Eni Secures £500 Million to Expand European CCS Projects

Eni CCUS Holding has secured more than £500 million in financing to support carbon capture and storage projects tied to major CO₂ transportation and storage infrastructure in Europe.

(P&GJ) — Eni CCUS Holding has secured more than £500 million ($672 million) in financing to support its growing carbon capture and storage (CCS) project portfolio, including major infrastructure developments in the United Kingdom and the Netherlands.

The financing facility was backed by a group of 13 international lenders following what the company described as strong market interest in its CCS platform. Eni CCUS Holding is jointly owned by Eni and Global Infrastructure Partners, part of BlackRock. BNP Paribas acted as financial advisor on the transaction.

The funding follows the financial close of the Liverpool Bay CCS project, which will serve as the transportation and storage network for the HyNet industrial decarbonization cluster in the UK. The project is designed to store up to 4.5 million metric tons of CO₂ annually during its initial phase, with expansion potential later in the decade. Eni said more than 30% of construction work on the project has already been completed.

The Liverpool Bay development will use depleted offshore gas reservoirs beneath the Irish Sea for permanent CO₂ storage. Plans for the project include repurposing existing offshore platforms and pipeline infrastructure while also constructing new pipeline connections for industrial emitters in northwest England and North Wales.

Eni said the financing could also support additional CCS projects within its portfolio, including the L10-CCS project in the Netherlands and the proposed Bacton CCS development in the UK. The company also retains the option to acquire a stake in the Ravenna CCS project in Italy as it continues to expand its broader carbon storage platform.