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Norfund invests US$7.5M in Continental Blue Investments in Ghana

GHANA – Norfund, a development finance institution has invested US$7.5 million in Continental Blue Investments Ghana Limited (CBI) to create jobs while reducing emissions.

The investment has been made alongside the Danish Investment Fund for Developing Countries (IFU) and the engineering firm FLSmidth as equity investors.

Société-Générale is providing senior debt that is guaranteed by the Danish Export Agency. FLSmidth will also serve as the EPC provider of the calcined clay plant.

The funds are to be used to build the world’s largest gas suspension calciner system and a complete grinding station in CBI Ghana’s plant near Accra in the south of the country.

Continental Blue Investments Ghana Limited (CBI) operates a facility in Tema in Ghana that produces 550,000 tons of cement per year for industrial and residential construction and infrastructure.

The new clay calciner system is expected to substitute 30 – 40% of the clinker in the final product, resulting in a reduction of up to 40% CO2/t of blended cement compared to Ordinary Portland Cement (OPC).

Overall the equipment manufacturers reckon that the grinding plant will reduce its CO2 emissions by 20% compared to its current output.

Cement accounts for about 7% of the world’s CO2 emissions. Most of the emissions come from the production of clinker, the most important input factor in cement.

Through modern technology, however, a significant part of the clinker can be replaced with calcined clay.

Cement is an essential input for a growing economy, but the production is also a major source of climate gas emissions,” said Naana Winful Fynn, Regional Director for West Africa for Norfund.

By investing in state-of-the-art technology that cuts emissions, while increasing local sourcing and production, we aim to contribute to development, the company’s growth, and to climate mitigation.”

CBI will be the first company in Ghana to introduce this technology, and the company plans to increase its footprint in underserved markets in Ghana by more than doubling its total cement production capacity from 555,000 tons to 1.4 metric tons per year.

CBI is already one of Ghana’s top five producers of cement and directly employs over 120 people.

The company has demonstrated robust growth since its inception in 2018 and notable resilience during the Covid-19 crisis.

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