Eni SpA has signed an agreement to enter exclusive talks with Global Infrastructure Partners (GIP) for the New York City-based asset manager’s potential purchase of a co-controlling stake of 49.99 percent in the Italian energy major’s carbon capture, utilization and storage (CCUS) business.
Eni CCUS Holding operates the Hynet and Bacton projects in the United Kingdom and L10 in the Netherlands. It is also a co-venturer in the Ravenna project in Italy, with a future right for takeover.
The agreement with BlackRock’s GIP is aimed at “progressing the confirmatory due diligence phase and completing the drafting of the documents related to the sale”, state-backed Eni said in an online statement.
“According to the final agreement under negotiation, besides the initial acquisition of a 49.99 percent stake in Eni CCUS Holding, GIP will support investments in the CCUS projects”, Eni said. It added it has plans for more CCUS projects in the medium to long term.
“The agreement follows a thorough selection process involving several prominent international players who expressed strong interest in the company, further confirming the great appeal of its business and its growth prospects”, Eni said, without disclosing the financial details of GIP’s planned acquisition.
“This step represents another example of the development of Eni’s satellite model strategy, aiming at attracting strategically aligned capital from valuable new partners at attractive terms, confirming the value Eni is creating in its new energy transition-related businesses and funding their further growth.
“CCUS is a mature and safe technological process and it is one of the key levers for the energy transition being the most efficient and effective decarbonization tool to support hard-to-abate industries in reducing their emissions”.
Earlier this month Eni announced a similar deal with Ares Alternative Credit Management. This agreement locks in negotiations for Ares’ potential acquisition of a 20 percent interest in Eni’s renewable energy arm.
The potential sale places an equity value of EUR 9.8 billion ($11.09 billion) to EUR 10.2 billion on Eni Plenitude SpA Società Benefit, “corresponding to an enterprise value of more than EUR 12 billion”, Eni said in a press release May 15.
On April 11, Eni confirmed Energy Infrastructure Partners (EIP) raised its stake in Plenitude to 10 percent by injecting EUR 209 million in additional capital. Including EUR 588 million paid March 2024, EIP has invested about EUR 800 million in Plenitude.
Also recently KKR & Co. Inc. completed the purchase of a 25 percent stake in another Eni company, biofuels developer Enilive. That would raised to 30 percent after the conclusion of a later agreement.
“The overall proceeds for Eni group, after accounting for cash adjustments and other items, amount to EUR 2.967 billion, including a capital increase in Enilive of EUR 500 million to support the company’s growth plan”, Eni said March 6, 2025.
To contact the author, email jov.onsat@rigzone.com
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