in the tendering procedure, the Solar Package 1, on the other hand, also increases the tender volumes for rooftop solar plants. In particular, a significant increase is made for the tender procedures starting in 2026 by more than doubling the tender volumes. In detail, the annual tender volume for the years 2024 to 2029 is adjusted as follows:

New rules for energy storage systems​

Strengthening the flexibility of energy storage operation​

In the past, energy storage systems faced the legal difficulty that they could not be used for mixed use (i.e., both with green electricity from RES plants and with grey electricity from the grid) while maintaining eligibility for financial support under the EEG for the temporarily stored electricity from the EEG-subsidized RES plants. This was due to the “exclusivity criterion,” which required the storage operator to use exclusively renewable electricity. In order to enable a more flexible (mixed) and thus commercially sensible use of energy storage systems, the Solar Package 1 contains the following important new rules:

• Adjustment of the exclusivity criterion: Previously, the BNetzA already argued that an energy storage system that has been used for mixed purposes meanwhile can regain the status of an energy plant pursuant to Section 3 No. 1 Hs. 2 EEG at the beginning of a new calendar year if it is again used exclusively with renewable electricity. The legislator has now adopted the calendar year-based approach to the exclusivity criterion and introduced a respective clarification in the law (Section 19 (3) EEG
• Switch between operating modes during the year: The Solar Package I further allows operators of energy storage systems to switch even during the year between the operating modes:

• Mixed-use eligible for EEG support: The Solar Package 1 also enables even greater flexibility in storage operation and for the first time introduces regulations for mixed use of an energy storage system (i.e., for the permanent selection of the “mixed-use operating mode”) that is eligible for financial support under the EEG. In the case of mixed-use, the entitlement to receive payments under the EEG will in the future be maintained for the so-called “eligible amount of electricity” (förderfähiger Anteil) (Section 19 (3b) EEG). More detailed requirements for determining and demonstrating the “eligible amount of electricity” will be set out by the BNetzA in a new determination (Festlegung) (Section 85d EEG). The new rules under the EEG on mixed-use eligible for financial support will only enter into force, however, after the BNetzA has issued its new determination in this regard (Section 100 (34) EEG).

Strengthening the grid connection of energy storage systems​

The Solar Package 1 contains significant changes for the grid connection of energy storage systems. According to the new provision in Section 17 (2a) EnWG, the statutory grid connection priority for RES plants (Section 8 (1) sentence 1 EEG) and CHP plants (Section 3 (1) sentence 1 KWKG) will not apply against energy storage systems. 

With this rule, the legislator aims to ensure that energy storage systems have a priority connection to the grid (over any conventional plants) and thus creates a certain parity between energy storage systems and RES plants/CHP plants, as grid operators will no longer be allowed to give RES plants or CHP plants a priority grid connection over energy storage systems. However, this may not represent complete equality of treatment, as the legislator has not explicitly stated that the statutory grid connection priority of the EEG/KWKG should directly apply to energy storage systems. Thus, it remains to be seen how grid operators will actually implement this new regulation in practice.

Strengthening of one-site electricity supply solutions​

Expansion of the tenant electricity model (Mieterstrommodell)​

The scope of the tenant electricity model, previously limited to electricity produced by solar plants installed on, at, or in residential buildings and its consumption within these residential buildings (or within a residential building within the same building quarter), has been extended by the Solar Package 1 (Section 21 (3) EEG).

In the future, tenant electricity regulations will also apply to electricity from solar plants installed on, at, or in other buildings (including those used for commercial purposes) and on ancillary facilities of these buildings. The location where tenant electricity is consumed is no longer restricted to residential buildings but can also occur in commercial premises or buildings. 

This new legislation will thus increase the importance of the tenant electricity model, particularly for the commercial sector. The legislator estimates that there is potential for 20,000 new tenant electricity agreements. However, according to the transitional provisions in the EEG, this expansion of the tenant electricity model only applies to new solar plants commissioned after the Solar Package 1 has entered into force (see Section 100 (24) EEG).

Introduction of the new on-site supply model „shared building supply“ (Gemeinschaftliche Gebäudeversorgung)​

The Solar Package 1 introduces a new model for on-site electricity supply from solar plants, known as the “shared building supply” (Section 42b EnWG). This model aims to facilitate the supply of solar electricity produced by landlords or third parties with a solar plant for shared building supply (Gebäudestromanlage) to tenants (both residential and commercial) or other end consumers (e.g., lessees) within the building, without significant bureaucracy. The legislator estimates the practical relevance of shared building supply to be up to 80,000 buildings in Germany.

The shared building supply is a distinct on-site supply model alongside the tenant electricity model. However, unlike the tenant electricity model, the new shared building supply does not entail the obligation of the plant operator to secure the entire supply of residual electricity to end consumers (which must instead be obtained by the end consumers themselves). Additionally, the operator of the rooftop plant is not subject to any supplier obligations under the EnWG (e.g., billing and information obligations under Sections 40 and 40b EnWG).

Plant operators of solar plants for shared building supply must enter into a “building electricity usage agreement” (Gebäudestromnutzungsvertrag) with the end consumers in the building, the detailed contents of which are regulated by Section 42b (2) EnWG.

Acceleration of grid connections​

Statutory right for the installation of cables (Section 11a EEG)​

For the realization of grid connection cables, Solar Package 1 establishes a new obligation for landowners to tolerate such installations. According to new Section 11a EEG, owners and other beneficiaries of properties owned by public landowners are now obliged to tolerate the laying, installation, maintenance/replacement, and operation of electrical cables, control and communication lines, and other facilities for connecting RES plants, energy storage systems, or plants for the production or storage of green hydrogen to the public grid.

The obligation to tolerate such uses not only applies to public land but also to public roads. There are exceptions to the right to lay lines if this usage conflicts with national and alliance defense interests. For the usage of the land, a one-off payment of 5% of the market value of the respective area of the protective strip used must be paid to the landowners.

While the new obligation to tolerate such uses for grid connection is important for project developments as it facilitates the process of securing land, its scope of application was considerably reduced during the legislative procedures by limiting the obligation to publicly owned land only. The securing of areas of private land for grid connections, which often proves time-consuming in practice, therefore remains unaffected by this new legal regulation and will still be required in the future.

Statutory right for crossing and overturning areas required for onshore wind projects (Section 11b EEG)

Similar to the obligation to tolerate the installation of electricity cables (as mentioned earlier), the Solar Package 1 introduces an obligation to tolerate in relation to the realization of onshore wind projects. According to Section 11b EEG, owners and other authorized users of land are required to tolerate the crossing and overturning of the land required for the construction and dismantling of wind turbines. To compensate for the crossing, a payment of EUR 28 per month per hectare, along with the obligation to restore the land to its original condition, is provided for by law; overturning, on the other hand, is free of charge. Again, the obligation to tolerate only applies to public landowners.

Transparency and standardization of the Technical Connection Conditions (Technische Anschlussbedingungen – “TAB”)​

The Solar Package 1 includes improvements to the technical regulations for grid connections:

Publication of the TAB: Since January 1, 2023, German distribution grid operators have been obliged to operate a joint internet platform (www.vnbdigital.de) and must now also publish the applicable Technical Connection Conditions (TAB) on this platform as of January 1, 2025, ensuring access to the TAB, explanatory notes, and possible amendments for everyone. These new transparency requirements aim to simplify project developments and grid connection projects by enabling quick access to the relevant TAB and identification of any special characteristics for grid connection realization.

Standardization of TAB: The new regulation of Section 19 (1a) EnWG introduces statutory requirements for the permissible content of TAB to standardize them, especially considering the current 850 different distribution system operators in Germany. This standardization aims to reduce the bureaucracy associated with grid connection projects.

About the authors

Dr. Maximilian Uibeleisen is a partner at McDermott Will & Emery’s German energy & infrastructure team and a member of the firm’s global energy and project finance team.

Maximilian focuses his practice on clients working around energy and infrastructure, with particular experience in advising corporates and financial investors with regard to the development and acquisition and sale of energy and infrastructure assets.

He has a particular focus on the renewable energy sector, where he has advised for almost 20 years on a large number of project developments and transactions relating to all different kinds of renewables facilities (including offshore and onshore wind, solar, biomass, geothermal) as well as energy transition (e.g. green hydrogen and battery storage).

Next to this work in the energy sector, Maximilian frequently advises in other infrastructure sectors, including in the German motorway PPP sector, the chemicals sector and in relation to digital infrastructure assets.

He studied law at the universities of Tübingen, Münster and Berlin (Dr. iur.) and holds a master degree (LL.M.) from Nottingham Trent University, and was admitted to the German bar in 2006. Lastly, he is the author of various German and international publications and is co-author of one of the leading German commentaries on energy law.

Dr. Simon Groneberg is a counsel at McDermott Will & Emery’s German energy & infrastructure team and a member of the firm’s global energy and project finance team.

Simon specializes on advising national and international clients on energy, hydrogen and infrastructure projects as well as regulatory matters. He has comprehensive experience in advising on project developments as well as M&A transactions in these sectors.

He has particular experience with renewable energy projects (e.g. offshore and onshore wind farms and solar farms) and energy storage projects. Simon advised on a number of project developments and transaction in the renewable sector focusing on all regulatory and public law aspects in relation to the permitting, grid connection and remuneration situation of renewable energy projects. Simon has experience in negotiating of project related agreements like direct marketing agreements or power purchase agreements (PPAs). He also regularly advises clients on other matters of the energy transition and the implementation of net-zero strategies of companies.

La entrada Overview Of The Solar Package 1 se publicó primero en We turn good projects into great deals - Green Dealflow.

Agrivoltaic Incentives in Italy​

Following the goals set out by the National Integrated Plan for Energy and Climate (“PNIEC”), the National Recovery and Resilience Plan (“PNRR”) has expressly included the construction of agro-voltaic plants among the initiatives to be implemented in the context of the ecological transition in view of achieving complete climate neutrality and environmental sustainability.

Reference is made to “Mission M2C2, investment 1.1.” named “agro-voltaic development”, envisaging a production capacity from agro-voltaic plants of 2GW with the aim of producing about 2,500 GWh per year with a reduction of greenhouse gas emissions estimated around 1.5 million tons of CO2.

The M2C2 mission (which financial resources should be over 1 billion euros, as provided under the current version of the draft decree of the Ministry of Economy and Finance having as scope the allocation of financial resources for the implementation of the PNRR targets) aims to make the agricultural sector more competitive, reducing energy supply costs and improving climatic-environmental performances.

Regulatory changes to agrivoltaics​

In addition to the above, it is worth noting that regulatory changes have been introduced aimed at promoting the construction and operation of these power plants:

• Law Decree no. 77 of 31 May 2021, converted, with amendments, by Law no. 108 of 29 July 2021 (“Governance of the National Recovery and Resilience Plan and first measures for strengthening administrative structures and accelerating and streamlining administrative procedures” – so-called “Simplification Decree Bis”) providing that agro-voltaic plants can benefit from incentive tariffs related to the production of energy from renewable sources;
• The draft of Legislative Decree implementing Directive 2018/2001 (the “RED II Directive”) (the “Draft Decree Implementing RED II”), whereby the Ministry of Ecological Transition has been entrusted with the definition of the “criteria and methods for providing incentives for the construction of agro-voltaic plants through the granting of loans or non-repayable contributions, carried out in accordance with the provisions of article 65, paragraph 1-quater, of Legislative Decree no. 1 of 24 January 2012, converted, with amendments, by Law no. 27 of 24 March 2012, which, through the implementation of hybrid agriculture-energy production plants, do not compromise the use of land dedicated to agriculture. With the same decree are defined the conditions of combination with the incentive tariffs referred to in Chapter II”.

Why are these changes important?​

These recent amendments are extremely relevant considering that since 2012, according to previous Italian Laws, photovoltaic plants constructed within agricultural lands could not benefit from RES incentives.

Specifically, this prohibition was provided under Article 65 of the Law-Decree no. 1/2012 (“DL 1/2012”), introducing – as to photovoltaic solar plants with ground-mounted modules located in agricultural areas – the prohibition to benefit from RES incentives. In that respect the unique exceptions to this ban were the following: (a) plants built or to be built on military lands (demanio militare); and (b) photovoltaic plants installed on area classified as “agricultural” at the date of 25 March 2012 (date of entry into force of the law converting DL 1/2012), providing that they obtained the relevant authorization title within 25 March 2012 and entered into operation within 180 days starting from 25 March 2012.

How to qualify for agrivoltaic incentives​

As mentioned above, the Simplifications Decree Bis (see Article 31, Paragraph 5), has amended Article 65 of DL 1/2021, providing that agro-voltaic plants meeting the following characteristics could benefit from incentives: “agrovoltaic plants adopting innovative integrative solutions with the installation of the modules raised from the ground, also providing for the rotation of the modules themselves, however in such a way as not to compromise the continuity of agricultural and pastoral cultivation activities, also allowing the application of digital and precision agriculture tools“.

The same provision of the Simplifications Decree Bis has also specified that access to incentives is subject to the simultaneous implementation of monitoring systems that make it possible to verify the impact on crops, water saving, agricultural productivity for the different types of crops, and the continuity of the activities of the farms concerned.

The same article of the Simplifications Decree has also specified that access to incentives is subject to the implementation of monitoring systems aimed at verifying the impact on crops, water saving, agricultural productivity for the different types of crops, and the progression of the relevant farm activities.

Therefore, the provisions of the Simplification Decree Bis together with the requirements of the Draft Decree Implementing RED II (currently subjected to parliamentary opinion, hence, susceptible to potential amendments) seem to overcome the prohibition imposed by the former Article 65 of DL 1/2012, gradually introducing the chance even for agro-voltaic plants to benefit from RES incentives.

In case you want to read more, get Tommaso’s full piece here, or read our in-depth piece on the optimal setup for agrivoltaics.

About the author

Italian-qualified lawyer, Tommaso has fifteen years of extensive experience in domestic, cross-border, and multi-jurisdiction mergers and acquisitions, joint ventures, corporate finance, and private equity transactions involving both listed and privately held companies. He has particular expertise in transactions in highly regulated activities as well as in the infrastructure sector and, in particular, in the energy, transport, water, and waste sectors. His experience also includes assistance in favor of developers and lenders in relation to development projects in the energy sector, with particular reference to renewable energy assets (solar, biomass, wind, hydrogen) and transport infrastructure (electricity and gas transport, electricity and gas distribution, gas storage and LNG plants). He has extensive experience in the negotiation and drafting of M&A contracts, facility agreements, EPC, O&M, PPA contracts, and supply contracts in the public and private sectors. Tommaso has an LL.M Master’s Degree in Business & Corporate Law from City Birmingham University and has more than 15 years of experience in primary international law firms in London, Milan, and Dubai. Tommaso is an Italian native speaker and is fluent in English and Spanish

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