The facility will span 70,000 m² within a 137,000 m² plot and is projected to produce 10,000 tons of Atlantic salmon annually.
Land-based salmon producer Pure Salmon Group’s Japanese project, Soul of Japan, has agreed a JPY 33 billion ($211 million) long-term debt agreement with Japanese banking giant Sumitomo Mitsui Banking Corporation (SMBC).
The financing will support the GK Mie RAS Atlantic Salmon Project, aimed at constructing a state-of-the-art recirculating aquaculture system (RAS) facility in Tsu City, the capital city of Mie Prefecture, Japan.
The facility, set to be the largest land-based salmon farm in Asia, will span 70,000 m² within a 137,000 m² plot and is projected to produce 10,000 tons of Atlantic salmon annually. SOJ will collaborate with Pure Salmon Technology to employ advanced RAS technology, ensuring high-quality salmon production.
The project is backed by 8F Asset Management, a global private equity fund manager with a focus on sustainable aquaculture through the Pure Salmon Group. Tsu City’s strategic location provides optimal distribution access to major Japanese cities including Tokyo, Nagoya, and Osaka, according to a release from the company on Monday.
Erol Emed, CEO of SOJ, emphasized the significance of this financing: “This debt financing allows us to accelerate our growth and contribute to Japan’s food security while minimizing our environmental footprint. We are committed to delivering high-quality, locally produced salmon to consumers.”
Karim Ghannam, Chief Investment Officer at 8F Asset Management, highlighted the collaborative effort: “We are excited to work with SMBC, the banking group, and the management teams of SOJ and Pure Salmon to facilitate this transaction that recognizes the importance of sustainable aquaculture and its positive impact on Japan’s economy and the environment.”
8F Asset Management invests in vertically integrated aquaculture production and processing facilities using sustainable RAS technology, creating significant social and environmental impact. It has offices in Singapore, Abu Dhabi, Hong Kong, and Frankfurt.
Headquartered in Abu Dhabi, Pure Salmon Group specializes in developing and operating land-based aquaculture facilities using RAS technology, with a focus on fish welfare. It has offices in Abu Dhabi, Norway, Denmark, and Singapore.
