Eni CCUS Holding, a joint venture between Italian energy major Eni and Global Infrastructure Partners (GIP, a part of BlackRock), has secured a financing facility exceeding £500 million from a consortium of 13 international financial institutions. The injection of capital is designated to scale the company’s Carbon Capture and Storage (CCS) project platform across the United Kingdom and continental Europe.
The successful fundraising follows the initial project financing of Liverpool Bay CCS (LBCCS), which forms the core transport and storage infrastructure for the HyNet industrial decarbonisation cluster in the UK. Strong institutional appetite resulted in participation requests significantly exceeding the initial target funding amount.
The banking syndicate providing the facility includes Banco BPM, BNP Paribas, BPER, DNB, ING, Intesa Sanpaolo, Mediobanca, Mizuho, MUFG, NatWest, SMBC, Societe Generale, and UniCredit, with BNP Paribas serving as the sole financial advisor.
The LBCCS project reached financial close with the UK government in April 2025 and is currently under active engineering development. Construction is progressing on schedule, with more than 30 per cent of the engineering works completed.
Designed to capture and permanently sequester carbon dioxide in depleted subsea gas reservoirs beneath Liverpool Bay, the infrastructure will have an initial storage capacity of 4.5 million tonnes of CO2 per year, with technical potential to expand to 10 million tonnes annually during the 2030s. The network is scheduled to become operational in 2028, aligning with the commissioning timelines of industrial emitters situated across North West England and North Wales. The engineering program relies on repurposing existing offshore platform infrastructure and subsea pipelines alongside laying new interconnectors.
Beyond the ongoing works at Liverpool Bay, the newly secured credit facility will fund alternative carbon management assets within Eni CCUS Holding’s portfolio, including:
- L10-CCS (Netherlands): A primary offshore carbon storage development in Northwest Europe.
- Bacton CCS (United Kingdom): A strategic project designed to support the progressive decarbonisation of industrial clusters across South East England and continental Europe.
- Ravenna CCS (Italy): The holding entity retains an option to acquire Eni’s current 50 per cent stake in the Mediterranean carbon storage hub to integrate it into the broader corporate platform.
Eni corporate leadership noted that the successful financing validates the company’s “satellite model,” an organizational strategy designed to establish specialized corporate entities capable of attracting third-party institutional capital into its energy transition businesses to maximize value creation.
