Azerbaijan's sovereign wealth fund announced on Friday it has agreed to acquire a 49% equity stake in a 402-megawatt portfolio of solar photovoltaic plants in Italy from Enfinity Global, a leading renewable energy company.
Enfinity Global will retain 51% stake and continue to manage the assets upon completion of the deal, the State Oil Fund of the Republic of Azerbaijan (SOFAZ) said in a statement.
Through the transaction, Enfinity brings in capital partners to support its Italian portfolio, enabling reinvestment and accelerating the development of its 2.6-gigawatt solar and 5.3-gigawatt energy storage pipeline.
The investment includes 14 solar photovoltaic plants, both operational and under construction, located in Italy's central Lazio and northern Emilia-Romagna regions.
By Handan Kazanci
Anadolu Agency
energy@aa.com.tr