A report analyzing Nordic Aquafarms’ proposed land-based salmon Recirculating Aquaculture System (RAS) facility has determined that the company is experienced and competent enough for the project.
The report was ordered by the city of Belfast, Maine, U.S.A., where the proposed facility will be located. Nordic Aquafarms announced the facility in January, which when completed is expected to cost USD 500 million (EUR 430 million).
The report, put together by the international consulting firm Deliotte, says the company has “gained and acquired significant competence during the last years.”
“Their approach on other projects and stepwise constructions has given them a unique experience to conduct this type of project,” the report states. “They have a good reputation with the local and business communities and are seen as both competent and cooperative.”
The consulting organization was tasked with answering multiple questions from the Belfast City Council, such as “Is the Recirculating Aquaculture Systems technology being accepted in Norway from a business standpoint and an environmental standpoint,” “Does Nordic Aquafarms have the experienced team they will need to carry such a large project forward,” and more.
The report gave detailed, and largely positive, answers to each question, concluding that the project was feasible.
“On general basis, compared with traditional fish farming, we see a relatively lower environmental risk to projects using RAS technology,” the report states. “Financing of the project is perceived to be feasible, but it will depend on the company’s ability to present a good business case to potential investors.”
Nordic Aquafarms response to the report noted how it glossed over the already-existing land-based facilities.
“What the report did not mention, is that a number of land-based farms are already producing salmon and other species to harvest size,” the company said in a release. “Due to continuous development and risk reduction, the investor market is now highly interested in experienced developers such as our company.”
So far, the company has already cleared the first hurdle it faced on the project by receiving zoning changes necessary to accommodate the facility. Since then, they’ve hired three U.S. employees, and released a video showcasing what the future facility will look like.
The next steps, according to Nordic Aquafarms, are more permitting hurdles. The company said that they plan to publish an overview of the permitting process to their website by mid-August to give residents of Waldo County – the county in Maine the project will be built in – an idea of what is coming “as part of our ongoing effort to provide information and be transparent.”
The company added that the first permitting documentation is nearly complete, and will be submitted to the state of Maine soon.
