BlackRock’s infrastructure investment arm, Global Infrastructure Partners (GIP), has acquired a 49.99% co-control stake in Eni’s Carbon Capture, Utilization and Storage (CCUS) business, Eni CCUS Holding. This transaction follows Eni’s announcement in May about entering exclusive negotiations with GIP, after a selection process involving several international players interested in the CCUS business. The sale aligns with Eni’s “satellite model,” which seeks to attract external capital to fund growth and demonstrate the value creation of its new ventures, while maintaining free cash flow from traditional operations for shareholder returns.
Eni’s CEO, Claudio Descalzi, highlighted the successful continuation of their satellite model, emphasizing its attractiveness for growth potential and emissions reduction. Eni CCUS Holding comprises several large-scale European CCUS projects, including the UK-based Liverpool Bay project supporting HyNet and the Bacton project, each targeting 10 million tonnes annually by 2030, as well as the L10 project in the Netherlands with a target of 5 million tonnes per year. The platform also holds the right to acquire Eni’s 50% stake in the Ravenna CCS project in Italy, developed in partnership with Snam.
The partnership between Eni and GIP aims to expand the platform over time, accelerating project development and potentially incorporating additional CCUS initiatives. This approach seeks to provide essential infrastructure for decarbonizing challenging industrial sectors. BlackRock’s acquisition of GIP in 2024 for $12.5 billion reflects its focus on emerging long-term opportunities, including decarbonization and energy security. GIP Chairman and CEO, Bayo Ogunlesi, expressed enthusiasm for the partnership with Eni, citing GIP’s expertise in midstream infrastructure and Eni’s technical capabilities as key to advancing CCUS solutions and meeting the demand for affordable, decarbonized energy and products.
