Deputy CEO: SOFAZ-Enfinity Global deal fully aligns with mission to create value for future generations – COMMENTARY
Baku, July 24, AZERTAC
Last week, an investment agreement was signed in Rome between the State Oil Fund of the Republic of Azerbaijan (SOFAZ) and Enfinity Global, an international renewable energy company, marking a significant step in energy cooperation between Azerbaijan and Italy. This partnership supports Italy’s national decarbonization efforts and the EU’s goals of reducing reliance on traditional fossil fuels, accelerating the transition to renewable energy, and enhancing Europe’s energy independence and climate resilience.
Commenting on the agreement to AZERTAC, SOFAZ Deputy Chief Executive Officer Bahruz Bahramov described the strategic investment in Italy’s solar energy portfolio as a crucial step toward Azerbaijan’s long-term prosperity and contribution to the global energy transition.
“This project not only diversifies SOFAZ’s revenue sources and ensures predictable income but also expands our international partnerships in sustainable energy. It fully aligns with SOFAZ’s mission to create value for future generations,” Bahramov emphasized.
Ulviyya Mehraliyeva, Head of SOFAZ’s Strategic Communication Division, stated that acquiring a stake in Italy’s 402 MW portfolio of solar photovoltaic (PV) plants strengthens SOFAZ’s strategic presence in the European market, enhances access to high-quality real assets, and creates long-term, stable revenue streams. “The investment, structured under Power Purchase Agreements (PPAs), ensures inflation-adjusted and predictable cash flows. The portfolio includes 14 projects that are either operational or under construction,” she noted.
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