The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has entered into an agreement with Enfinity Global, a prominent renewable energy company, to acquire a 49% equity interest in a 402 megawatt (MW) portfolio of solar photovoltaic (PV) plants located in Italy. Enfinity will maintain majority ownership and continue to oversee the management of the assets, utilizing its strong expertise and leadership in the Italian renewable energy market. This partnership reflects a strategic alignment between the two organizations, combining capital investment with operational excellence.
This investment marks a significant step in SOFAZ’s efforts to diversify its portfolio by targeting long-term, stable, and sustainable income streams. It is also in line with SOFAZ’s broader objective to contribute to global clean energy transitions. By securing a minority interest in this portfolio, SOFAZ joins Enfinity in supporting renewable energy growth in Italy, while enabling Enfinity to reinvest capital into expanding its broader pipeline, which currently includes 2.6 GW of solar projects and 5.3 GW of energy storage capacity. The partnership enhances Enfinity’s position as a leading Independent Power Producer (IPP) in the country.
Carlos Domenech, CEO of Enfinity Global, said in a statement, “We are honored and welcome SOFAZ as a long-term partner and investor to our first vintage Italian contracted PV portfolio. This investment is a meaningful example of transitioning to sustainable energy with a win-win outcome for all countries, investors, and customers involved.”
Israfil Mammadov, CEO of SOFAZ, mentioned, “Through this strategic collaboration with Enfinity Global, SOFAZ supports the delivery of competitive, clean energy to meet Italy’s growing energy needs, while contributing to local economic development and household energy access. As a forward-looking institutional capital provider we remain committed to supporting strategic investment opportunities in Italy and across Europe.”
The solar PV portfolio involved in the agreement consists of 14 plants, including both operational and under-construction assets, situated in the Lazio and Emilia-Romagna regions. These facilities benefit from long-term power purchase agreements (PPAs), which help secure stable energy pricing for end users and consistent revenue generation. The portfolio is expected to generate around 685 gigawatt-hours (GWh) of clean electricity each year. This output is estimated to reduce annual carbon emissions by approximately 184,950 metric tons of CO₂ equivalent roughly the same as the yearly electricity consumption of more than 250,000 households in Italy.
To support the transaction, both parties were advised by experienced teams. Enfinity Global was supported by Mediobanca as financial advisor, Legance as legal counsel, and Fichtner as technical advisor. On the other side, SOFAZ received advisory support from JLL in the role of M&A advisor, Dentons Europe Studio Legale Tributario as legal counsel, EY as financial and tax advisor, and DNV as technical advisor. This collaboration marks a notable milestone in international investment in renewable energy and reinforces both companies’ commitments to sustainable development and long-term value creation.
