The estimated construction cost for phase 2 of the land-based salmon farmer’s facility is NOK 2.2 billion.
Leading land-based salmon producer Salmon Evolution plans to raise NOK 350 million ($33 million) through a share issue and increased loans for the construction of phase 2 of their land-based facility at Indre Harøy in Norway.
Banks have committed to increasing the company’s green loan facilities by NOK 675 million ($64 million), bringing the total to NOK 2.2 billion ($208 million), supporting both phase 1 and phase 2 developments.
CEO Trond Håkon Schaug-Pettersen has subscribed for 100,000 shares, finance director Trond Vadset Veibust for 35,000 shares, and operations director Odd Frode Roaldsnes for 25,000 shares.
Phase 2 aims to boost production capacity to 18,000 tons of Head-On Gutted (HOG) fish annually, adding 10,100 tons to the existing capacity from phase 1. The estimated construction cost for phase 2 is NOK 2.2 billion, plus NOK 200 million in project contingency.
Construction is expected to start in the autumn.
Existing shareholders and management have committed to purchasing shares worth NOK 81 million ($7.6 miilion) in the new issue.
The share issue opened on Tuesday and closes on Wednesday, with Arctic Securities AS, DNB Markets, and Nordea Bank acting as advisers.
