Enel Green Power (EGP) recently secured AMALA to help with its efforts to extend eight (8) geothermal concessions in the Tuscany region, in Italy.  The concessions encompass the first geothermal power development in the world, at Larderello, and the Monte Amiata fields. EGP was seeking advisory support based on AMALA’s global experience with geothermal and renewable energy, to compare and benchmark its proposal to extend concessions that were set to expire. AMALA’s input informed EGP’s negotiations with the regional government of Tuscany.  

AMALA’s specific support included:

• The financial analysis and risk modeling to determine the viability of the proposed Euro 3 billion investment plan that was under consideration as a part of the concessions’ extension commitment.
• An assessment of internationally prevalent practices for geothermal concession extensions and transaction management to articulate its consistency with the national and regional regulations in Italy.
• Review global best-practices for adhering to international standards and securing social acceptance in major infrastructure projects such as geothermal.

At the end of 2025, the regional government of Tuscany extended EGP’s concessions for an additional 20-year period until 2046 following lengthy negotiations. “With the renewal of this concession, Tuscany consolidates itself as a green region that focuses on sustainability” said Eugenio Giani, President of Tuscany.

EGP’s Head of Geothermal appreciated “AMALA’s global experience on renewable geothermal energy concessioning practices, [which] helped [EGP] negotiate and extend ours for another 20 years”. AMALA’s Managing Director, Mr. Migara Jayawardena, noted that “it is not very common to re-bid geothermal fields that are under operation and performing well because of the incumbent concessionaire’s vast knowledge of field characteristics and for operational continuity.”

AMALA’s Geothermal Resource Expert, Paolo Bona, explained that “we were able to utilize the extensive drilling and resource data available for the Larderello and Monte Amiata fields to develop a robust techno-financial model to stochastically simulate resource uncertainty.” Mr. Sergio Rivera-Zeballos, Financial Advisor at AMALA added, “it allowed us to produce risk-adjusted investment scenarios for EGP to consider”.  The EGP Head of Geothermal noted that “AMALA’s global experience with social development practices helped our understanding to negotiate a more equitable agreement with authorities that was mutually beneficial to all parties". Stan Peabody, AMALA’s Social Development Expert indicated that “EGP’s long-term [20-year] sustainability program is unique in its wide scope of investments and time commitment” suggesting that “it should be revisited from time-to-time during implementation, to adapt to evolving needs of the regional and local communities and ensure alignment”. The work highlights AMALA’s specialty producing integrated investment solutions at the intersection of technical, financial, and ESG (environmental, social & governance).

The EGP Head of Geothermal concluded “AMALA provided excellent support to Enel Green Power based on their extensive global experience”. Mr. Jayawardena noted “It was a pleasure for AMALA to work closely with a superb team in one of the top utilities in Europe”. Enel serves over 70 million users and has a market capitalization of over Euro 100 billion.

For more information on AMALA, please visit https://www.amalaenergy.com/about-us/.