Building Momentum in UK Carbon Capture

In a significant development, Eni CCUS Holding, the joint company of Eni and GIP, has secured a financing facility of more than £500 million to support the expansion of its CCS project portfolio across the UK and Europe. Societe Generale acted as Mandated Lead Arranger, Original Lender and Issuing Bank on this financing. 

As countries accelerate efforts to achieve net-zero emissions, CCS is emerging as a critical solution to decarbonize hard-to-abate industries such as cement, chemicals and refining. In the UK, CCS sits at the heart of the government’s industrial decarbonization strategy, with the ambition to establish multiple low-carbon industrial clusters and position the country as a global leader in carbon management technologies.

Against this backdrop, Eni CCUS Holding – a joint platform between Eni and Global Infrastructure Partners (GIP) dedicated to carbon capture, transport and storage – has secured a financing facility of more than £500 million. This milestone transaction will support the expansion of its CCS project portfolio across the UK and Europe, helping to scale up the infrastructure required to enable large-scale emissions reduction.

This latest financing marks an important step in scaling Eni CCUS Holding’s integrated carbon capture, transport and storage platform, designed to support industrial emitters in reducing emissions at scale. The funding will enable the continued   growth of Eni CCUS Holding’s portfolio, which includes  the Liverpool Bay CCS project (LBCCS), a cornerstone of the HyNet industrial decarbonisation cluster in the UK.

LBCCS  has more than 30% of works completed already and is expected to become operational in 2028, with an initial storage capacity of 4.5 million tonnes of CO₂ per year and the potential to scale to 10 million tonnes annually in the 2030s. CO₂ will be safely stored in depleted gas reservoirs beneath the seabed, supported by a combination of repurposed and newly built infrastructure.

The facility brings together a group of 13 international lenders, providing long-term funding to support the development of CO₂ transport and storage infrastructure. The transaction underscores the increasing importance of scalable CCS solutions in supporting industrial transformation and long-term emissions reduction strategies.

Societe Generale acted as Mandated Lead Arranger, Original Lender and Issuing Bank, further demonstrating its commitment to supporting clients in the delivery of innovative and large-scale infrastructure solutions aligned with energy transition objectives.