Azerbaijan Wealth Fund to Acquire Minority Stake in Enfinity Globa

SOFAZ to acquire 49% stake in a 402 MW portfolio of solar power plants in Italy from Enfinity Global who retains 51% and will be the long-term asset manager
The portfolio includes 14 solar power plants across the Lazio and Emilia-Romagna regions, with electricity output contracted through long-term PPAs

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) and Enfinity Global, a prominent provider of renewable energy, have announced that they have reached a deal whereby SOFAZ would purchase a 49% ownership stake in a portfolio of 402 MW of solar photovoltaic (PV) plants located in Italy. Leveraging its dominant position in the Italian renewable energy market, Enfinity will keep the majority interest and continue to oversee asset management when the purchase is finalized.

Offering a steady and predictable income stream and supporting international efforts to transition to sustainable energy, the investment supports SOFAZ’s strategic goals and is in line with the Fund’s long-term investment mandate.

Enfinity strengthens its position as the nation’s top Independent Power Producer by bringing in finance partners to support its Italian portfolio through this arrangement, allowing for reinvestment and speeding up the installation of its 2.6 GW solar and 5.3 GW energy storage pipeline.

The investment includes 14 solar photovoltaic facilities in the Emilia-Romagna and Lazio regions of Italy, both active and in development. Long-term power purchase agreements (PPAs) are used to contract the energy produced by these plants, guaranteeing steady cash flows and predictable energy costs for consumers. An estimated 184,950 tons of CO₂e emissions will be reduced yearly as a result of the portfolio’s projected production of about 685 GWh of clean electricity, which is equal to the annual power consumption of more than 250,000 families in Italy.

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.”

A group of consultants, comprising Mediobanca as a financial advisor, Legance as legal counsel, and Fichtner as a technical advisor, assisted Enfinity in the deal. JLL provided M&A advice to SOFAZ, Dentons Europe Studio Legale Tributario provided legal advice, EY provided financial and tax advice, and DNV provided technical advice.