Andfjord Salmon's bank financing commitment increased to NOK 825 million as SpareBank 1 SMN joins the consortium.
A few hours ago, the company announced that SpareBank 1 SMN confirmed its commitment to participate in the banking consortium, increasing the total loan commitment to NOK 825 million (EUR 70,68 million/USD 77,25 million).
The increase will serve as a replacement for the NOK 125 million allowances stated in the loan documentation for the leasing facility. Andfjord Salmon explained that other key terms of the construction loan have not changed since the capital markets update.
Martin Rasmussen clarified on June 13th that due to the successful scenario they had, production expansion was imminent. Now with this confirmation, these words take on even more meaning. "The bank financing represents a major step in the further expansion of Andfjord Salmon. It is based on excellent biological and operational results from our first pool. We are delighted to have secured such competitive financing."
This follows the company's development plan. The goal is clear: to reach a total production volume of 40,000 tons (HOG) in Kvalnes, Andøya, Norway.
Additionally, as part of this next stage of construction, the company clarified in the press release that it plans to establish significant infrastructure. These include waterways and a port area to support production. Finally, in addition to this plan, the company explained that additional expansion investments are being made toward the total production capacity planned to follow in the pipeline.
Andfjord Salmon has developed an innovative and sustainable aquaculture concept for land-based farming of Atlantic salmon. Located at Kvalnes in Andøya, Norway, the company's ambition is to build the world's most sustainable and fish-friendly aquaculture facility. Moreover, Euronext Growth lists Andfjord Salmon AS.