BlackRock’s Global Infrastructure Partners (GIP) is poised to acquire a 49.99% stake in Eni’s carbon capture and storage (CCS) unit, in a deal valuing the business at approximately €1 billion ($1.2 billion), according to sources close to the negotiations. The transaction marks a significant signal of confidence in the commercial future of decarbonisation infrastructure from the world’s largest asset manager.
The valuation, revealed for the first time this week, sets a market benchmark for a sector often criticised for high costs and limited scalability. It suggests growing institutional investor interest in carbon capture, utilisation and storage (CCUS) technologies, which have until now relied heavily on public subsidies and policy support.
For Italian energy major Eni, the move aligns with CEO Claudio Descalzi’s “satellite” strategy—spinning off low-carbon businesses to attract external capital while retaining strategic control. The company recently sold a 20% stake in its renewables arm, Plenitude, to Ares Management for roughly €2 billion under a similar model.
The CCUS unit, Eni CCUS Holding, includes equity in several flagship European projects: HyNet North West and Bacton Thames NetZero in the UK, and L10CCS in the Netherlands. HyNet and Bacton each aim to store up to 10 million tonnes of CO₂ annually by 2030, while L10 targets 5 million tonnes. A potential future addition, Ravenna in Italy, could add another 4 million tonnes per year to the portfolio.
The HyNet cluster alone forms a key pillar of the UK government’s £21.7 billion carbon capture strategy. With EU carbon prices rebounding and regulatory pressures increasing on heavy industry, these projects are being recast as essential infrastructure rather than speculative ventures.
GIP’s selection over rival bidders such as Snam, Macquarie, and Thailand’s PTTEP reflects Eni’s preference for long-term infrastructure capital over oil and gas co-investors. BlackRock’s acquisition of GIP in 2024 has positioned the firm at the forefront of global infrastructure investment, embedding decarbonisation assets within its $10 trillion portfolio.
The deal also has wider transatlantic implications. With uncertainty surrounding carbon policy in the United States under the returning Trump administration, Europe’s advancing CCS framework offers a more stable investment environment. For investors seeking long-term, climate-aligned infrastructure, this transaction could signal a shift in global capital flows.
Pending final approvals, the transaction is expected to close by the end of summer. If the €1 billion valuation is confirmed, it will rank among the highest-ever private equity valuations for a standalone CCS business in Europe—and could set a precedent for future deals in the emerging sector.
