Global Infrastructure Partners, the BlackRock-owned infrastructure investor, said on Monday it has agreed to acquire a 49.99 percent stake in Eni’s carbon capture business, expanding its footprint in energy transition infrastructure.
Stake in Eni CCUS
The transaction gives GIP co-control of Eni CCUS Holding, a platform set up by the Italian energy group to consolidate its carbon capture, utilization and storage portfolio.
The unit currently includes the Liverpool Bay and Bacton projects in Britain and the L10 project in the Netherlands, with the option to participate in the Ravenna CCS development in Italy.
Eni CCUS also holds rights to join future carbon storage projects tied to Eni’s depleted oil and gas fields once regulatory and market conditions are in place.
Over time, the platform is expected to expand into additional geographies, creating new opportunities and reinforcing its role in decarbonization.
Partnership to Accelerate Projects
The partners said the tie-up would help speed up the development of CCUS projects that provide infrastructure for capturing and permanently sequestering carbon dioxide from industries with limited options for decarbonization.
“We are excited to partner with Eni, a global leader in CCUS,” said Bayo Ogunlesi, GIP’s chairman and CEO, in a statement. “GIP’s experience in midstream infrastructure, combined with Eni’s technical, operational and industrial capabilities, will help accelerate the deployment of CCUS solutions at meaningful scale.”
Eni CEO Claudio Descalzi said the creation of a dedicated entity and the entry of GIP as a strategic investor confirmed the growth potential of the business.
“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,” he said.
Growing Role of CCUS
CCUS is considered a proven and scalable technology that can help reduce emissions from energy-intensive industries including steel, cement and chemicals, while also aiding power generation.
Captured carbon can either be stored permanently or repurposed for industrial use, enabling companies to meet climate targets while preserving competitiveness.
GIP said the energy transition will require more than $100 trillion of investment worldwide and called CCUS a critical part of the solution.
By combining its expertise in energy and industrial infrastructure with Eni’s operational capabilities, it said the partnership would accelerate deployment of transition projects.
GIP manages $183 billion in assets spanning energy, transport, digital infrastructure, and water and waste management.
