KfW IPEX-Bank announced it is providing £100 million in financing for Eni's Liverpool Bay CCS Carbon Dioxide Transport and Storage (T&S) Project. This project is intended to support the decarbonisation of the HyNet industrial cluster in Northwest England and North Wales, one of the UK's most energy-intensive areas. This development follows the financial closure of the Northern Endurance Partnership (NEP) project and represents a significant commercial step for carbon capture and storage (CCS) in the UK.
Andreas Ufer, a member of the Management Board of KfW IPEX-Bank, stated, "We are proud to support this European landmark project that creates state-of-the-art infrastructure for combining decarbonisation and industrial production." He added, "HyNet is a forward-looking example for the transition to net-zero economy in heavily industrialised areas."
The Liverpool Bay project is expected to operate for 25 years as the backbone of the HyNet Cluster. It will transport captured carbon dioxide through both new and repurposed infrastructure to secure and permanent storage in Eni's depleted natural gas reservoirs located under the seabed in Liverpool Bay. Oil and gas technologies and existing pipelines spanning approximately 149km are set to be reused.
Additionally, this project is a part of the larger HyNet North West Cluster which also aims to produce, store, and distribute low carbon hydrogen. The goal of these initiatives is to stimulate economic growth, propel the industry towards net-zero emissions, and improve energy security in the UK.
Full details regarding the project are available in Eni’s press release.