SOFAZ’s collaboration with Enfinity Global holds strategic importance - COMMENTARY
Baku, July 28, AZERTAC
The acquisition by the State Oil Fund of the Republic of Azerbaijan (SOFAZ) of a 49% equity interest in a 402 MW portfolio of solar photovoltaic (PV) plants owned by Enfinity Global is of strategic significance, according to economist Jafar Ibrahimli in an interview with AZERTAC. He emphasized Azerbaijan’s strong interest in participating in projects related to Europe’s energy security, given the substantial size of the European energy market and the country’s ongoing efforts to increase its gas exports.
Ibrahimli highlighted that Enfinity Global - active in the U.S., Italy, Japan, and the U.K. - brings significant expertise in renewable energy.
“Collaboration with such an experienced company can be highly beneficial,” he noted. Enfinity Global plans to expand its operations in Italy, with projections to scale its alternative energy production to 7.2 gigawatts - a significant capacity. The company will retain a 51% controlling stake and will manage the project’s long-term operations, energy production, and technical components. Unlike other investments, SOFAZ will have a decisive voice in future project decisions.
Ibrahimli pointed out that major global companies are increasingly investing in alternative energy production, as well as in the manufacturing of related technologies and equipment.
“This sector has been developing rapidly, is highly profitable, and has been at the forefront of global attention in recent years,” he stated.
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