Azerbaijan’s SOFAZ Strikes Deal with Enfinity for 49% Stake in Italian Solar Assets

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has reached an agreement with Enfinity Global, a prominent renewable energy company, to acquire a 49% equity interest in a 402 MW portfolio of solar photovoltaic (PV) plants in Italy.

Following the completion of the deal, Enfinity Global will maintain majority ownership and continue overseeing the management of the assets, capitalizing on its strong presence in Italy’s renewable energy market, The Caspian Post reports, citing SOFAZ.

The investment aligns with SOFAZ’s strategic objectives by offering a stable and predictable income stream, while also contributing to global efforts in the transition to sustainable energy - consistent with the Fund’s mandate as a long-term investor.

Through this agreement, Enfinity brings in capital partners to support its Italian portfolio, enabling reinvestment and accelerating the deployment of its 2.6 GW solar and 5.3 GW energy storage pipeline, reinforcing its position as the leading Independent Power Producer in the country.

The investment comprises 14 solar PV plants, both operational and under construction, located in the Lazio and Emilia-Romagna regions of Italy. The energy generated by these facilities is contracted through long-term power purchase agreements (PPAs), ensuring predictable energy prices for customers and stable cash flows. The portfolio is expected to produce approximately 685 GWh of clean electricity annually, which will lead to an estimated reduction of 184,950 tons of CO₂e emissions per year-equivalent to the annual electricity consumption of over 250,000 Italian households.

Carlos Domenech, CEO of Enfinity Global: “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: “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 transaction was supported by a team of advisors to Enfinity, including Mediobanca as financial advisor, Legance as legal counsel, and Fichtner as technical advisor. SOFAZ was advised by JLL as M&A advisor, Dentons Europe Studio Legale Tributario as legal counsel, EY as financial and tax advisor, and DNV as technical advisor.