Azerbaijan’s sovereign wealth fund, SOFAZ, has agreed to acquire a 49% stake in a 402-megawatt solar portfolio in Italy owned by renewable energy developer Enfinity Global, the companies said on Thursday.
The transaction covers 14 photovoltaic plants—both operational and under construction—located in the Lazio and Emilia-Romagna regions. The facilities are backed by long-term power purchase agreements (PPAs) and are expected to generate approximately 685 gigawatt-hours (GWh) of clean electricity per year.
Enfinity Global will retain a 51% stake in the portfolio and remain the long-term asset manager.
“We are honoured and welcome SOFAZ as a long-term partner and investor to our first vintage Italian contracted PV portfolio,” said Enfinity Global Chief Executive Carlos Domenech. “This investment is a meaningful example of transitioning to sustainable energy with a win-win outcome for all countries, investors, and customers involved.”
The portfolio is expected to avoid around 184,950 tonnes of carbon dioxide emissions annually—roughly equal to the electricity use of more than 250,000 Italian households.
Israfil Mammadov, CEO of SOFAZ, said the investment aligns with the fund’s broader strategic goals. “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,” he said.
SOFAZ, the State Oil Fund of the Republic of Azerbaijan, has increasingly diversified its holdings beyond hydrocarbons as part of a broader strategy to invest in long-term, sustainable assets.
The deal was supported by a group of advisors, with Mediobanca acting as financial advisor to Enfinity, Legance as legal counsel, and Fichtner providing technical due diligence. SOFAZ was advised by JLL on M&A, Dentons Europe Studio Legale Tributario on legal matters, EY for financial and tax analysis, and DNV as technical advisor.
The agreement marks one of the latest cross-border energy investments as institutional capital continues to flow into European renewable infrastructure.
