London, 25 April 2025: Mizuho recently acted as Mandated Lead Arranger, Hedging Bank, Facility Trustee and Security Agent for financing Eni’s Liverpool Bay CCS project, the backbone of the HyNet industrial cluster, with a combined value of £2.5 billion.
Mizuho’s participation in this transaction is testament to its successful Infrastructure and Real Assets franchise, which saw a period of rapid expansion in 2024 and during the first quarter of 2025. The transaction also underscores Mizuho’s dedication to advancing decarbonisation efforts and sustainable development in the region.
This deal marks Mizuho’s second Capture Carbon Storage (CCS) transaction, building on the successful financing of the East Coast Cluster, recognized by the UK government as one of the nation's inaugural carbon capture clusters.
Eni’s Liverpool Bay CCS project will serve the HyNet Cluster in its innovative approach to CCS, which will significantly reduce emissions from one of the UK's most energy-intensive manufacturing districts, contributing to the nation's net-zero goals. The company will enhance its existing infrastructure while also constructing new facilities, including underground pipelines and repurposing depleted natural gas reservoirs as secure CO2 storage under the seabed in Liverpool Bay.
Dexter Maitland, Mizuho's Head of Power and Energy Transition, remarked, “HyNet represents the second CCS project financing in the UK, underscoring our steadfast commitment to facilitating the real economy’s shift toward sustainability. This partnership highlights the robust collaboration between Mizuho and Eni, as well as our continuous dedication to advancing clean energy initiatives and driving the energy transition forward.”
HyNet has secured commitments from over 40 organisations to transition from fossil fuels to low-carbon hydrogen, produced by EET Hydrogen and distributed through Cadent's pipeline network. Demonstrations at Pilkington Glass and Unilever have successfully showcased the feasibility of converting from natural gas to hydrogen.
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About Mizuho EMEA
Mizuho EMEA provides corporates and institutions in the region with unparalleled access and expertise in Japan and Asia, and supports clients with their corporate and investment banking, and asset management needs. Headquartered in London and with a strong presence throughout the region, our client base includes leading corporations, financial institutions and state owned entities. Mizuho is deeply committed to serving client needs, enabling our people to flourish, and helping to improve society and communities where we do business.
Mizuho’s presence in EMEA is an integral part of the Japan-based Mizuho Financial Group, Inc. Mizuho Financial Group is one of the largest financial institutions in the world, offering comprehensive financial and strategic services through its subsidiaries. The group has over 900 offices and 60,000 employees worldwide in nearly 40 countries throughout the Americas, EMEA, and Asia. As of 31 March 2024, its total assets were US$2 trillion.