BlackRock’s Global Infrastructure Partners fund agreed to acquire a 49.99% stake in Eni’s carbon capture and storage business, marking a significant bet on technologies to cut industrial emissions.Financial terms were not disclosed.
The joint venture, Eni CCUS Holding, includes projects in Britain and the Netherlands, along with rights to Italy’s Ravenna hub, which Eni is developing with Snam.Under the deal, BlackRock and Eni will co-invest to scale operations.
Eni Chief Executive Claudio Descalzi stated that this partnership strengthens our capacity to execute major advanced decarbonisation projects. GIP Chairman Bayo Ogunlesi said combining BlackRock’s infrastructure expertise with Eni’s technical capabilities would accelerate deployment.
CCUS systems extract carbon dioxide from smokestack emissions and atmospheric air before performing underground storage operations. The International Energy Agency recognizes this technology as essential for reaching global climate targets. The economic viability of this approach remains uncertain because critics believe that expensive costs could lead to extended fossil fuel consumption instead of replacing it.
Eni has used asset sales to finance its growth in cleaner energy ventures by selling minority stakes in businesses including renewables and biorefineries. The recent development shows how European energy majors use external funding to distribute the expenses of their transition plans.
