The State Oil Fund of the Republic of Azerbaijan (SOFAZ) and Enfinity Global have signed an agreement under which SOFAZ will acquire a 49% stake in a 402 MW portfolio of solar photovoltaic (PV) plants in Italy.

According to Enfinity, the investment includes 14 solar PV plants, both operational and under construction, located in the Italian regions of Lazio and Emilia-Romagna. The energy generated by these facilities is secured through long-term power purchase agreements (PPAs), ensuring predictable energy prices for customers and stable cash flows.

The portfolio is expected to generate approximately 685 GWh of clean electricity annually, resulting in an estimated reduction of 184,950 tonnes of COe emissions per year—equivalent to the annual electricity consumption of more than 250,000 Italian households.

Enfinity will retain a majority stake and continue to lead the asset management. Through this agreement, Enfinity brings in equity partners to support its Italian portfolio, enabling reinvestment and accelerating the deployment of its 2.6 GW solar project pipeline and 5.3 GW of energy storage projects.

Carlos Domenech, CEO of Enfinity Global, stated: "This investment is a meaningful example of the transition to sustainable energy, delivering value to all countries, investors, and customers involved."

Israfil Mammadov, CEO of SOFAZ, commented: "Through this strategic collaboration with Enfinity Global, SOFAZ supports the supply of clean and competitive energy to meet Italy’s growing energy needs, while also contributing to local economic development and domestic 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. Enfinity was advised by 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.