Industry

The refinancing was made possible through close collaboration by the Starsight and NIDF teams with the necessary flexibility to ensure closing on the targeted date. (Image source: Adobe Stock)

Starsight Energy, a Nigeria-based, Africa focused solar energy provider, has announced the conclusion of a competitive local currency agreement with Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF)

The signing of the protocol of agreement signals the start of the implementation phase of the project. (Image source: The African Development Bank)

The African Development Bank has signed a protocol of agreement with the African Union to support reforms that will bolster the pan-African organisation’s implementation of Agenda 2063

The cement is sold under the brand name Supacem for commercial, industrial and residential construction projects, as well as complex infrastructure. (Image source: Adobe Stock)

IFU and Norfund have invested US$27.9mn in Continental Blue Investments Ghana Limited (CBI), to increase local production of cement in Ghana and install the world’s largest calciner system to date, which will reduce CO2 emissions by up to 20% tonne cement produced

IFU and Norfund have invested US$27.9mn in Continental Blue Investments Ghana Limited (CBI). The company is one of the leading producers of cement in Ghana and operates a 550,000 tonnes p.a. facility outside Accra in southern Ghana. The cement is sold under the brand name Supacem for commercial, industrial and residential construction projects, as well as complex infrastructure.

The new investment supports CBI’s plan to almost triple the production to 1.4 metric tonnes annually. As the production of cement is one of the heaviest global emitters of carbon, the investment includes the building of a 405,000 tonnes per annum clay calcination unit, which is the world’s largest calciner system to date.

The purpose is to use locally sourced calcined clay instead of imported clinker, which is a major contributor to the high emissions from the production process. The substitution will lead to a reduction of carbon emissions by up to 20% tonne cement produced without compromising the quality of the product. Including the sale of calcined clay to other cement producers in Ghana, the total avoided emission is expected to be close to 30% compared to current production technology.

The introduction of calcined clay in the production of cement supports the green transition and is in line with the EU green taxonomy, that sets an upper limit for CO2 emissions intensity.

FLSmidth delivers technology and equipment

The Danish company FLSmidth will deliver the technology and equipment for the expansion of CBI’s production as well as the clay calcination unit. CBI expects both financial and environmental return on the investment from lower CO2 emissions, energy and fuel saving and reduced cost from clinker imports.

“The production of cement is a very large contributor to global carbon emissions, but the product is also indispensable when it comes to developing infrastructure, including wind parks, for example. With this investment we support the green transition by reducing the carbon footprint whilst increasing locally produced cement that will contribute to Ghana’s further development,” commented Torben Huss, CEO of IFU.

“We are excited to partner with and support CBI’s leadership team, its Board and its existing investors, and look forward to actively working with these stakeholders and our co-investor partners IFU and FLS to support this proactive company in their market-leading effort to reduce carbon emissions in an essential sector for development – cement manufacturing. The added benefits of job creation and import substitution for Ghana are of great importance to us as well,” said Naana Winful Fynn, regional director for West Africa for Norfund.

“The significance of this order cannot be overestimated – clay calcination is yet another example of how the cement industry is responding to the need for more environmentally friendly processes. The CBI project in Ghana marks a key milestone in the green transition of the industry,” said Carsten Riisberg Lund, president, cement industry at FLSmidth. 

IFU’s investment is made on behalf of the Danish SDG Investment Fund, which is backed by large Danish pension funds and private investors.

Minister of finance and banking sector, Comoros, Kamalidini Souef & CEO of ITFC, Hani Salem Sonbol. (Image source: International Islamic Trade Finanace Corporation)

The International Islamic Trade Finance Corporation (ITFC), has approved two new financing facilities for US$37mn in favor of the Union of Comoros, with US$mn dedicated to support the import of energy commodities such as petroleum products and LPG

The financing lines will facilitate the import of rice and petroleum products, therefore powering intra-OIC trade as well as providing direct benefits to the Comorian people. The Union of Comoros will equally leverage the financing facilities to import other food products such as cooking oil, flour, and wheat.

Since 2008, ITFC has approved more than US$500mn in cumulative financing in favor of the Union of Comoros to ensure the country’s energy and food security.

Hani Salem Sonbol, CEO of ITFC, stated, “ITFC is working with OIC member countries and partners to provide solutions that directly impact the lives of communities, including increasing access to energy and improving food security. We are pleased to see that these impacts are central to the new financing for Comoros.  Equally important is that the agreements also enhance intra-OIC trade and are aligned with the United Nations Sustainable Development Goals (UN SDGs). At ITFC, we are committed to increasing the impact of trade and we shall keep working together with our partners to achieve our collective goals.”

Kamalidini Souef, minister of finance, budget and banking Sector of the Union of Comoros, added, “We are pleased to sign the financing agreement with ITFC, a key development partner of the Union of Comoros since 2008.  This support to increase the supply in key sectors of our economy such as energy and food commodities has positively impacted the living conditions of the people of Comoros. We look forward to further cooperation between Comoros and ITFC.”   

To build on this partnership, ITFC will look to formulate strategic cooperation with the Union of Comoros to support the countrys sustainable tourism development plan and provide the necessary financing and capacity building to achieve its economic development goals.