Land-based aquaculture company First Water has finalized a €80 million financing agreement with Icelandic banks Landsbankinn and Arion Bank, marking a significant step forward in the company’s development.
The financing, subject to standard conditions, will support the construction of a high-quality salmon farming facility in Þorlákshöfn, with plans for future expansion.
“Securing funding for a project of this scale is a challenging process, and we are pleased to have the support of Icelandic banks,” said First Water CEO Eggert Þór Kristófersson. “This milestone underscores our commitment to sustainable aquaculture in Þorlákshöfn, guided by environmental considerations.”
Arion Bank CEO Benedikt Gíslason expressed enthusiasm for the project, stating, “It will be exciting to follow the development of First Water, which joins a strong group of aquaculture companies supported by the bank, forming an important industry for Iceland’s regions and economy.”
Lilja Björk Einarsdóttir, CEO of Landsbankinn, highlighted the company’s potential, saying, “First Water has demonstrated solid planning and remarkable results. We are confident in their growth and ambitious vision for sustainable aquaculture.”
First Water is constructing a 50,000-ton capacity facility at Laxabraut in Þorlákshöfn, set to be completed in six phases by 2029. The project is expected to employ over 300 people directly and create an additional 300 secondary jobs. Current staff stands at approximately 80 employees.
The company will also develop a fish processing plant and a fry farm. The salmon will be raised in land-based tanks under optimal conditions, utilizing clean groundwater filtered through lava layers. Advanced technologies from Linde and NP Innovation will enable the reuse of up to 66% of the groundwater, with treated water returned to the sea.
The total investment in Þorlákshöfn is projected at €825 million, with anticipated annual revenues exceeding €481 million. Most of the production will be sold in Europe and North America. First Water has already sold around 1,500 tonnes of premium salmon, underscoring its potential to meet global demand for sustainably farmed seafood.
