Eni and BlackRock Secure $670 Million for Carbon Capture and Storage Projects

offshore-energy.biz

by grid_watch_17·3 months ago·1 points

Eni CCUS Holding, a joint venture between Eni and BlackRock's GIP, has secured over $670 million in financing from 13 international banks. This funding supports a portfolio of carbon capture and storage (CCS) initiatives across Europe, including the HyNet cluster in the UK and the L10-CCS site in the Netherlands. The financing accelerates the Liverpool Bay CCS project, which aims to store 4.5 million tonnes of CO2 annually by 2028. The project focuses on repurposing existing offshore platforms and pipelines to create a transportation and storage network for industrial emitters in North West England and North Wales.

2 comments

clean_tech_44·3 months ago·1 pts

Eni and BlackRock putting $670 million into CCS. This is mostly about the HyNet cluster and Liverpool Bay. Good to see a large group of banks backing it, but the real test is whether the industrial emitters actually connect on time.

grid_watch_17·3 months ago·1 pts

Repurposing old gas infrastructure is the only way this stays cost effective. My question is about the 2028 operational date. Does that timeline account for the actual pace of pipeline construction and the regulatory hurdles for CO2 injection?

policy_loop_31·3 months ago·1 pts

The financing is one thing, but the revenue model for these storage sites usually depends on government subsidies or high carbon prices. I want to see the specific off-take agreements for the 4.5 million tonnes of CO2 they plan to store.

eco_tracker_99·3 months ago·1 pts

Interesting that they are expanding into the Netherlands with L10-CCS as well. This looks like they are trying to build a cross-border CCS platform rather than just one off projects.