Latest news with #IsrafilMammadov
Euronews
6 days ago
- Business
- Euronews
Azerbaijan's SOFAZ invests in Italy's solar future
The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has acquired a 49% stake in a portfolio of solar power plants in Italy, marking a shift in Azerbaijan‑Italy energy ties from traditional pipelines to long‑term renewable partnerships. For decades, energy cooperation between Azerbaijan and Italy was defined by hydrocarbons and pipelines. This new deal, observers say, signals a new chapter – from molecules to electrons, with Italy securing alternative sources of energy sold under long‑term power purchase agreements, a model that ensures stable tariffs for consumers and predictable, inflation‑linked income streams for investors. The portfolio, owned and operated by Enfinity Global, spans 14 solar plants in the Lazio and Emilia Romagna regions. Once fully operational, the sites are expected to generate about 685 million kilowatt hours of clean electricity a year – enough to meet the annual needs of nearly 250,000 Italian households and offset around 184,950 tons of CO₂‑equivalent emissions. A milestone for Azerbaijan-Italy ties The agreement was formally marked in Rome on 18 July 2025, with Italian government officials, diplomats and industry leaders in attendance. Israfil Mammadov, Executive Director of SOFAZ, said the collaboration 'supports the delivery of competitive clean energy to meet Italy's growing energy needs while contributing to local economic development and energy access. As a forward‑looking institutional capital provider, we remain committed to supporting strategic investment opportunities in Italy and across Europe'. Carlos Domenech, CEO of Enfinity Global, called it 'a proud moment to add new energies to a historic relationship built on gas and oil supply'. A long‑term global investor Celebrating its 25th anniversary last year, SOFAZ manages over €66 billion in assets, more than 90% of Azerbaijan's GDP, and reported a 6% investment return in 2024. Its portfolio spans more than 50 countries and sectors from infrastructure and real estate to private equity and fixed income, reflecting an adaptive strategy shaped by trends such as the energy transition and digitalization. Italy is already SOFAZ's fourth‑largest investment destination, with nearly €3 billion deployed across traditional and alternative asset classes. The solar deal expands that footprint and reinforces SOFAZ's commitment to infrastructure and long‑term real assets in Europe. Powering Europe's energy transition The investment also supports Italy's national decarbonization efforts and the European Union's REPowerEU initiative, which seeks to cut reliance on imported fossil fuels and accelerate the switch to renewables. By backing a 402 MW solar portfolio in Italy, SOFAZ is not only diversifying its own returns but also helping Europe build a more resilient, low‑carbon energy system. For Azerbaijan's sovereign wealth fund, built on the revenues of oil and gas, the message is clear: its future, and its investments, are increasingly tied to clean energy.
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Business Standard
20-07-2025
- Business
- Business Standard
Azerbaijan's SOFAZ to buy 49% stake in Enfinity's Italy solar assets
SOFAZ will acquire 49 per cent of Enfinity's 402-megawatt portfolio, which includes 14 solar plants both operating and under construction across Lazio and Emilia-Romagna in central Italy Bloomberg Azerbaijan's sovereign wealth fund SOFAZ is set to buy a stake in Enfinity Global Inc.'s solar power assets in Italy in further step to expand its investments in the country. SOFAZ will acquire 49 per cent of Enfinity's 402-megawatt portfolio, which includes 14 solar plants both operating and under construction across Lazio and Emilia-Romagna in central Italy. US-based Enfinity will retain a majority stake in the photo-voltaic projects, which are secured by power purchase agreements. 'It brings financial resources to advance the development of new projects in Italy,' Enfinity Chief Executive Officer Carlos Domenech said in an interview. 'There is a huge potential for growth for renewable markets, it's still under-supplied.' 'It's just the start move in expanding our presence in renewables in Italy and into wider Europe,' said SOFAZ CEO Israfil Mammadov.
Cision Canada
18-07-2025
- Business
- Cision Canada
Azerbaijan's Sovereign Wealth Fund to Acquire Minority Stake in 402 MW of Solar Assets in Italy from Enfinity Global
SOFAZ to acquire 49% stake in a 402 MW portfolio of solar power plants in Italy from Enfinity Global who retains 51% and will be the long-term asset manager from Enfinity Global who retains 51% and will be the long-term asset manager The portfolio includes 14 solar power plants across the Lazio and Emilia-Romagna regions, with electricity output contracted through long-term PPAs ROME , July 18, 2025 /CNW/ -- The State Oil Fund of the Republic of Azerbaijan (SOFAZ) and Enfinity Global, a leading renewable energy company, communicate to have entered into an agreement under which SOFAZ will acquire a 49% equity interest in a 402 MW portfolio of solar photovoltaic (PV) plants in Italy . Upon completion of the deal, Enfinity will retain a majority stake and continue to lead the management of the assets, leveraging its leading position in the Italian renewable energy sector. The investment aligns with SOFAZ's strategic objectives by offering a stable and predictable income stream, while also contributing to global efforts in the transition to sustainable energy — consistent with the Fund's mandate as a long-term investor. Through this agreement, Enfinity brings in capital partners to support its Italian portfolio, enabling reinvestment and accelerating the deployment of its 2.6 GW solar and 5.3 GW energy storage pipeline, reinforcing its position as the leading Independent Power Producer in the country. The investment comprises 14 solar PV plants, both operational and under construction, located in the Lazio and Emilia-Romagna regions of Italy . The energy generated by these facilities is contracted through long-term power purchase agreements (PPAs), ensuring predictable energy prices for customers and stable cash flows. The portfolio is expected to produce approximately 685 GWh of clean electricity annually, which will lead to an estimated reduction of 184,950 tons of CO₂e emissions per year—equivalent to the annual electricity consumption of over 250,000 Italian households. Carlos Domenech , CEO of Enfinity Global: "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 ." The transaction was supported by a team of advisors to Enfinity, including Mediobanca as financial advisor, Legance as legal counsel, and Fichtner as technical advisor. SOFAZ was advised by JLL as M&A advisor, Dentons Europe Studio Legale Tributario as legal counsel, EY as financial and tax advisor, and DNV as technical advisor. Logo: SOURCE Enfinity Global J.I. Moreno, Communication and Sustainability Director, +1 305-518-7221
