Azeri sovereign fund buys 49% of Enfinity's Italian solar plants
ROME, July 18 (Reuters) - Azerbaijan's sovereign oil fund (SOFAZ) has bought a 49% stake in Italian solar plants owned by U.S. renewable energy company Enfinity Global, the two companies said on Friday.
The deal involves 14 solar power plants in the Lazio and Emilia-Romagna regions which Enfinity will continue to manage, the joint statement said.
No value for the transaction was given.
The investment also makes Azerbaijan, already an important supplier of gas and oil to Italy, a partner in renewables.
It shows SOFAZ's commitment to supporting clean energy and local economic development in Italy, the fund's CEO Israfil Mammadov said in a statement.
"As a long-term, institutional investor, we remain committed to supporting strategic opportunities in Italy and across Europe," he added.
For Enfinity, Mediobanca acted as financial adviser, while Legance and Fichtner were, respectively, legal and technical advisers.
SOFAZ was assisted by JLL as M&A adviser, Dentons Europe Studio Legale Tributario as legal adviser, EY as financial and tax adviser, and DNV as technical adviser.
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