BlackRock owned GIP takes a 49.99% equity stake in Eni CCUS Holding, establishing joint control of one of Europe’s most advanced carbon capture and storage platforms.
The portfolio spans operating and development CCS projects across the UK, the Netherlands, and Italy, aligned with European industrial decarbonization and energy security priorities.
The deal strengthens Eni’s satellite model, drawing long-term infrastructure capital into transition assets critical for hard-to-abate sectors.
London and Milan are now directly linked through one of Europe’s most consequential carbon infrastructure transactions. Eni and Global Infrastructure Partners, part of BlackRock, have completed the sale of a 49.99% stake in Eni CCUS Holding, formally bringing one of the world’s largest infrastructure investors into Eni’s carbon capture and storage platform.
The transaction, first announced in August last year, establishes joint control of Eni CCUS Holding between Eni and GIP. It marks a significant step in mobilising private infrastructure capital into carbon management assets at a time when European governments are racing to secure storage capacity for industrial emissions.
A Multi-Country CCS Portfolio Takes Shape
Eni CCUS Holding already operates a geographically diversified portfolio through its subsidiaries. These include the Liverpool Bay and Bacton CCS projects in the United Kingdom, alongside the L10-CCS project in the Netherlands. Each of these assets is positioned to serve major industrial clusters that face limited alternatives for deep emissions reductions.
The platform also holds the right to acquire the remaining 50% stake in the Ravenna CCS project in Italy currently owned by Eni. Ravenna is widely viewed as a cornerstone of Italy’s national CCS strategy and a critical outlet for emissions from energy-intensive industries across northern Italy and potentially beyond.
In addition, the structure allows for the inclusion of further CCS projects over the medium to long term, positioning Eni CCUS Holding as a scalable platform rather than a fixed portfolio.
Infrastructure Capital Meets Energy Transition Strategy
GIP’s entry as co-investor confirms the commercial and strategic logic behind Eni’s approach to carbon capture and storage. By sharing control with a long-term infrastructure investor, Eni strengthens the industrial and financial foundations of the platform while retaining strategic alignment.
The partnership consolidates the development plan of Eni CCUS Holding and enhances the value of its portfolio projects. It also reinforces Eni’s ambition to be a leading global player in CCS, not only as an operator but as a platform builder capable of aggregating projects across jurisdictions.
For GIP, the investment fits squarely within a broader focus on essential infrastructure supporting energy system transformation, offering long-duration, regulated or quasi-regulated cash flow potential linked to climate policy.
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CCS as a Policy-Aligned Decarbonization Lever
Carbon capture and storage is increasingly recognised by European policymakers as indispensable for achieving net zero targets, particularly for sectors such as cement, steel, chemicals, and refining. CCS is a mature and safe technological process and remains the most efficient and effective decarbonization tool currently available for hard-to-abate industries.
The UK and the European Union have both prioritised CCS in their climate and industrial strategies, backing projects through regulatory frameworks, contracts for difference, and state aid mechanisms. Assets such as Liverpool Bay, Bacton, L10-CCS, and Ravenna sit at the intersection of climate policy, industrial competitiveness, and energy security.
Eni’s Satellite Model in Action
Eni CCUS Holding is a clear example of Eni’s satellite model, which aims to attract strategically aligned external capital into specific transition businesses while accelerating growth and value creation. The model allows Eni to recycle capital, share risk, and scale assets faster than would be possible through balance sheet funding alone.
For investors and executives, the transaction highlights how CCS is shifting from pilot projects to investable infrastructure platforms. It also underlines how oil and gas majors are repositioning themselves as operators and developers of critical climate infrastructure.
As Europe tightens emissions constraints and industrial decarbonization moves from ambition to execution, partnerships of this scale are likely to become central to the region’s climate and energy architecture.
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