It’s the first time the government-owned company, Export Credit Norway, has financed a project in Ireland.
The Irish fish farming company, Bradán Beo Teoranta, has entered into agreements to acquire equipment from Norwegian companies. The deliveries are a feed barge from AKVA Group and cage nets from Mørenot Aquaculture.
Export Credit Norway has financed the sales through a loan to the Irish organic salmon farm, that produces between 2,500 and 3,000 tonnes per year in Kilkieran Bay on the west coast of Ireland.
The government-owned company provides loan financing to companies that acquires goods and services from Norwegian exporters.
“Our job is to help Norwegian companies succeed abroad, and we are delighted to provide financing for export of fish farming equipment to Ireland. Through offering competitive export financing, we can help make Norwegian companies’ more competitive when they bid for contracts abroad,” said Kaare Haahjem, Export Credit Norway’s responsible for fisheries and fish farming.
First export finance deal to Ireland
Liam Roche from Bradán Beo Teoranta explained that the company had acquired equipment from Norwegian suppliers before, but this is the first time with the support of Norwegian export financing.
“It was the head of AKVA Group’s UK operation that presented export financing as an alternative to us. As Export Credit Norway can offer favourable terms, it helped us realise our projects. We have several projects in the pipeline and we would definitely consider using export financing again,” says Roche.
“We have previously visited the country and held discussions about financing fishing vessels, but not specifically for fish farming. However, we are very pleased that AKVA Group introduced Bradán Beo Teoranta to export financing. Today, we are in dialogue with several Irish companies about various projects, so it looks like Bradán Beo Teoranta has helped open other Irish companies’ eyes to export financing,” added Haahjem.
Export Credit Norway’s loan to Bradán Beo Teoranta has 4.5 year maturity. GIEK is guarantor for 90% of the loan, with Bank of Ireland for the remaining 10%.