Umberto Antonelli
Image of Umberto Antonelli

Umberto Antonelli

Partner

Umberto has over twenty years of experience in the energy, infrastructure and transport sectors, advising leading infrastructure funds, domestic and international banks, financial institutions, developers and corporates on complex project finance, acquisition finance and structured finance transactions in Italy and across the EMEA region.
His work covers a broad range of strategic assets and regulated sectors, including toll roads, ports, airports, renewable energy, transport infrastructure and large-scale urban and campus developments. Clients value his ability to combine deep sector knowledge with a commercial and pragmatic approach, helping them navigate high-value transactions with complex financing structures.

Expertise

Industries

Experience

Representative matters

Relevant previous firm experience includes advising: 
  • Superstrada Pedemontana Veneta (sponsored by Sacyr and Fininc) in connection with the up to Euro 350 million junior refinancing by Ares and Vantage Infrastructure for the Pedemontana Veneta toll road project.
  • UniCredit S.p.A. and Crédit Agricole Italia as lenders of the HoldCo financing to BioHold S.r.l. (sponsored by Vesper) aimed at funding a portfolio of biogas projects in Italy to be upgraded for the conversion into biomethane plants and greenfield biomethane plants.
  • PGIM Inc. (Prudential Group) and its funds in connection with the Holdco USPP bond financing to Setramar Port Holding S.p.A. (sponsored by Davidson Kempner) to refinance its existing indebtedness and provide a capex financing to its controlled companies operating certain concessions in the Port of Ravenna (Italy).
  • Intesa Sanpaolo, Banco BPM, BBVA, BPER, Cassa Depositi e Prestiti, BNL and BNP Paribas on Euro 1 billion refinancing and new capex financing to FNM S.p.A., which benefits from a SACE guarantee, to support the investments envisaged in FNM's 2024-2029 Strategic Plan and to strengthen the Group's financial structure.
  • European Investment Bank (EIB), Intesa Sanpaolo, UniCredit, JP Morgan, Banco BPM, MPS and Cassa depositi e prestiti (CDP) as lenders in connection with the tender process and the following €1.741 billion project financing granted to APL – Autostrada Pedemontana Lombarda S.p.A. for the design, building, operation and maintenance of the stretches B2 and C of the Autostrada Pedemontana Lombarda toll motorway.
  • The lenders, European Investment Bank (EIB) and Cassa depositi e prestiti SpA (CDP), in connection with the project financing for the construction of a new campus of the Milan University located in the so-called "MIND" (sponsored by Lendlease and Equiter).
  • Ares Infrastructure in relation to the Holdco acquisition bond financing provided to Asterion to support its acquisition of a minority interest in 2i Aeroporti.
  • Kommunalkredit Austria AG, acting as sole underwriter/MLA in connection with the financing for the construction of a new maritime station and the ancillary works of the Ravenna port by Ravenna Civitas Cruise Port S.r.l. (sponsored by iCON Infrastructure and Royal Caribbean).
  • Trina Solar in relation to the renewables warehouse financing of its multi jurisdiction PV portfolio under development.
  • Ivrea Torino Piacenza S.p.A. (sponsored by Sacyr and Fininc) in connection with the financing for the step-in (subentro) the A21/A5 toll road concession in the Northern Italy.
  • Salerno Pompei Napoli S.p.A. (sponsored by Sacyr and Fininc) in connection with the €440mln bridge loan granted by JP Morgan and Santander, the approx. €90mln VAT financing with Banco BPM and the following €518ml project bond financing for the step-in (subentro) the A3 toll road concession in the Southern Italy arranged by JP Morgan and Santander.
  • Banca Monte dei Paschi di Siena S.p.A., Banca Popolare di Puglia e Basilicata s.c.p.a., Banco BPM S.p.A., BPER Banca S.p.A., Crédit Agricole Italia S.p.A., Deutsche Bank S.p.A. and Intesa Sanpaolo S.p.A. as lenders in connection with the financing of the acquisition by Arcus Infrastructure Partners of a 51% shareholding in Powering S.r.l.. 

Recognition

Umberto Antonelli provides great service and attention to detail. He can guide investors through the nuances of investing in Italy and examine all alternatives.
Chambers and Partners, 2026
Umberto is totally dedicated and attentive to client satisfaction, and he is capable of handling even the most complex issues.
Chambers and Partners, 2026

Awards

  • Project Finance Professional of the Year, MF Italian Legal & Tax Excellence Awards, 2025

Qualifications

Admissions

Admitted to the Italian Bar, Italy, 2004

Courts

Admitted to practice before the Supreme Courts, 2017

Academic

Master in International Commerce and E-Commerce Law and Regulation, Centro Studi SCINT, 2003 (featuring IPSOA and ICE)

Tax law post graduate course, Centro Addestrativo Polifunzionale dell'Accademia della Guardia di Finanza, Rome, 2001

J.D., Università Cattolica del Sacro Cuore, Milan, 2000

Languages


Disclaimer
A&O Shearman was formed on May 1, 2024 by the combination of Shearman & Sterling LLP and Allen & Overy LLP and their respective affiliates (the legacy firms). Any matters referred to above may include matters undertaken by one or more of the legacy firms rather than A&O Shearman.