The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has entered into an agreement with Enfinity Global. Under the agreement, SOFAZ will acquire a 49 per cent equity interest in a 402 MW portfolio of solar photovoltaic plants in Italy from Enfinity Global. The remaining 51 per cent will be retained by Enfinity Global, and it will be the long-term asset manager. Further, the agreement allows Enfinity Global to bring in capital partners to support its Italian portfolio, which enables reinvestment and speeds up the development of its 2.6 GW solar and 5.3 GW energy storage pipeline.
The portfolio consists of 14 solar power plants across the Lazio and Emilia-Romagna regions. The electricity output of these plants has been contracted through long-term power purchase agreements. The portfolio is anticipated to generate around 685 GWh of clean electricity annually. Additionally, Mediobanca, Legance, and Fichtner acted as advisors for Enfinity Global for the transaction. Advisors of SOFAZ included JLL, Dentons Europe Studio Legale Tributario, EY, and DNV.
Earlier in June 2025, Enfinity Global sold 49 per cent stake in two battery energy storage system projects to Daiwa Energy & Infrastructure Ltd. (DEI). The projects have a total capacity of 380 MW. Enfinity Global will retain a 51 per cent controlling stake and will complete the development, construction, and serve as the long-term asset manager for the two projects.
