BAKU, Azerbaijan, January 13. Italy commends interests of the State Oil Fund of Azerbaijan (SOFAZ) in seizing investment opportunities in its market, Edmondo Cirielli said in an exclusive interview with Trend on the occasion of the Sixth Session of the Italy-Azerbaijan Intergovernmental Commission in Baku.
He pointed out that as the oil and gas industry remains the backbone of foreign investments to Azerbaijan, the Intergovernmental Commission will also highlight other relevant areas.
“Important investment and business opportunities could stem from connectivity projects, in particular in the framework of the Middle Corridor transport route connecting Europe and Asia, as well as in developing new transport and infrastructure facilities in Azerbaijan. Equally interesting are the opportunities in the domain of agricultural modernization, ICT development programs, healthcare and pharmaceuticals,” said the deputy FM.
Cirielli went on to add that at the same time, the Italian government is also actively attracting foreign investment creating a favorable environment for foreign investors.
“Italy also presents important investment opportunities in sensitive sectors such as energy, networks, telecommunications and transport. As the second largest manufacturing economy in Europe, Italy is one of the main gateways to a market of 500 million consumers in the European Union. In this regard, we commend SOFAZ interests in seizing investment opportunities in Italy and we look with favor to further investments in our country from Azerbaijani companies and investment funds,” he explained.
On July 18, 2025 the State Oil Fund of the Republic of Azerbaijan (SOFAZ) and Enfinity Global signed an agreement in Rome, under which SOFAZ has acquired a 49% stake in Enfinity Global’s solar power portfolio. It has a total installed capacity of 402 MW. Enfinity Global retained the remaining 51% and will continue to manage the assets over the long term.
The investment includes 14 solar power plants - both operational and under construction - located in the Lazio and Emilia-Romagna regions. All electricity generated will be sold under long-term power purchase agreements (PPAs), providing stable pricing for consumers and predictable returns for investors.