Global Infrastructure Partners (GIP), affiliated with BlackRock, has agreed to acquire a 49.99% stake in Eni CCUS Holding (Eni CCUS), a company specialising in the carbon capture, utilisation, and storage (CCUS) industry.
Eni CCUS currently manages significant projects, including Liverpool Bay and Bacton in the UK, L10 in the Netherlands, with an option to join the Ravenna CCS project in Italy. These projects focus on the decarbonisation of industrial clusters.
The agreement also provides Eni CCUS the potential to engage in future projects involving Eni’s depleted oil and gas fields, contingent upon suitable regulatory and market conditions.
The collaboration is anticipated to expedite the development of these projects across various regions, establishing essential infrastructure to capture and store CO2 emissions from industries that are challenging to decarbonise.
GIP chairman and CEO Bayo Ogunlesi said: “We are excited to partner with Eni, a global leader in CCUS.
“GIP’s experience in midstream infrastructure, combined with Eni’s technical, operational and industrial capabilities, will help accelerate the deployment of CCUS solutions at a meaningful scale, furthering our commitment to serve growing market needs for affordable, decarbonised energy and products.”
CCUS is recognised as a secure and scalable method for reducing emissions in sectors like steel, cement, and chemicals, while also aiding in emissions reduction in power generation.
By storing or repurposing CO2, CCUS supports industries in achieving climate goals while ensuring energy security and maintaining industrial competitiveness during the shift to a decarbonised economy.
GIP perceives the energy transition as a significant investment opportunity, with an estimated requirement of over $100tn to meet the global demand for clean energy. CCUS plays a crucial role in this transition.
Through the strategic partnership, GIP aims to use its expertise in energy and industrial infrastructure, alongside robust partnerships with government and industry, to facilitate and accelerate the deployment of energy transition infrastructure.
Eni CEO Claudio Descalzi said: “The decision to consolidate our CCUS global portfolio into a dedicated entity, and the entry of GIP as a strategic partner, will further enhance our ability to deliver large-scale, technically advanced decarbonisation solutions.
“The development of our satellite model applied to our businesses related to the energy transition is therefore successfully continuing, confirming their significant attractiveness in terms of growth potential and value creation by attracting aligned capital, as well as their effectiveness in reducing emissions.”
