SOFAZ’s entry into renewable energy market demonstrates its commitment to boost global energy transition, MP says

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has reached a significant strategic turning point in global energy markets, with its recent partnership with Enfinity Global, a leading renewable energy company. As part of this partnership, SOFAZ has acquired a 49 % equity interest in a 402 MW portfolio of solar photovoltaic (PV) plants, which marks a significant step for Azerbaijan in solidifying its position in the global energy market, Aydin Huseynov, Member of the Milli Majlis Committee on Economic Policy, Industry and Entrepreneurship, MP, told 1news.media

According to him, this investment is a clear testament to SOFAZ’s responsible, sustainable and strategic approach to capital investment.

"International partnership is a cornerstone of SOFAZ's strategy to channel revenues from traditional energy sources into promising, future-oriented sectors globally. The Fund's entry into the renewable energy market not only diversifies its income stream but also underscores its active commitment to the global energy transition," the MP said.

Huseynov emphasized that such initiatives also align with the UN Sustainable Development Goals (SGDs), drawing substantial interest from the international community. “Enfinity Global is a strategic partner in this collaboration, a globally recognized leader in renewable energy with extensive professionalism and rich experience in project preparation, financing, operation, and long-term management,” the MP added.

“The projects to be implemented within this partnership will span various geographical regions, boosting renewable energy production, reducing carbon emissions, and enhancing energy security. Thus, SOFAZ will play a significant role not only in terms of finance and investment, but also by positively impacting the environmental and social stability of the global energy system," MP Huseynov mentioned.

The Azerbaijani MP also noted that these projects would generate new employment opportunities and significantly boost the local economy.

“SOFAZ is committed to expanding its global partnerships, investing in sustainable and innovative global projects, as well as creating long-term value for future generations while protecting Azerbaijan's national interests. The Fund's strategy will further solidify Azerbaijan's standing as a leading and reliable player on the world's energy map,” Aydin Huseynov underscored.