Global law firm Ashurst is advising Global Infrastructure Partners ("GIP"), a part of BlackRock and one of the world's leading infrastructure investors, on its entry into a definitive agreement to acquire a 49.99% interest in Eni CCUS Holding ("Eni CCUS"), a leading global platform in the carbon capture, utilization, and storage sector.
Eni CCUS currently encompasses the Liverpool Bay and Bacton projects in the UK, the L10 project in the Netherlands and has the option to participate in the Ravenna CCS project in Italy - cornerstone assets aimed at decarbonizing industrial clusters. The agreement also grants Eni CCUS the right to participate in potential future projects related to Eni's depleted oil and gas fields once the relevant regulatory and market conditions allow. Over time, the Eni CCUS platform is expected to expand further, unlocking new business opportunities and reinforcing its contribution to decarbonization efforts.
The partnership will accelerate the development of these projects across different geographies, providing critical infrastructure to capture and permanently sequester CO2 emissions from hard-to-abate industries.
Partner, Aaron Shute, commented: "We are delighted that we have been able to assist GIP on such an important transaction. The combination of the sector strength we have in energy transition, together with our position as a leading energy and infrastructure M&A team, meant that we were ideally placed to advise GIP on this investment."
The Ashurst team was led by partners Julia Derrick, Aaron Shute, Katie Williams and Michael Burns, supported by partner and Global Head of Corporate Jason Radford, counsel Andrew Briggs, senior associates Daniel Johnstone and Alicia Ingham, and associates Harry Pye and George Elliott.
Partner Peter Grayson, senior associate Emma Jamieson and associates Nick Bernado and Bryony Singleton advised on construction matters, counsel Danica Barley, senior associate Samuel Naylor and associate Guy Seymour advised on regulatory matters, associate Meg Robertson advised on financing matters, partner Tim Gummer and senior associate Shayaan Zaraq Bari provided tax advice, partner Madeleine Pope and senior associate Sophie Law provided disputes advice, partner Lee Foxcroft and senior associate Joanna Fox advised on real estate and environmental matters, and partner David Futter and counsel Aaron Cole advised in relation to IP and IT matters.
