Azerbaijan’s State Oil Fund (SOFAZ) is set to acquire a 49% stake in a 402 megawatt (MW) solar power portfolio in Italy, owned by Enfinity Global. Enfinity will maintain a 51% share and will manage the portfolio as part of a long-term agreement.<\/p>\n\n\n\n
The investment encompasses 14 solar photovoltaic (PV) plants, which include both operational facilities and those still under construction, located in the Lazio and Emilia-Romagna regions. The energy produced from these plants is secured through long-term power purchase agreements (PPAs).<\/p>\n\n\n\n
The portfolio is projected to generate around 685 gigawatt-hours (GWh) of clean electricity each year. This output is expected to reduce carbon dioxide emissions by approximately 184,950 tonnes annually, an amount equivalent to the yearly electricity consumption of over 250,000 Italian households.<\/p>\n\n\n\n
Carlos Domenech, CEO of Enfinity Global, expressed enthusiasm about the partnership, noting that it exemplifies a transition to sustainable energy that benefits all stakeholders involved. Israfil Mammadov, CEO of SOFAZ, highlighted that this collaboration supports the delivery of clean energy to meet Italy’s rising energy demands while fostering local economic growth and improving household energy access.<\/p>\n\n\n\n
The investment was facilitated with assistance from a team of advisors. Enfinity Global received guidance from Mediobanca as financial advisor, Legance for legal counsel, and Fichtner as technical advisor. SOFAZ was advised by JLL on mergers and acquisitions, Dentons Europe Studio Legale Tributario for legal matters, EY for financial and tax advice, and DNV for technical support.<\/p>\n\n\n\n
This acquisition marks a strategic move for SOFAZ as it seeks to strengthen its presence in the renewable energy sector across Europe.<\/p>\n\n\n\n