Eni has entered into an exclusivity agreement with Global Infrastructure Partners (GIP), a global infrastructure investor and a part of BlackRock.
This agreement is intended to advance the confirmatory due diligence process and finalise the documentation for the sale of a 49.99% co-control stake in Eni CCUS Holding.
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Eni CCUS Holding is a “leading player” in the European carbon capture, utilisation and storage (CCUS) sector, operating projects such as Hynet and Bacton in the UK, and L10 in the Netherlands.
It also holds the future right to acquire the Ravenna project in Italy, contingent upon regulatory and market developments.
In the medium to long term, there is potential for expanding this platform with additional CCUS projects, according to Eni.
As per the final agreement being negotiated, in addition to initially acquiring a 49.99% stake in Eni CCUS Holding, GIP will also back investments in the CCUS projects.
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By GlobalDataThis move is part of Eni’s satellite model strategy to draw strategically aligned capital from “valuable new partners at attractive terms”.
Eni stated that this approach underscores the value it is generating in its new energy transition-related ventures and funding further growth.
The agreement comes after a “thorough” selection process that involved many international players expressing interest in the company.
CCUS technology is recognised as a mature and safe method for reducing emissions, especially for industries where decarbonisation is challenging, while also being considered a crucial component of the energy transition.
Last month, Eni achieved financial close with the UK’s Department of Energy Security and Net Zero (DESNZ) for the Liverpool Bay CCS (carbon capture and storage) project.
This enables the project to proceed to the construction phase, stimulating local supply chain investment.
Eni is also the operator of the CO₂ transport and storage system for the HyNet Industrial Cluster.
