The State Oil Fund of the Republic of Azerbaijan (SOFAZ) is investing in solar energy projects in Italy, acquiring a 49% stake in a partnership with Enfinity, APA-Economics reports.
It has already reached an agreement to acquire a stake in the solar energy assets of the US company Enfinity Global Inc. in Italy.
Under the deal, SOFAZ will acquire 49% of the portfolio of Enfinity with a total capacity of 402 megawatts. This portfolio includes 14 solar power plants located in the Lazio and Emilia-Romagna regions of Italy. Some of the projects are already in operation, while others are under construction. The projects are secured by long-term power purchase agreements. The controlling stake will remain with Enfinity.
"This investment will allow financing the development of new projects in Italy. There is still great potential for development in the renewable energy market," said Carlos Domenech, CEO of Enfinity.
SOFAZ Executive Director Israfil Mammadov said that this is the first step taken by the Fund to expand its presence in the renewable energy sector in Italy and wider Europe.
Currently, SOFAZ’s total investment portfolio is close to $60 billion and includes infrastructure, real estate, equities, and other assets.
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