The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has entered into an agreement to acquire a 49% equity interest in a 402 MW solar project portfolio in Italy, with Enfinity Global, a renewable energy company.
The portfolio comprises 14 solar projects, both operational and under construction, located in the Lazio and Emilia-Romagna regions of Italy.
Once operational, the projects are expected to generate approximately 685 GWh of clean energy per year. The renewable energy generated by these solar projects is contracted through long-term power purchase agreements.
Enfinity Global will retain a majority stake and continue to lead the management of the projects.
JLL acted as the M&A advisor, and Dentons Europe Studio Legale Tributario served as the legal counsel to SOFAZ. Mediobanca served as the financial advisor, and Legance provided legal counsel to Enfinity Global on the transaction.
Carlos Domenech, CEO of Enfinity Global, said, “We are honored and welcome SOFAZ as a long-term partner and investor to our first vintage Italian contracted PV portfolio. This investment is a meaningful example of transitioning to sustainable energy with a win-win outcome for all countries, investors, and customers involved.”
Israfil Mammadov, CEO of SOFAZ, “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. As a forward-looking institutional capital provider, we remain committed to supporting strategic investment opportunities in Italy and across Europe.”
This acquisition enables Enfinity Global to reinvest and accelerate the deployment of its 2.6 GW solar and 5.3 GW energy storage pipeline.
According to Mercom’s recently released 1H and Q2 2025 Solar Funding and M&A report, approximately 19.9 GW of solar projects were acquired in the first half of 2025, compared to 18.5 GW in the first half of 2024.
Last week, OCI Energy, a developer of utility-scale solar and battery storage projects, announced the sale of the 120 MWac Pepper solar project to Sabanci Renewables, a North American subsidiary of Turkish conglomerate Sabanci Holdings. The project is in McLennan County, Texas.
