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Azerbaijani sovereign fund acquires stake in 402 MW solar assets in Italy

SOFAZ acquires 49% of a 14-plant solar portfolio held by Enfinity Global in Lazio and Emilia-Romagna, reinforcing its long-term stable investment strategy.

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The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has reached an agreement to acquire a minority stake of 49% in a portfolio of solar power plants with a total capacity of 402 megawatts (MW) in Italy from Enfinity Global. The Spain-based solar project developer will retain 51% and continue to manage the assets long term.

The portfolio comprises 14 photovoltaic power plants located in the Lazio and Emilia-Romagna regions. Some of the facilities are already operational, while others are still under construction. The electricity generated is sold under long-term power purchase agreements, ensuring both revenue stability for investors and predictable pricing for clients.

A strategic position in the Italian market
Italy represents a growing area of interest for institutional investors, particularly in the renewable energy sector, where support mechanisms and mature infrastructure offer stable return opportunities. The agreement between SOFAZ and Enfinity aligns with this trend, as the Spanish asset manager plans to accelerate development across the country.

Enfinity Global currently has a pipeline of 2.6 gigawatts (GW) of solar projects and 5.3 GW of energy storage under development. The financial backing from the Azerbaijani sovereign fund will allow the company to reallocate capital to these new ventures, further strengthening its position as an independent power producer in the Italian market.

A transaction backed by a network of advisers
The transaction was structured with the support of multiple advisory firms and institutions. Mediobanca acted as Enfinity’s financial adviser, with Legance providing legal counsel and Fichtner handling technical advisory. SOFAZ was advised by JLL for mergers and acquisitions, Dentons Europe Studio Legale Tributario for legal matters, EY for financial and tax issues, and DNV for technical evaluation.

The annual output of the portfolio is estimated at 685 gigawatt-hours (GWh), under contract, which ensures predictable cash flows. The facilities are aimed at a diversified customer base in both Italian regions, including industrial operators, local authorities, and institutional buyers.

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