BAKU, July 18, 2025 — Azerbaijan’s State Oil Fund (SOFAZ) is set to acquire a 49% stake in a 402-megawatt solar energy portfolio owned by U.S.-based Enfinity Global Inc., marking a strategic move into Italy’s renewable energy market.
According to a report by Report.az, the deal includes a mix of operational and under-construction solar power plants located in Italy’s Lazio and Emilia-Romagna regions. The assets are backed by long-term power purchase agreements (PPAs), ensuring predictable revenue streams.
Enfinity will retain the majority ownership and operational control of the portfolio.
“This investment will help finance the development of new projects in Italy, where there’s still substantial growth potential in the renewables market,” said Carlos Domenech, CEO of Enfinity, during a signing ceremony.
With an overall portfolio exceeding $60 billion, SOFAZ has traditionally invested in infrastructure, real estate, and public equities. The Italian solar acquisition signals the fund’s growing interest in clean energy assets across Europe.
“This is our first step toward expanding our presence in renewable energy in both Italy and across Europe,” said Israfill Mammadov, SOFAZ’s executive director.
The move aligns with Azerbaijan’s broader strategy to diversify its state investment holdings and bolster its green energy footprint on the global stage.
