NRS given cheaper loan for Arctic Offshore project

The pan-Nordic lender, which has its Norwegian base in Trondheim, has converted NOK 400 million (£33.3m) of a NOK 2 billion credit limit into a green loan.

The money will be used to help finance a new smolt facility and NRS’s development project, Arctic Offshore Farming.

Development permits

NRS has been granted eight development permits for Arctic Offshore Farming, which is designed for areas too rough for current cage designs and, says the company, has the potential to solve the Norwegian salmon industry’s area challenges.

The fish farmer says the project can also reduce sea lice infestation because the cage can be submerged below the assumed lice layer.

“It is gratifying to see that our commitment to sustainable production is valued by the bank and provides more favourable loan terms,” said NRS in a press release.

Value creation

It added that sustainable production of salmon was very important to its long-term value creation, and that it aims to have all of its sites Aquaculture Stewardship Council-certified by 2022.

NRS owns 39,426 tonnes of maximum allowed biomass distributed between 34,746 tonnes in Region North located in West Finnmark and Troms and 4,680 tonnes in Region South in the area around Haugesund.

It also has a minority interest in three associated Norwegian fish farming companies which together own ten fish farming licences, as well as Arctic Fish in Iceland that has licences for 11,000 tonnes.