BlackRock’s GIP Acquires 49.99% Stake in Eni’s Carbon Capture Subsidiary

In a major strategic move for the decarbonization space, Italian energy company Eni has announced the sale of a 49.99% stake in its carbon capture subsidiary, Eni CCUS Holding, to Global Infrastructure Partners (GIP), the infrastructure investing division of BlackRock. The transaction, which remains subject to regulatory clearance, creates a co-controlled platform focused on scaling carbon capture, utilization, and storage (CCUS) technologies across key European markets.

 

Joint Platform to Accelerate Carbon Capture Projects Across Europe

 

Eni CCUS Holding was formed to consolidate Eni’s growing portfolio of carbon capture and storage projects. The new partnership structure allows GIP and Eni to jointly steer the company’s development across a pipeline of industrial-scale initiatives. Current projects include the Liverpool Bay and Bacton CCUS hubs in the United Kingdom, as well as the L10 project in the Netherlands. The entity also holds rights to acquire Eni’s share in the Ravenna CCS facility in Italy, a site that has attracted attention for its long-term storage capacity and strategic offshore location.

 

This move marks a new phase in Eni’s strategy of isolating and scaling low-carbon business lines under dedicated entities, with a view to attracting mission-aligned capital and accelerating commercial deployment.

 

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Aligning Technical Strength with Infrastructure Investment Expertise

 

Commenting on the deal, Eni CEO Claudio Descalzi emphasized the importance of combining infrastructure capital with engineering know-how. He stated that the creation of a standalone entity for CCUS, and the introduction of GIP as an equity partner, reflects the growing maturity and attractiveness of Eni’s decarbonization ventures. Descalzi also underlined how this partnership supports Eni’s broader satellite model, which spins off transition-related assets into focused, growth-ready businesses capable of scaling under external capital partnerships.

 

For GIP, the partnership represents a calculated expansion into the climate infrastructure domain. Bayo Ogunlesi, Chairman and CEO of GIP, noted that working alongside Eni would allow both parties to deploy large-scale carbon capture infrastructure targeted at the most emissions-intensive sectors. He pointed out that the union of GIP’s expertise in midstream infrastructure with Eni’s industrial and technical capabilities could deliver real momentum toward decarbonizing heavy industry and energy production.

 

A Strategic Bet on CCUS Amid Mixed Global Signals

 

Carbon capture, utilization, and storage technologies are increasingly seen as a necessary lever to help hard-to-abate sectors reduce emissions while preserving industrial output. The International Energy Agency and IPCC both include CCUS as part of the global path to net zero. However, the sector still faces scrutiny, with critics arguing that the high cost of carbon capture systems and uncertain market incentives could delay widespread adoption.

 

This partnership signals growing institutional investor confidence in CCUS as a scalable solution. By embedding financial strength and operational capacity into one entity, Eni and GIP aim to move beyond pilot projects and deliver commercially viable carbon capture at continental scale.

 

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Expansion Potential Across Italy and Beyond

 

Beyond its current assets in the UK and Netherlands, Eni CCUS Holding is also positioned to develop projects in Italy and potentially other regions where industrial decarbonization is a policy priority. The Ravenna CCS project, already under development, could serve as a southern European anchor for CO₂ storage, helping support EU climate goals while offering cross-border collaboration opportunities.

 

For Eni, the transaction also demonstrates the viability of its broader decarbonization model. By creating focused business lines with clear technical roadmaps and investment cases, the company is turning transition strategies into investable realities, offering both emissions reductions and returns.

 

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