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.

Share:

Gain full professional access to energynews.pro from 4.90$/month.
Designed for decision-makers, with no long-term commitment.

Over 30,000 articles published since 2021.
150 new market analyses every week to decode global energy trends.

Monthly Digital PRO PASS

Immediate Access
4.90$/month*

No commitment – cancel anytime, activation in 2 minutes.

*Special launch offer: 1st month at the indicated price, then 14.90 $/month, no long-term commitment.

Annual Digital PRO Pass

Full Annual Access
99$/year*

To access all of energynews.pro without any limits

*Introductory annual price for year one, automatically renewed at 149.00 $/year from the second year.

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.

Doral Renewables has signed a power purchase agreement for 75% of the output from its Cold Creek Solar project, expanding its contracted portfolio to over 1.6 GW nationwide.
SNCF Voyageurs secures direct solar electricity supply from two plants owned by Octopus Energy and BayWa r.e., through 25-year agreements aimed at powering its rail network.
The end of China's VAT rebate and reduced output bring an end to eighteen months of historically low prices in solar and storage sectors.
The Kuwait Authority for Partnership Projects has shortlisted several companies for Phase III of the Al Dibdibah solar plant, with a net capacity of 500 MW.
The Central Electricity Regulatory Commission has agreed to examine compensation claims by ACME Solar and AMPIN Energy, citing losses caused by non-operational transmission lines.
Waaree Energies has activated a new 950 MW photovoltaic module production line in Degam, strengthening its industrial investment programme in western India.
India opens a new rooftop solar tender phase, offering 3,640 kW under the RESCO model, with a pre-bid meeting held online on October 6 by Solar Energy Corporation of India.
The Japanese developer has reached a total of 100MW in solar capacity under power purchase agreements with Microsoft, spread across four projects in the country, two of which are already operational.
SNCF Énergie signed four new renewable electricity purchase agreements with Neoen in July, covering the annual consumption equivalent of the TGV Paris–Bordeaux line.
RWE has inaugurated a 4 megawatt-peak solar park in Charente-Maritime, built on a former municipal landfill site and capable of supplying electricity to approximately 1,500 households.
EDF power solutions and El Paso Electric have started operations at the Milagro Energy Center, combining 150 MW of solar photovoltaic capacity and 75 MW of battery storage under a 20-year power purchase agreement.
Iberdrola strengthens its partnership with Norges Bank Investment Management by adding two Spanish photovoltaic plants, raising joint operational capacity to 900 MW.
Producer Red Rocket has finalised financing for a 331 MWp solar park in Mpumalanga, backed by a 20-year power purchase agreement with Discovery Green.
Sun Investment Group has launched a crowdfunding campaign with Enerfip to raise up to €1.6mn ($1.7mn) to support the development of twelve photovoltaic plants in Italy totalling 113 MW.
GreenYellow will develop a 1.5 MWp photovoltaic plant in Mauritius for Volailles et Traditions, with an expected annual output of 2.45 GWh fed into the national power grid.
An alternative energy scenario proposes increasing solar and storage capacity by 2037 to reduce fossil fuel dependence and cut electricity generation costs in Thailand.
Osaka Gas and Daiwa Energy & Infrastructure have formed a partnership to expand their renewable energy business with the acquisition of a 25MW solar power plant in Kyoto, formerly owned by Kyocera TCL Solar.
Global South Utilities, filiale de Resources Investment LTD, inaugure à N’Djamena la centrale Noor Chad de 50 MW avec 5 MWh de stockage, dimensionnée pour alimenter des centaines de milliers de foyers et exploitée directement par l’entreprise.
Nine African countries will receive €545mn ($638mn) in European Union funding to support rural electrification and strengthen regional renewable energy infrastructure.
TotalEnergies will transfer half of a 1.4 gigawatt solar portfolio to KKR, strengthening its position in the North American power market while securing $950 million through the sale and bank refinancing.