Global Infrastructure Partners (GIP), part of multinational investment company BlackRock (NYSE: BLK), is set to pay approximately $1.2 billion (€1 billion) for a 49.99% stake in the carbon capture business of Italy’s energy major Eni (BIT: ENI), Bloomberg has reported, citing unnamed sources familiar with the negotiations.
The move marks a significant endorsement of carbon capture, utilization, and storage (CCUS) technologies by the world’s largest asset manager.
The deal is more than a strategic investment—it sets a benchmark for the commercial potential of CCUS.
Relevant: Eni To Sell Nearly Half Of Its Carbon Capture Unit To GIP
Often viewed as costly and unproven at scale, the sector has struggled to attract large-scale institutional capital. This high-profile transaction may begin to change that.
According to an analysis in Oilprice.com, the valuation “lands like a vote of confidence—and a challenge to competitors.”
For Eni, the sale aligns with CEO Claudio Descalzi’s strategy to spin off low-carbon assets, attract external capital, and retain strategic influence.
It follows the company’s recent $2.3 billion (€2 billion) sale of a 20% stake in its renewables arm, Plenitude, to Ares.
Eni CCUS Holding includes shares in major European projects: the UK’s HyNet North West and Bacton Thames NetZero (each targeting 10 million tonnes of annual carbon storage by 2030), and the Netherlands’ L10CCS (aiming for 5 million tonnes).
Future expansion could include Italy’s Ravenna hub, projected at 4 million tonnes per year.
Choosing GIP over rival bidders like Macquarie and Snam highlights a preference for long-term infrastructure capital.
Following BlackRock’s acquisition of GIP in late 2024, the asset manager is emerging as a major player in global decarbonization.
With carbon pricing rising in the EU and U.S. climate policy uncertain under President Trump, European CCS projects offer increasing appeal.
If finalized, the deal will become one of Europe’s largest private equity investments in standalone CCS—and possibly a catalyst for similar deals worldwide.
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