Gigante Salmon will grow fish in flowthrough raceways excavated into the bedrock of Lille Indre Rossøy.

Land-based salmon farmer secures £7.5m towards extra costs

Gigante also planning private placement

Editorial team
Published

Norwegian land-based salmon farm developer Gigante Salmon has secured a long-term leasing arrangement to finance up to half of an extra NOK 200 million (£15m) required for its project on Lille Indre Rosøy, a small island in Nordland.

The company is contemplating raising the remainder of the money to meet the increased capital expenditure costs from a private placement in which the company’s main shareholder, Gigante Havbruk AS, intends to subscribe for up to NOK 100m, Gigante Salmon said in a market announcement.

Gigante Salmon announced in September that costs for the project had risen by NOK 200m.

The company plans to produce 16,000 gutted weight tonnes of fish annually in raceways excavated into the bedrock of Lille Indre Rosøy and spent around NOK 95 million (£7.3m) on the project in the second quarter of 2023, taking its total investment to NOK 260m.

The long-term leasing arrangement announced today is with SpareBank 1 Finans Nord-Norge AS for the financing up to approximately NOK 100m.

Gigante Salmon has engaged SpareBank 1 Markets and SpareBank 1 Nord-Norge Kapitalmarked for its contemplated private placement of new shares.

landbased gigante salmon