Following the successful project financing of Liverpool Bay CCS (LBCCS), the backbone infrastructure of the HyNet industrial decarbonisation cluster in the United Kingdom, Eni said the market continued to show a strong interest with participation requests significantly exceeding the initially targeted amount.
The new facility reflects the strong confidence that the financial market places in Eni CCUS Holding’s strategic vision and execution capabilities, which are considered crucial to supporting industrial decarbonisation. The transaction also highlights the long-term commitment of Eni CCUS Holding’s shareholders, Eni and GIP, and confirms their full alignment on the strategic role of CCS in the energy transition.
The LBCCS project reached financial close with the UK Government in April 2025 and is currently under development as a transportation and storage network serving industries within the HyNet Cluster. More than 30% of construction works have already been completed, in line with the original schedule.
With a storage capacity of 4.5 million tonnes of CO2 per year in its first phase, and the potential to reach 10 million tonnes annually during the 2030s, LBCCS is expected to become operational in 2028, in line with the timeline of industrial emitters within the HyNet Cluster.
This financing will also enable other initiatives within Eni CCUS Holding’s portfolio which include L10-CCS in the Netherlands, one of the leading storage sites in Northwest Europe, and the Bacton CCS project in the United Kingdom, which has the potential to support the progressive decarbonization of industries in South East England and continental Europe.
In addition, Eni CCUS Holding holds the right to acquire the 50% stake currently owned by Eni in the Ravenna CCS project in Italy and may integrate additional projects over time, including investigation of new initiatives, as part of a broader medium- to long-term CCS platform.
Eni said the operation represents a further example of success of Eni’s satellite model, able to create entities that attract strategically aligned capital for its businesses related to the energy transition, confirming its growth potential and value creation.