The North-Central Adriatic Sea Port Authority is modernising the Port of Ravenna to support sustainable growth, including the delivery of a new cruise terminal through a PPP with Royal Caribbean Group. Since 2020, Steer has supported the Port Authority as an economic and financial advisor on the cruise terminal.
As part of its wider energy transition strategy, the Port Authority received a PPP proposal from Renco S.p.A. to design, build and operate a 37.16 MW photovoltaic (PV) plant within the port area. The proposed scheme would supply renewable electricity to onshore power systems serving the new cruise terminal—reinforcing the port’s ambition to become a low-carbon energy hub. Steer was appointed to independently evaluate the proposal, focusing on its financial robustness and contractual implications.
Drawing on expertise from our Financial Advisory and Ports & Maritime teams, we undertook a comprehensive assessment of the project’s technical, commercial and financial coherence.
We reviewed the proponent’s Financial Plan (Piano Economico Finanziario), stress-testing key assumptions on capital costs, operating expenditure, revenues, financing structure and bankability metrics. We then assessed consistency between the Financial Plan, the draft concession agreement and the risk matrix, with particular focus on:
Our advice provided the Port Authority with a clear, independent view of the project’s viability, risk profile, and contractual structure, supporting confident, evidence-based decision-making on the proposed PPP.
The assessment strengthened the Port Authority’s renewable energy strategy and helped advance the delivery of onshore power supply for cruise vessels, contributing to reduced emissions, improved environmental performance and enhanced competitiveness of the Port of Ravenna.
For advice on advancing renewable energy projects and PPP schemes that enhance resilience, competitiveness and environmental performance at ports, contact Alberto Preti or Raffael Massa.
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