Baku: The State Oil Fund of the Republic of Azerbaijan (SOFAZ) is making a significant investment in Italy’s solar energy sector through a strategic partnership with Enfinity. SOFAZ is set to acquire a 49% stake in Enfinity’s solar energy assets in Italy, marking a notable expansion into renewable energy.
According to Azeri-Press news Agency, SOFAZ has entered into an agreement to purchase a substantial portion of Enfinity Global Inc.’s solar portfolio in Italy, which has a total capacity of 402 megawatts. This portfolio encompasses 14 solar power plants situated in the Lazio and Emilia-Romagna regions. Some of these projects are already operational, while others are currently under construction, all underpinned by long-term power purchase agreements. Despite SOFAZ’s significant investment, Enfinity will retain the controlling stake.
Carlos Domenech, CEO of Enfinity, expressed optimism about the partnership, stating, “This investment will allow financing the development of new projects in Italy. There is still great potential for development in the renewable energy market.”
Israfil Mammadov, Executive Director of SOFAZ, highlighted the strategic importance of this investment, noting that it represents the Fund’s first step towards expanding its presence in Italy’s renewable energy sector and across Europe.
SOFAZ’s total investment portfolio is currently valued at approximately $60 billion, encompassing a diverse range of assets including infrastructure, real estate, and equities.