Azerbaijan's Sovereign Wealth Fund to Acquire Minority Stake in 402 MW of Solar Assets in Italy from Enfinity Global

• SOFAZ to acquire 49% stake in a 402 MW portfolio of solar power plants inItalyfrom Enfinity Global who retains 51% and will be the long-term asset manager
• The portfolio includes 14 solar power plants across the Lazio andEmilia-Romagnaregions, with electricity output contracted through long-term PPAs

ROME,July 18, 2025/PRNewswire/ -- The State Oil Fund of the Republic ofAzerbaijan(SOFAZ) and Enfinity Global, a leading renewable energy company, communicate to have entered into an agreement under which SOFAZ will acquire a 49% equity interest in a 402 MW portfolio of solar photovoltaic (PV) plants inItaly. Upon completion of the deal, Enfinity will retain a majority stake and continue to lead the management of the assets, leveraging its leading position in the Italian renewable energy sector.

The investment aligns with SOFAZ's strategic objectives by offering a stable and predictable income stream, while also contributing to global efforts in the transition to sustainable energy — consistent with the Fund's mandate as a long-term investor.

Through this agreement, Enfinity brings in capital partners to support its Italian portfolio, enabling reinvestment and accelerating the deployment of its 2.6 GW solar and 5.3 GW energy storage pipeline, reinforcing its position as the leading Independent Power Producer in the country.

The investment comprises 14 solar PV plants, both operational and under construction, located in theLazioandEmilia-Romagnaregions ofItaly. The energy generated by these facilities is contracted through long-term power purchase agreements (PPAs), ensuring predictable energy prices for customers and stable cash flows. The portfolio is expected to produce approximately 685 GWh of clean electricity annually, which will lead to an estimated reduction of 184,950 tons of CO₂e emissions per year—equivalent to the annual electricity consumption of over 250,000 Italian households.

Carlos Domenech, CEO of Enfinity Global:"We are honored and welcome SOFAZ as a long-term partner and investor to our first vintage Italian contracted PV portfolio. This investment is a meaningful example of transitioning to sustainable energy with a win-win outcome for all countries, investors, and customers involved."

Israfil Mammadov, CEO of SOFAZ:"Through this strategic collaboration with Enfinity Global, SOFAZ supports the delivery of competitive, clean energy to meetItaly'sgrowing energy needs, while contributing to local economic development and household energy access. As a forward-looking institutional capital provider we remain committed to supporting strategic investment opportunities inItalyand acrossEurope."

The transaction was supported by a team of advisors to Enfinity, including Mediobanca as financial advisor, Legance as legal counsel, and Fichtner as technical advisor. SOFAZ was advised by JLL as M&A advisor, Dentons Europe Studio Legale Tributario as legal counsel, EY as financial and tax advisor, and DNV as technical advisor.

SOURCE Enfinity Global