Norfund invests in Continental Blue Investments Ghana

Norfund, the Norwegian investment fund for developing countries, has made a US$7.5m investment in Continental Blue Investments Ghana Ltd (CBI) to support the company’s drive to reduce CO₂ emissions and increase job opportunities at its 0.55Mta Tema plant. Earlier this year CBI Ghana placed an order with FLSmidth to supply the world’s largest clay calcination installation. The facility is expected to reduce total CO₂ emissions by up to 20 per cent compared to current practices and by 30-40 per cent compared to the standard produciton OPC. This will enable the company to avoid the emissions of 300,000t of CO₂ per annum.

“Cement is an essential input for a growing economy, but the production is also a major source of climate gas emissions. 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”, says Naana Winful Fynn, Norfund’s regional director for west Africa.

Norfund is investing alongside the Danish Investment Fund for Developing Countries (IFU) and the engineering firm FLSmidth as equity investors, with Société Générale Group providing senior debt that is guaranteed by the Danish Export Agency. FLSmidth will also serve as the EPC provider of the calcined clay plant.