Andfjord Salmon to invest €700-800 million in land-based salmon farming extension

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Construction of the first salmon tank is already underway at Kvalnes at the Island of Andoy, Northern Norway, where 1,000 tonnes of salmon will be produced annually with an average weight of just over four kilos. Andfjord Salmon is also continuing to work on several extensions.

Andfjord Salmon founder Roy Bernt Pettersen. PHOTOS: Andreas Witzøe

“We have an option on or have purchased properties in the two areas, and we have also secured an area above the county road on Kvalnes, for a construction phase two there,” said founder and chairman Roy Pettersen during a meeting, according to Andøyposten.

Andfjord Salmon has previously communicated externally that the long-term plans include a total production of 60,000 tonnes of fish per year, own smolt production and harvest plant. Today, the company has a licence for 10,000 tonnes of salmon per year.

According to Andfjord Salmon, there will a total investment of between EUR 700 and EUR 800 million. When asked by Andøyposten whether this is realistic to finance, CFO Helge Krøgenes said:

“We have very good signals from today’s shareholder group with a view to further financing the development”.

In June 2020, fry are scheduled to be released in the first tank. The company will then begin to prepare for the development of stage two at in the autumn with the start of construction in the first quarter of 2021.

The company will also submit a license application for two further extensions, where construction is scheduled to start in the autumn of 2022.

“We will have salmon in the tanks at the earliest in 2024 at one of the two places,” said Krøgenes.