Norway Royal Salmon secures green loan for offshore farming, smolt facility
Trondheim, Norway-headquartered Norway Royal Salmon (NRS) has had NOK 400 million (USD 43.8 million, EUR 39.4 million) of its NOK 2 billion (USD 219 million, EUR 197.2 million) credit limit converted to a green loan by Danske Bank. The more favorable loan terms will help finance two major investment projects already in progress: Arctic Offshore Farming and a new smolt facility.
In 2018, NRS was granted eight development permits for the development of Arctic Offshore Farming, with its facilities designed for areas with harsh weather condition where standard farming equipment cannot be used.
In addition to having the potential to solve the industry challenge of access to coastal areas, NRS maintains that the offshore project can contribute positively to the environmental challenges of sea lice because the cage can be submerged below the assumed "lice belt" in the sea. This can reduce number of sea lice on the fish, it said.
NRS owns salmon farming sites in West Finnmark, Troms, and Haugsund. It also has minority interests in three associated Norwegian fish farming companies that own 10 fish farming licenses, as well as Arctic Fish in Iceland that has licenses for 11,000 metric tons (MT).
The group’s credit limit was extended from NOK 1.4 billion (USD 153.3 million, EUR 138 million) to NOK 2 billion in the first quarter of 2019.
Photo courtesy of Norway Royal Salmon