Giovanni is an expert in corporate and commercial law, advising Italian and foreign clients, and in particular public-owned companies (multi-utilities), focusing on the energy and waste & water sectors. He heads the focus area group dedicated to Waste & Water in Italy.

He assists Italian and foreign clients operating in the energy sector on domestic and cross-border M&A as well as joint ventures, extraordinary finance, and general commercial matters. He has a consolidated experience in dispute resolution, both at litigation and arbitration, specifically with regards to the rules related to disputes in the Environment and Waste & Water sectors.

He has a consolidated experience in dispute resolution, both at litigation and arbitration, as well as in the specific rules relating to disputes in the Environment and Waste & Water industries.

Giovanni has developed expertise in advising publicly owned companies (multi-utilities), listed and otherwise, mainly operating in the Waste & Water sectors and has an in-depth understanding of the management and administrative issues applying to these companies, and of the relevant issues relating to the liability of directors in publicly owned companies. He has advised not only on a variety of M&A transactions involving companies owning waste disposal and recovery plants (landfill site and waste-to-energy plants), but also advises companies in the sector on issues including corporate governance.

Giovanni is ranked as a Leading Individual by Legal 500 for the Industry Focus: Energy sector. He regularly speaks at leading industry conferences and is the author of several publications:

  • Gli obblighi assunti dagli amministratori di società di capitali (Le Società n.3/2020, pag.328)
  • Le Clausole di covendita (Le Società n.12/2019, pag.1368)
  • Earn-out e dintorni (Le Società, n. 7/2019, IPSOA, pag. 822)
  • Opzione PUT e violazione del divieto di patto leonino: nuovi spunti sul requisito di assolutezza (Commento a Tribunale di Milano, Sez. impr., 18 ottobre 2017) (Le Società, n. 3/2018, IPSOA, pag. 291)
  • Legittimità delle Opzioni di vendita di partecipazioni societarie a prezzo fisso di natura parasociale (Le Società, n. 11/2016, IPSOA, pag. 1294)
  • La risoluzione per eccessiva onerosità delle opzioni di vendita di partecipazioni societarie (Commento a Tribunale di Milano, Sez. impr., 30 gennaio 2014) (Le Società, n. 8-9/2014, IPSOA, pag. 927)
  • Opzione di vendita a prezzo fisso e divieto di patto leonino: una convivenza possibile (Le Società, n. 2/2014, IPSOA, pag. 146)
  • Co-author : The Energy Regulation and Markets Review (Ed. D. Schwartz, 2013 and 2014)

Giovanni Penzo is the best corporate law attorney one can meet.

Helping you succeed in tomorrow's world

I've been told I pay particular attention to client's needs, above all trying to combine in the most effective way the legal aspects with the business requirements. Thanks to this, and to my personal and direct involvement with clients in the negotiation phase, and understanding of their business, I've been able to build strong and loyal relationships over time with my clients.

Re-Forme S.r.l.

Advised the founding partners of the company, owner of the Veralab brand and active in the marketing of beauty and cosmetic products, in the acquisition of 30% of the share capital by the private equity fund, Peninsula Capital.

Itelyum Regeneration S.p.A.

Assisted in consolidating the client's presence in port and maritime services on the Adriatic with a circular economy transaction related to the definition of agreements for the purchase of 60% of Ambiente Mare and Secomar, companies operating in the prevention, cleaning and reclamation of port waters. Read more >

AMA Rozzano S.p.A. / Municipality of Rozzano

Assistance in the structuring, calling and management of the public procedure for the sale of the ownership of four municipal pharmacies, together with the related commercial business. Read more >

Itelyum Regeneration S.p.A.

Advised in the acquisition from FCM Finanziaria Commerciale Marittima S.r.l. of 70% of the share capital of the companies Crismani Ecologia S.r.l., SEA Service S.r.l. and Navigazione Stoini S.r.l., all operating in the management of environmental services in the port sector.

Acque Bresciane S.r.l

Advised in relation to funding granted by a pool of banks valued at Euro 202 million, with Euro 95 million in the form of a green loan. Read more

Itelyum Regeneration S.r.l.

Advised the company, a leader in the circular economy, in its acquisition of 70% of the share capital of Castiglia S.r.l, a company providing integrated environmental protection and sustainability services.

Tea S.p.A.

Advising on the acquisition of Revere Energia S.r.l., from a group of three companies and holding an authorisation for the construction of a plant for the production of biomethane from OFSMW, which is currently being built in Mantua.

Unieco Soc. Coop in LCA (receivership)

Advised in the sale of the company’s environmental division to the Iren Group, and in the structuring of the competitive bid procedure, in coordination and with the authorisation of the Italian Ministry for Economic Development (MISE).

Società Cremasca Rete e Patrimonio

Advised the client on its sale of a branch of the business operating in the water industry to the gestore unico, Padania Acque S.p.A.

Acque Bresciane S.r.l.

Advised Acque Bresciane in its purchase of a branch of business from IRETI S.p.A. (IREN group), relating to water treatment plants and the sewage system.

VNG Verbundnetz Gas

Assisted the client, a primary  player in the European gas market in the sale of natural gas,  in the sale of its shareholdings in an Italian company operating in the sale of natural gas to end customers in Italy.

Acque Bresciane S.r.l.

Advising Acque Bresciane and its members in the creation of the Integrated Urban Water Management services company (Società di Servizio Idrico Integrato) for the province of Brescia.

Tea Energia S.r.l

Advising Tea Energia in two different legal proceedings concerning regulatory issues in the gas sector (so-called Delta In&Out and Settlement rules) against two important Italian shippers.


Advised on the Euro 20.5m structuring of the project finance for the construction of a waste water treatment plant and collection infrastructure for the SII of the west Brescia ATO.

Linea Ambiente

Provided Linea Ambiente with litigation and non-contentious advice on the realisation and management of a co-generation biogass plant.

Linea Ambiente

Advised on the Euro 43m acquisition of a majority shareholding in Ecolevante S.p.A., the owner of a dump for non-hazardous waste.

Alfa Park S.r.l.

Advised Alfa Park, owner through its subsidiary RainbowMagicLand S.r.l. of the theme park bearing the same name, in the transaction that led Rainbow S.p.A to acquire a minority shareholding in Alfa Park. Value Euro 20 million.

Linea Group Holding

Advised on the divestment of the company’s holding in SECA S.p.A., the owner of a 22MW vegetable oil cogeneration plant, and in subsequent litigation.

Nobel Sport Martignoni

Advised the company, member of the French SOFI Sport grou, and owner of a gunpowder deposit, in litigation firstly against the company  IBP of the Mossi e Ghisolfi Group and then the agricultural company Gavio Raffaella regarding complex issues of distances pursuant to the TULPS public safety law between plants,  and the relevant claims for damages.

Cogeme Nuove Energie

Advised on the Euro 13m acquisition of three companies (each owning a 1MW pv plant) from GDF Suez Italia and the subsequent financing of the SPVs.

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