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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.”
The investment builds on SOFAZ’s $60 billion portfolio across infrastructure, real estate, equities and other asset classes.
“It’s just the start move in expanding our presence in renewables in Italy and into wider Europe,” said SOFAZ CEO Israfil Mammadov.
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