Nordic Aqua secures funding for major China salmon expansion

Nordic Aqua Partners AS (NOAP) has secured a comprehensive financing package to fund the completion of Stage 2 and the planned Stage 3 expansion of its land-based Atlantic salmon farming operations in Ningbo, China. This initiative is set to increase total annual capacity to 20,000 tonnes of Atlantic salmon. The financing includes RMB 300 million in equity from two new Chinese investors for a 20% stake in Nordic Aqua Ningbo.

Additionally, Nordic Aqua Ningbo has a preliminary long-term financing agreement of up to RMB 585 million with a syndicate of Chinese banks, led by Bank of China, Ningbo branch. This debt package covers RMB 200 million for working capital and RMB 385 million for the existing Gaotang facility, with further Stage 3 construction finance contingent on milestones. NOAP will retain operational and strategic control of the Ningbo platform.

The expansion's detailed engineering is expected to be completed in 2026, with a final investment decision targeted for late 2026/early 2027 construction startup. The company also plans a short-term credit facility of up to €10 million with Kontrari AS to maintain progress until the new financing closes, pending an Extraordinary General Meeting (EGM) for shareholder approval.