Anthony Milanese has over 30 years of experience in finance, accounting, and project management. He has specialized expertise in forensic audit, due diligence, financial analysis, valuation, and risk assessment. He has worked on infrastructure projects in Europe, Africa, the Middle East, and Australia, advising organizations like the EBRD, World Bank, and various national governments. Currently he is a Principal Economist at WSP | Parsons Brinckerhoff, where he manages projects involving transport, water, and energy infrastructure.

1. ANTHONY MILANESE
Email tmilanese@aol.com
Nationality British
CAREER SUMMARY
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My career commenced with the Victoria State Treasury in Australia where I gained experience of municipal and
federal funding in general and financing for utility infrastructure and natural resource projects in particular. A period in
investment banking specialising in resources and media followed, during which time I moved to Europe. In due course
I moved into consultancy, first with WS Atkins, then with PKF where I was involved in a wide variety of infrastructure
funding projects and feasibility studies, After working as an independent I have worked with WSP| Parsons
Brinckerhoff as Principal Economist. In addition to my expertise in a wide range of finance and funding projects I have
also undertaken due diligence, forensic audit, valuations, conversion of accounts to IFRS and financial modelling.
KEY QUALIFICATIONS
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Areas of specialist expertise
• Forensic Audit, Due Diligence, Financial, legal and regulatory analysis and Valuation;
• Extensive knowledge of political risk and factors affecting investment and government procedures in
developing countries especially in Europe, Africa and Middle East;
• Corporate Strategy, Risk Assessment and Business Appraisal;
• Project Management with an understanding of technical, marketing, institutional and legal issues;
• Accounting Systems and application of International Financial Reporting Standards, eg. IFRS 6 for Mining and
Natural Resources.
• Sound financial modelling and project management skills
• Expertise in PPP of main infrastructure sectors such as energy, water, transport, solid waste.
EXPERIENCE
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Jan 2014 – Present WSP | Parsons Brinckerhoff UK
UK: Principal Economist
Selection of clients and associated projects:
Serbia. EBRD. May 2016 On going. Financial analysis and funding sources for the Update of the
Belgrade Public Transport and Traffic Infrastructure Improvement Project – Urban Transport Master
Plan (Smart Plan). Detailed assessment of potential transport developments including building of
metro, ring road, tunnels, car parking, relocation of the main bus terminal and the new Danube Port.
Scotland. Ancala Corporation. Financial Analyst. March 2016 On going. Due diligence of Apache
Corporation marketing its 30.28% interest in the Scottish Area Gas Evacuation (SAGE) system and
its 60.56% interest in the Beryl 30” subsea-pipeline and platform kit to a select group of bidders.
Review of asset condition, pipeline capacity and CAPEX/OPEX using historic and projected financial
information.
Rwanda: African Development Fund. Commercial Expert (May 2015-February 2016). Responsible for a
commercial review of a private public partnership (PPP) funded water production facility in Kigali,
Rwanda. Reviewed commercial elements of the PPP and EPC documents as well as analysis of the
financial model.

2. UK. Economist. April-May 2015. As part of the study to update the generation costs for small scale renewable
technologies, updated the assumed hurdle rates across a range of renewables including solar, hydro, anaerobic
digestion and wind, providing estimates for low, medium and high cases across domestic, commercial and utility scale
installations.
Turkey. Oct.2014-March 2015. Project Manager of a two phase technical and environmental due
diligence of the 2 x145 MWe Yunus Emre Coal Fired Power Plant in the Eskisehir Province of
Turkey. Study was a essentially a desktop review to consider the project‘s engineering, design, cost,
scheduling, quality assurance concept and the project Agreements.
UK. November 2014-December 2015.Project Manager of the White Rose Carbon Capture Storage
(CCS) project in which developer Capture Power Ltd appointed PB as Lenders Technical Advisor.In
Phase 1 responsible for Initial Due Diligence Review comprising an assessment of existing technical
and commercial information, including those produced as part of the Oxy-combustion Power Plant
(OPP) FEED, pipelines and storage. Phase 2 comprised detailed Lender’s Due Diligence to assess
the technical aspects of the project on behalf of the potential lenders, provide technical support
during the financing process and preparation of a final technical due diligence report for the lenders.
2011 – 2013 Independent Financial Consultant London/Overseas
Inter-American Development Bank: 2012
Responsible for the Preparation of Strategic Business Plan for Guyana Water in program funded by the IADB. On
three field trips liaised and coordinated with Management, Ministerial and regulatory agencies a series of target
indicators that encompassed all fields of operations including technical, commercial, financial, institutional and
regulatory issues.
Ministry of Transport, Bahrain. Oct 2012 – March 2013
Sub contracted by WS Atkins Engineers to develop business plan and model to assist the Ministry with a concession
to run the Bahrain urban bus system with a $46 Mn investment. Determining appropriate rates of return to investors
and cost alternatives for the Government in providing the concession. Presentation to Cabinet of Ministers successful
in achieving approval for project go ahead. Responsible for writing financial section on Invitation to tender documents.
2000 – 2011 PKF, UK, Senior Consultant London/ Overseas
European Bank for Reconstruction and Development: Until 2010
Responsible for over 60 assignments relating to advising the EBRD on potential investment and funding opportunites.
Principal focus was on financial due diligence as well as co-ordinating other inputs from technical, marketing,
institutional legal and regulatory. The work was undertaken over a wide range of manufacturing and service sectors in
particular utilities such as energy, water, transport and the hotel sector. Assignments undertaken in nearly of EBRD
countries of operation and required extensive consultation with private counterparties, Banks and Governments. Final
recommendations were subject of rigorous detail and presentations. Examples of projects:
• Financial review of infrastructure requirements and funding options for large scale hotel and leisure
complex resort on Velika Plaza beachfront in Southern Montenegro. Review summarized expenditure
for a number of options relating to additional energy, water supply and treatment, collection of solid
waste and transport enhancement (mainly roads and bridges). Final recommendations taken on board
by Government.
• Financial due diligence of Russian oil and gas maintenance firm as part of a corporate recovery
situation. Company owed €13 million. Assessed implications of bankruptcy and other measures such as
sale of non operating fixed assets.
• Financial assessment of introducing credit line of up to €50 Mn for funding energy efficiency measures
for the residential sector in Moldova. Identification of measures for apartment buildings and houses and
financial modeling of various investment scenarios.
Department of International Development. 2008 – 2012
Project Manager of two assignments in audit and financial evaluation, namely:
• Project Director of audit of £2 Million transfer of funds from DFID supporting the Armenia Regional

3. Development Programme. Work included review of funds disbursed under 1st
Tranche of funds as well
as assessing memorandum of understanding between DFID and Government of Armenia
• Financial and commercial due diligence of introduction of Geothermal energy for Montserrat and
Antigua. Special emphasis on funding and comparison with traditional fuel based electricity generation
as well as development on the Caribbean electricity grid.
European Commission, Until 2011
Range of assignments looking at assessing the benefit of providing state aid and grants as well as funding through the
European Investment Bank. Examples of Projects:
• Review of water concession for Sofiyska Voda, operator of Sofia’s water supply and sewerage.
Determining the eligibility of Sofiyska Voda to receive grant funding of €80 Mn from the European
Commission as well as viability of existing concessionaire with additional funding to be sourced from
tariffs and external equity. The project lasted over 8 months and required extensive consultation with the
water concession holder, the Bulgarian water regulator, Ministry for Water and the EU’s own competition
unit to reconcile all interests
• Options Analysis Water and Waste Water Sector in Iasi. Assessed different types of Private Sector
Partnership (PSP) in the water and waste water sector in light of the legal framework and institutional
framework within Romania as well as the County of Iasi.
• Assisted the Department of Transport in Ireland in drafting public service contracts for the provision of
public transport services in accordance with the requirements of EC Regulation 1370/2007 and Chapter
2 of Part 3 of the DTA Act, 2008. Work involved identifying cost structure for public service obligation
routes for Irish Rail, Dublin bus and Bus Eireann. Project lasted 12 months during 2009-10 and involved
extraction of financial information that would allow for assessment of State Aid and thus required
sensitive negotiation with all transport companies as well as the Regulator and Ministry of Transport.
• Corporate restructuring of Hungarian energy conglomerate Csepel Eromu involved in utilities, building
and construction, trade and transport activities. Valuation of the company according to core and non-
core sectors using Discounted Cash flow techniques. Financial and economic assessment of proposed
infrastructure developments by international investors ranging up to US$200 Mn.
• Completed audit risk alert reports for the oil and gas sectors in Russia. Worked with subsidiaries of
major oil and gas producers to assess existing audit procedures as well as the Russian Ministries of
Finance and Energy. Also provided audit guidance procedures for consolidations and joint ventures
which was used later on in Russia’s acceptance of following IFRS 6 Exploration for and Evaluation of
Mineral Resources.
1991 - 2000 WSAtkins Management Consultants Epsom UK
EDUCATION
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• Master of Business Administration, Brunel University 1988 - 1990
• Graduate Diploma of Accounting, Monash University 1988 - 1989
• Diploma of Securities, Securities Institute of Australia, 1986
• Master of Commerce, University of Melbourne, 1980 - 1984
• Bachelor of Economics, La Trobe University, 1973 - 1976
PROFESSIONAL AFFILIATIONS
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Fellow of the Australian Society of Certified Practicing Accountants
Fellow of Financial Services Institute of Australia
Fellow, Chartered Institute of Securities and Investment UK
Senior, Finance and Treasury Association of Australia
Panel Member Corporate Finance committee, Chartered Institute of Securities and Investment UK
LANGUAGE
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4. English (mother tongue), Russian (strong working knowledge), German (strong working knowledge), Italian (excellent),
French (good), Romanian (basic), Portuguese (basic)