Seafarms settles on Nordic bank to give Project Sea Dragon wings
Seafarms Group has tapped Pareto Securities, a Nordic investment bank, to help finance its USD 1.4 billion (EUR 1.2 billion) aquaculture venture, Project Sea Dragon.
Project Sea Dragon, which involves the construction of a 10,000 hectare tiger prawn aquaculture facility in Australia's Northern Territory, has been subjected to the beginning stages of a bankable feasibility study. If all goes according to plan, Seafarms Group expects that the project should have all approvals and licenses completed by the end of 2016.
Stationed in 11 countries and staffed by some 400 employees, Pareto is a global full service investment bank with specialized experience in the seafood market. With the help and expertise of the bank, Seafarms projects that stage one financing for Project Sea Dragon can be swiftly obtained.
“With Pareto’s assistance, Seafarms is confident that an appropriate and flexible financing package for stage one (1080 hectares) can be secured,” the company said in a statement.
Representatives from Pareto are expected to visit the project’s sites over the course of the next couple weeks. A variety of financing options are being considered by Seafarms including equity raising, equity directly in the project, mezzanine financing and debt funding.