About us

Prothea was established in 2007 as an independent advisory boutique based in Milan providing advisory and asset management services in the renewable energy sector.

Over the last five years Prothea executed transactions with a total value of approximately Euro 1.0 billion, advising primarily institutional investors both Italian and International.

Today Prothea is a market leader in the renewable energy advisory sector and is active in the infrastructure sector.

Prothea provides its services to a range of institutional investors and corporate clients:

Leveraging on its market positioning, Prothea has recently launched a Principal investments division.

Prothea management team includes professionals with highly complementary skills coming from advisory firms, companies involved in the specific sectors, international public institutions in the natural resources sector, investment banks and private equity firms.


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 privatisation of ACEA;
  • Advisor for the merger that created Hera and subsequent IPO;
  • Advisor for the acquisition by ACEA of a portfolio of water concession;
  • 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

David is the founder and partner of Prothea and he is a well recognized professional advisor in the renewable energy sector.

David was awarded a Ph.D in Environmental Sciences at University of Milan (Italy) and he spent the first years of his career working as a consultant for public institutions in Europe and Canada, working on natural resources projects for the Italian, Cypriot, British and Canadian Government. He received many academic awards, including a Visiting Fellowships in Canadian Government Laboratories.

David has extensive experience in Merger & Acquisition and project development. Since its establishment in 2007, David managed and coordinated the origination and execution of renewable energy projects advising some of the largest Italian and International Institutional and Infrastructure funds, such as VEI Capital, Equitix and NOY Infrastructure, on transactions both on the primary and the secondary renewable energy market.

David has been also appointed in the last two years as board member of several energy oriented companies such as Energy Lab, an Italian EPC and IPP specialized in Renewable Energies and listed on Italian AIM stock exchange, Miogas Srl, a gas Distribution System Operator (DSO) operating in the district of Milan, LT, an Italian company specialized in Operation and Maintenance (O&M) of solar photovoltaic plants and ESCO Pacific Ltd, a developer operating in the Australian solar photovoltaic market.