Flagship Carbon Transport & Storage project in the UK – financing closure of the £2.5bn deal with Eni operating as the backbone of the HyNet Cluster

The Carbon Transport and Storage project in UK’s Liverpool Bay area will operate as the backbone of the HyNet Cluster to transport carbon dioxide from capture plants across the North West of England and North Wales, through new and repurposed infrastructure to safe and permanent storage in Eni’s depleted natural gas reservoirs, located under the seabed in Liverpool Bay. 

The initiative foresees the efficient repurposing of part of the offshore platforms as well as 149km of onshore and offshore pipelines, and the construction of 35km of new pipelines to connect industrial emitters to the Liverpool Bay Carbon Capture and Storage (CCS) network.

In this milestone deal, Crédit Agricole CIB acted as Sole Financial Advisor, Mandated Lead Arranger and Hedging Bank in the financing of the construction.

The project is the first of a kind in the Carbon Capture, Usage and Storage (CCUS) industry. Aiming to transform one of the UK's most energy-intensive industrial areas into one of the first low-carbon industrial clusters in the world, it is a landmark transaction that represents a key advancement in the development of the CCUS industry globally and highlights Crédit Agricole CIB’s strong commitment to support clients in their energy transition journeys. Furthermore, it benefits from one of the most supportive regulatory regimes in the world developed by the UK Government. Coming online in 2028, the project will transport and store 4.5m tonnes of CO₂ per year with a potential to increase up to 10m tonnes per year after 2030, playing a critical role to achieve UK Net Zero emission targets.