About us — Gaya Solar

About us

Gaya Solar was founded in 2023 by two organisations with deep roots in Italy's energy transition.

Gaya Solar's shareholders are Tobago S.r.l., a holding company that creates platforms in the renewables market, and Studio Cerina, a legal boutique with more than twenty years' experience in corporate and M&A transactions in the energy sector.

Together they founded Gaya Solar with a clear vision: to build an Italian developer capable of covering the entire value chain, from land acquisition to authorisation, without outsourcing key capabilities. One multidisciplinary team, a single point of contact, one objective.

The company

Twenty years in renewables. A new company to see them through.

Gaya Solar is an Italian company headquartered in Milan, founded in 2023 by professionals with many years' experience in the renewable energy sector: biogas, wind and solar PV. We develop utility-scale ground-mounted solar PV, agrivoltaic and battery energy storage systems (BESS), with an integrated approach that covers every phase of the value chain.

We have a single objective: to take every project through to RTB (Ready-to-Build) status. We do not stop at preliminary analysis. We work on the ground, engage with local communities and manage relationships with grid operators and the competent authorities.

Our operating model

We operate through two complementary development lines.

Co-development with institutional investors

We develop projects in partnership with funds and institutional players, structuring each dossier to meet financial market requirements from the origination stage.

Proprietary development

We identify and develop projects on Gaya's own account, bearing the development risk. The objective is clear: to take the project through to authorisation and maximise its value at RTB.

The development chain we manage

From the first suitability assessment of a site to the last permit, we manage every phase in-house.

01
Scouting and site analysis
Identification of suitable areas free of landscape, environmental and zoning constraints.
02
Landowner agreements
Negotiation and execution of preliminary purchase or lease agreements.
03
Grid connection
Application for and management of the grid connection solution (STMG/STME) with Terna and local distribution system operators (DSOs).
04
Permitting
Management of Single Authorisation (AU) and Simplified Authorisation Procedure (PAS) processes, coordinating all the authorities involved.
05
Technical design
System engineering, technology selection and plant layout.
06
Ready-to-Build
Delivery of the project with permits, grid agreements and land agreements in place.

The strength of the group

Gaya Solar's shareholders are:

Tobago S.r.l.

A holding company focused on creating and industrialising platforms in the renewable energy market. Over more than twenty years it has built and managed ventures in biogas, wind and solar PV, developing an industrial view of the sector that goes beyond the individual project.

Studio Cerina

A legal boutique specialising in corporate and M&A transactions in the energy sector. From the first wind projects in Italy, developed when the regulatory framework was still being written, to the most complex M&A deals in the renewable infrastructure market: a firm that knows the sector from the inside, not as an external adviser.

Team

The people who make the difference

Gaya Solar's main asset is its team. Complementary profiles (technical, legal, agronomic and financial) with experience gained at leading players in the Italian and European energy sector. A team that does not outsource key capabilities: it keeps them in-house and applies them to every project.

Senior Partners

Paolo Cerina

Co-Founder & Senior Partner

A lawyer with more than thirty years' experience in the energy sector and in international M&A transactions. Associate and Managing Partner at Allen & Overy (1993–2008), where he contributed to the development of the first wind projects in Italy (IVPC) and to the very first transactions under the CIP-6 incentive scheme in the Italian market.

Co-investor in the management buy-out of Babcock & Brown's European portfolio (Hideal Partners), with assets in biogas, solar and wind in Italy, Germany and Greece. Founder of Cerina Studio Legale, a boutique firm specialising in company law, M&A and corporate transactions in the energy sector.

Igor Bovo

Co-Founder & Managing Partner

An entrepreneur and investor in renewable energy with more than twenty years' experience in building and scaling industrial platforms in the energy market.

His work focuses on identifying the opportunities created by the energy transition and turning them into structured industrial businesses. Over the years he has founded and developed several companies in renewables and energy engineering, leading them from start-up through strategic growth and, in several cases, to successful exits.

Management

Carolina Franceschini

Co-Founder & CEO

An entrepreneur and institutional manager with an established track record in creating and scaling companies in biogas, biomethane, solar PV and energy efficiency. She has repeatedly demonstrated the ability to build businesses from the ground up and take them to full operational scale.

In-depth knowledge of the Italian regulatory framework, PNRR (Italy's Recovery and Resilience Plan) rules and European energy policy, with a specialisation in environmental authorisation and permitting processes. Recognised for structuring high-value strategic partnerships and managing complex renewable energy projects.

Development Team

Irene Cataldo

Project Manager

Responsible for achieving project objectives, monitoring day-to-day activities and overseeing technical development. Leads risk identification and issue management throughout the development phases.

Filippo Giuntini

Project Manager

Coordinates the projects' operating plan, monitors progress and oversees technical development. Supports the team in managing deadlines and safeguarding process quality.

Sergio Cerina

Junior Project Manager

Takes part in managing operational projects while developing skills in planning, time management and risk management. Supports the team in the day-to-day oversight of workflows and in project reporting.

Beatrice Carenini

Business Developer

Manages the administrative activities that support development, coordinates internal operations and ensures compliance with company procedures.

Edward Soto

Technical Surveyor

Prepares technical documentation and drawings for permit applications. Works with engineers, architects and local authorities to ensure projects comply with regulations.

Elisabetta Crippa

Urban Planner

Identifies land suitable for plant installation by assessing solar exposure, land availability and zoning regulations. Tracks developments in policy and permitting procedures.

ESG

Our ESG commitment

For Gaya Solar, sustainability is not a box-ticking requirement but the starting point of every project. Responsibility goes beyond technology: it concerns how we engage with the areas where we operate, with local communities and with our partners.

Our projects comply with the ESG principles required by international institutional investors and are structured to pass the environmental, social and governance due diligence of Europe's leading infrastructure funds.

0.35 t CO₂

Emissions avoided for every megawatt-hour generated by our plants compared with the average Italian power mix. At full capacity, the active pipeline will generate clean energy for tens of thousands of equivalent households every year.

Environment

Projects designed to reduce emissions and preserve soil.

Agrivoltaic plants that keep land in agricultural use and reduce evapotranspiration
Careful site selection: no projects in protected areas, Natura 2000 sites (SAC/SPA) or areas of high natural value
Design focused on minimising visual impact and ensuring plant reversibility
No hazardous substances used during development; responsible management of decommissioning

Social

Dialogue with local communities is an integral part of the process, not an add-on.

Fair and transparent agreements with landowners, on clear and advantageous terms
Involvement of local authorities in the preliminary analysis phase
Close attention to consistency with municipal and regional land-use and landscape plans
Local value creation: work for local professionals and businesses during construction and operation

Governance

A transparent corporate structure and internal control over every phase of development.

Clear, documented shareholding structure
Segregation of responsibilities across development phases: scouting, development, legal and technical
Standard contracts aligned with international energy sector best practice
Strict compliance with environmental, planning and sector regulations in every jurisdiction