Rome (Italy), 18 July 2025-. The State Oil Fund of the Republic of Azerbaijan (SOFAZ) and Enfinity Global, a leading renewable energy company, communicate to have entered into an agreement under which SOFAZ will acquire a 49% equity interest in a 402 MW portfolio of solar photovoltaic (PV) plants in Italy. Upon completion of the deal, Enfinity will retain a majority stake and continue to lead the management of the assets, leveraging its leading position in the Italian renewable energy sector.
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.
About SOFAZ
The State Oil Fund of the Republic of Azerbaijan, established in 1999, is a sovereign wealth fund dedicated to managing the nation’s oil and gas revenues, with a commitment to safeguarding and enhancing wealth for future generations. As a long-term investor with over USD 65 billion in assets under management, SOFAZ pursues a diversified investment strategy that encompasses global opportunities across various sectors, including fixed income, equities, gold, real estate and infrastructure.
About Enfinity Global
Enfinity Global is a leading U.S.-based renewable energy and sustainability services company established in 2019. The company owns a 35.5 GW portfolio of renewable energy and storage projects, including operational, under-construction, and development assets, with an additional 37 GW under negotiation across the United States.
With offices in the U.S., Europe, Japan, and India, Enfinity aims to contribute to a low-carbon economy. Enfinity’s leadership team brings over $41 billion of financing experience in the renewable energy sector, with over 26 GW of developed and acquired solar and wind assets.
The company leads the solar PPAs market in Italy, having contracted 805 MW over the last two years with major corporations and industrial customers. Enfinity is currently Italy’s leading independent power producer (IPP) as measured by permitted projects, according to the “Q4 Dev&Deals report” published by Elemens.
Important Notice
This press release contains projections and pro forma financial information based upon assumptions that are inherently uncertain and unpredictable. Actual results may differ materially from those discussed in, or implied by, the statements in this press release. This press release and any projections or pro forma information contained herein represent only our management’s current estimates as of the date of this release and have not been subject to an independent audit. We assume no duty to update the information contained in this press release. We make no representation or warranty as to the accuracy or completeness of the information contained in this press release. Unless otherwise specified, all greenhouse gas or carbon offsets or equivalencies are based on the United States Environmental Protection Agency Greenhouse Gas Equivalencies Calculator.
