Eni SpA and BlackRock Inc.’s Global Infrastructure Partners (GIP) have signed an agreement for the New York City-based infrastructure investor’s purchase of a co-controlling stake of 49.99 percent in the Italian energy major’s carbon capture, utilization and storage (CCUS) business.
“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 decarbonization solutions”, Eni chief executive Claudio Descalzi said in an online statement issued by the company on Monday.
Eni CCUS Holding operates the Liverpool Bay 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.
Last April Eni said Liverpool Bay CCS reached the construction stage after the company and the UK government reached a financial close.
The project will comprise the transport and storage infrastructure for the HyNet North West Industrial Decarbonization Cluster project, which spans North West England and North Wales. Planned to reach 4.5 million metric tons per annum (MMtpa) of CO2 storage capacity by 2030, HyNet will store captured emissions in depleted hydrocarbon fields in the Irish Sea. The Eni-led HyNet consortium plans to grow the capacity to 10 MMtpa. Start-up is expected 2028.
“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, furthering our commitment to serve growing market needs for affordable, decarbonized energy and products”, said GIP chair and chief executive Bayo Ogunlesi.
Eni said, “The entry of GIP, a significant international investor, marks a crucial step toward strengthening the business case for CCUS and the development of Eni CCUS Holding”.
The completion of the transaction, which follows exclusive talks announced in May, is subject to legal approvals, Eni said.
In June Eni said it had signed an agreement to divest 20 percent of its renewable energy arm to Ares Management Corp. for around EUR 2 billion ($2.34 billion).
The sale places an equity value of EUR 10 billion on Eni Plenitude SpA Societa Benefit, “which corresponds to an enterprise value of over EUR 12 billion”, Eni said.
“The transaction further strengthens Plenitude’s market value, reaffirming the robustness of its business model, which integrates renewable energy production, energy sales and services for households and businesses, as well as charging solutions for electric mobility”, Eni said.
Earlier this year Energy Infrastructure Partners 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.
Plenitude’s installed generation capacity from renewable sources rose to 4.5 gigawatts in the second quarter, according to Eni’s quarterly report. Plenitude plans to reach 10 GW of renewable capacity by 2028.
Plenitude is active in over 15 countries. It counts more than 10 million retail customers in Europe, as well as 21,500 electric vehicle charging points, according to Eni.
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