The State Oil Fund of the Republic of Azerbaijan (SOFAZ) is acquiring a 49% equity interest in a 402MW portfolio of solar photovoltaic (PV) plants in Italy from Enfinity Global for an unspecified sum.
Enfinity Global will retain a majority stake and continue managing the assets which comprise 14 solar operational and under-construction solar PV plants in Italy’s Lazio and Emilia-Romagna regions.
The energy generated by the facilities is contracted through long-term power purchase agreements.
Israfil Mammadov, CEO of SOFAZ, said: “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.”
Carlos Domenech, CEO of Enfinity Global, said: “We are honoured 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.”
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