Eni CCUS Holding, a strategic partnership between Italy’s energy giant Eni and Global Infrastructure Partners (GIP), a part of BlackRock, has expanded its financing sources to strengthen its carbon capture and storage (CCS) project platform.
Eni CCUS Holding secured a financing facility of more than £500 million (around $670 million) from a pool of 13 international lenders encompassing Banco BPM, BNP Paribas, BPER, DNB, ING, Intesa Sanpaolo, Mediobanca, Mizuho, MUFG, NatWest, SMBC, Societe Generale, and UniCredit, with BNP Paribas acting as sole financial advisor.
The new facility is said to reflect the strong confidence that the financial market places in the firm’s strategic vision and execution capabilities, which are considered crucial to supporting industrial decarbonization. The transaction also highlights the long-term commitment of Eni and GIP as the company’s shareholders, confirming their full alignment on the strategic role of CCS in the energy transition.
Following the project financing of Liverpool Bay CCS (LBCCS) , the backbone infrastructure of the HyNet industrial decarbonization cluster in the United Kingdom, the market continued to show a strong interest in Eni CCUS Holding, with participation requests significantly exceeding the initially targeted amount, according to Eni.
The LBCCS project reached financial close with the UK government in April 2025 and is currently under development as a transportation and storage network serving industries within the HyNet Cluster. More than 30% of construction works have already been completed, in line with the original schedule.
With a storage capacity of 4.5 million tonnes of CO2 per year in its first phase, and the potential to reach 10 million tonnes annually during the 2030s, LBCCS is expected to become operational in 2028, in line with the timeline of industrial emitters within the HyNet Cluster. The project will safely and permanently store CO2 in depleted gas reservoirs located beneath the seabed of Liverpool Bay.
The construction program includes the efficient repurposing of part of the offshore platform infrastructure and existing onshore and offshore pipelines, as well as the construction of new pipelines to connect industries across North West England and North Wales.
“Eni is pleased to note that the operation finalized by Eni CCUS Holding represents a further example of success of Eni’s satellite model, able to create entities that attract strategically aligned capital for its businesses related to the energy transition, confirming its growth potential and value creation,” highlighted the Italian player.
The multimillion-dollar financing will enable other initiatives within Eni CCUS Holding’s portfolio, which include L10-CCS in the Netherlands, said to be one of the leading storage sites in Northwest Europe, and the Bacton CCS project in the United Kingdom, which has the potential to support the progressive decarbonization of industries in South East England and continental Europe.
The company, which also holds the right to acquire the 50% stake currently owned by Eni in the Ravenna CCS project in Italy, may integrate additional projects over time, including investigation of new initiatives, as part of a broader medium- to long-term CCS platform.