Azerbaijan's wealth fund, SOFAZ, pours investments into the solar energy sector of Italy, focusing on molecular and electron advancements.
A significant step towards Europe's clean energy transition has been taken with the State Oil Fund of the Republic of Azerbaijan (SOFAZ) acquiring a 49% stake in a portfolio of solar power plants in Italy from Enfinity Global[1][2][3][4]. This portfolio consists of 14 solar photovoltaic (PV) plants located in the Lazio and Emilia-Romagna regions, with a total capacity of 402 megawatts (MW)[1][2][3][4].
Once fully operational, these solar power plants are expected to generate about 685 million kilowatt hours (GWh) of clean electricity annually[1][2][4], enough to meet the annual needs of nearly 250,000 Italian households[1][2]. This clean energy production will lead to an estimated reduction of 184,950 tons of CO₂ equivalent emissions per year, contributing to the reduction of carbon emissions in line with Europe’s energy transition goals[1][2].
The projects are secured by long-term power purchase agreements (PPAs), ensuring stable and predictable energy prices for customers as well as steady cash flows for investors[1][2][3]. This investment by SOFAZ supports the transition to sustainable energy in Italy and wider Europe, aligning with the fund’s mandate as a long-term institutional investor committed to strategic renewable energy opportunities[1][2][3].
For Enfinity Global, this partnership enables access to capital to reinvest in its broader pipeline of renewable projects, including 2.6 GW of solar and 5.3 GW of energy storage projects, accelerating the deployment of clean energy in Europe[2][4].
Carlos Domenech, CEO of Enfinity Global, called the deal a "proud moment to add new energies to a historic relationship built on gas and oil supply". This transaction signifies a shift in Azerbaijan-Italy energy ties from traditional pipelines to long-term renewable partnerships.
SOFAZ, which manages over €66 billion in assets, more than 90% of Azerbaijan’s GDP, has already invested nearly €3 billion in Italy, making it the country's fourth-largest investment destination[5]. The solar deal expands SOFAZ's footprint in Italy and reinforces its commitment to infrastructure and long-term real assets in Europe.
With this investment, the message is clear: SOFAZ's future, and its investments, are increasingly tied to clean energy[6]. The agreement was formally marked in Rome on 18 July 2025, and the collaboration supports the delivery of competitive clean energy to meet Italy's growing energy needs.
[1] https://www.enfinity.com/news/sofaz-invests-in-enfinity-portfolio-of-solar-plants-in-italy [2] https://www.sofaz.az/en/news/sofaz-acquires-49-stake-in-a-portfolio-of-solar-power-plants-in-italy [3] https://www.reuters.com/business/energy/azerbaijans-sofa-invests-400-mln-italian-solar-power-2025-07-18/ [4] https://www.sofaz.az/en/news/sofaz-invests-in-italian-solar-power-plants-for-685-mln-euros [5] https://www.sofaz.az/en/news/sofaz-invests-in-italian-solar-power-plants-for-685-mln-euros [6] https://www.reuters.com/business/energy/azerbaijans-sofa-invests-400-mln-italian-solar-power-2025-07-18/
- The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has demonstrated its commitment to renewable energy by acquiring a 49% stake in a solar power portfolio in Italy.
- This investment, worth €685 million, consists of 14 solar power plants, which collectively have a capacity of 402 megawatts (MW) and are expected to reduce carbon emissions by 184,950 tons of CO₂ equivalent annually.
- With this acquisition, SOFAZ is not only expanding its footprint in Italy but also aligning with its mandate as a long-term institutional investor, focusing on strategic opportunities in environmental science and renewable energy.
- This transaction marks a significant step in the transition from traditional energy sources to clean energy, signifying a shift in Azerbaijan-Italy energy ties, as SOFAZ's future investments increasingly gravitate towards the realm of finance, environment, and energy.
