Salmon Garden will be built in three phases. Once fully developed, the land‑based farming facility will produce 36,000 tonnes of whole salmon, equivalent to 30,000 gutted tonnes.
Financing for the first phase of Salmon Garden was completed at the end of April. It consisted partly of the issuance of new share capital in Samherji fiskeldi ehf. amounting to EUR 125 million and partly of a syndicated loan of EUR 110 million. At that time, it was announced that the equity issuance would likely be expanded due to strong investor interest. The expansion has now been finalized, and a subscription agreement has been signed for the issuance of new share capital amounting to EUR 210 million.
Including the syndicated loan, total financing amounts to EUR 320 million, or just over ISK 45 billion. The equity contribution from shareholders for the first two phases of Salmon Garden is now secured, enabling Samherji fiskeldi to accelerate the construction of the facility beyond the original plan. This allows the company to begin preparation, design, and construction work for the second phase immediately.
Land‑based aquaculture is a capital‑intensive field of expertise, similar to fishing and processing.
Þorsteinn Már Baldvinsson, Chairman of Samherji fiskeldi ehf., says that the equity issuance is a strong vote of confidence and comes with significant responsibility