Global Infrastructure Partners, a subsidiary of BlackRock, has agreed to acquire a 49.99% stake in Eni CCUS Holding, the carbon capture and storage division of Eni. 

Global Infrastructure Partners’ minority stake marks a major milestone in measuring and expanding carbon capture, utilization, and storage solutions throughout Europe.  

The partnership grants Eni CCUS the opportunity to partake in future projects that contribute to Eni’s oil and gas fields, following regulatory approval and market conditions. 

The acquisition will further increase the development of energy-driven projects globally, which will play a crucial role in providing infrastructure for storing CO2 emissions and decarbonization efforts for industries. 

Eni CCUS Holding presently includes projects, including HyNet and Bacton in the United Kingdom, the L10 project in the Netherlands, and the option to engage in the Ravenna CCS project in Italy. 

The minority stake showcases a wider initiative by Eni, seeking to offshoot various energy ventures into satellite units, then sell minority stakes to different investors to grant expansion of low-carbon businesses. 

“The decision to consolidate our CCUS global portfolio into a dedicated entity, and the entry of GIP as a strategic partner, will further enhance our ability to deliver large-scale, technically advanced decarbonization solutions,” Claudio Descalzi, CEO of Eni, said. “The development of our satellite model applied to our businesses related to the energy transition is therefore successfully continuing, confirming their significant attractiveness in terms of growth potential and value creation by attracting aligned capital, as well as their effectiveness in reducing emissions.” 

The purchase comes as there is a rising demand for affordable, low-carbon energy offerings, GIP said. Meanwhile, Eni emphasized that the action is meant to bring in capital and boost long-term valuation. 

GIP highlights that while the energy transition is viewed at large as a generational investment opportunity, it would take an estimated $100 trillion to provide clean energy on an international scale.