London and Milan are now directly linked through one of Europe’s most consequential carbon infrastructure transactions reported ESG News.. Eni and Global Infrastructure Partners, part of BlackRock, have completed the sale of a 49.99% stake in Eni CCUS Holding, formally bringing one of the world’s largest infrastructure investors into Eni’s carbon capture and storage platform.
The transaction, first announced in August last year, establishes joint control of Eni CCUS Holding between Eni and GIP. It marks a significant step in mobilising private infrastructure capital into carbon management assets at a time when European governments are racing to secure storage capacity for industrial emissions.
Eni CCUS Holding already operates a geographically diversified portfolio through its subsidiaries. These include the Liverpool Bay and Bacton CCS projects in the United Kingdom, alongside the L10-CCS project in the Netherlands. Each of these assets is positioned to serve major industrial clusters that face limited alternatives for deep emissions reductions.
The platform also holds the right to acquire the remaining 50% stake in the Ravenna CCS project in Italy currently owned by Eni. Ravenna is widely viewed as a cornerstone of Italy’s national CCS strategy and a critical outlet for emissions from energy-intensive industries across northern Italy and potentially beyond.
In addition, the structure allows for the inclusion of further CCS projects over the medium to long term, positioning Eni CCUS Holding as a scalable platform rather than a fixed portfolio.
GIP’s entry as co-investor confirms the commercial and strategic logic behind Eni’s approach to carbon capture and storage. By sharing control with a long-term infrastructure investor, Eni strengthens the industrial and financial foundations of the platform while retaining strategic alignment.
The partnership consolidates the development plan of Eni CCUS Holding and enhances the value of its portfolio projects. It also reinforces Eni’s ambition to be a leading global player in CCS, not only as an operator but as a platform builder capable of aggregating projects across jurisdictions.
For GIP, the investment fits squarely within a broader focus on essential infrastructure supporting energy system transformation, offering long-duration, regulated or quasi-regulated cash flow potential linked to climate policy..
