In addition to Igape and Seafood Legacy Spain, the signing also involved the collaborating financial entities, Banco Santander and Abanca, as well as the ICO, the Spanish Official Credit Institute.
Photo: Xunta de Galicia.
The Galician Institute of Economic Promotion (Instituto Galego de Promoción Económica - Igape) hosted this week in Santiago de Compostela, Galicia, Spain, the signing of the financing to support the Seafood Legacy Spain project in Burela—also in Galicia, in the province of Lugo—with a loan of EUR 5 million, taking a new step forward in launching agreement what will be the first salmon farming plant in the Galician region.
These EUR 5 million are in addition to the EUR 3.5 million previously contributed by Xesgalicia, a public commercial company of the Galician community—attached like Igape to the Consellería de Economía e Industria de Galicia (Department of Economy and Industry of Galicia)—whose objective is to support the growth of the business fabric in the region.
That means that Galicia's Department of Economy and Industry will allocate a total of EUR 8.5 million to the Seafood Legacy Spain project, which will be added to the EUR 25 million grant—co-financed with the European Maritime, Fisheries and Aquaculture Fund (EMFAF)—that the Xunta de Galicia, the regional government, awarded it last October, within a program of EUR 59.5 million in grants to boost aquaculture in the region and from which other well-known companies have also benefited, such as Stolt Sea Farm, for the expansion of its flagship sole hatchery located in Cervo.
Thus, adding up all the support received through the various regional entities, the Government of Galicia is allocating a total of EUR 33.5 million to this project, whose final budget had been around EUR 80 million until now, an amount that, in this announcement of the financing agreement, the Xunta assumes to be even higher.
"The investment, amounting to more than EUR 100 million, reflects Seafood Legacy Spain's strong commitment to Galicia, leveraging its expertise, industrial ecosystem, and leadership in the marine sector," the release read. "The project aims to develop modern, efficient, and high-value-added aquaculture, aligned with global sustainability and food security challenges."
Virtual view of the land-based salmon farming plant that Seafood Legacy Spain will build in Burela, Lugo, Galicia.
The land-based salmon farming plant that Seafood Legacy Spain is going to build in the port of Burela—a leading fishing town in Spain, especially known for its "bonito del norte" (albacore tuna) and line-caught hake—will occupy around 25,000 m² and is expected to produce around 3,000 tons of salmon annually, in addition to creating up to 100 direct and indirect jobs.
According to Columbi Salmon—the Norwegian company behind the project, founded by the Refsnes family, veterans of the Norwegian salmon industry—Seafood Legacy Spain will develop an Atlantic salmon production facility based on RAS (recirculating aquaculture system) technology, thus optimizing the use of resources, reducing environmental impact and improving animal welfare.
In June 2025 it was reported that the project, which initially had an execution period between February 2025 and June 2027 with a total budget of EUR 78.86 million—EUR 78,760,813.83 according to the information sign placed on the land where the plant will be located—would begin its construction at the end of the year.
However, it was not until this week, coinciding with the signing of the financing agreement with Igape, that preliminary work for construction began, according to information from the local media outlet La Voz de Galicia.
Citing sources close to the project, this newspaper said that construction will begin in the coming days and will be completed in early 2028, which would mean that, according to the breeding and fattening times with RAS technology, the first salmon raised in Galicia in land-based facilities could begin to reach the market by the end of 2029.
Information sign placed on the land where the plant will be located, indicating the allocated budget.
Seafood Legacy's ultimate goal in Burela is to raise high-quality salmon responsibly and in an environmentally friendly manner, directly for the local market, bringing sustainable aquaculture closer to people who enjoy salmon.
As Columbi Salmon points out on its website, Spain consumes more than 70,000 tons of salmon annually, primarily imported from Norway. Their aim with this facility is to produce that salmon locally, reducing transport distances and environmental impact.
"By establishing a land-based salmon farm in Galicia, we are not only delivering salmon that is harvested and distributed fresh each day, but also creating jobs and local value for the region," the Norwegian company explains on its website, while noting that all fish handling and logistics will be carried out locally, in collaboration with Galician transporters and suppliers, ensuring that the benefits of production remain in the community.
In fact, the commitment to local partners extends beyond operations to include finances. As reported by the specialized publication Economía Digital Galicia in November, Seafood Legacy has partnered with local companies to launch this initiative. Following a capital increase in December 2024—there was another in November 2025—the Norwegian company reduced its stake from 96.8% to 80%.
The remaining 20% is divided between Dmanán, the investment group of the founding family of the Ingapan bakery, also originally from the province of Lugo, which has 7.5% of the shares; Arinver 2000, a management company based in Avilés, in the neighboring region of Asturias, with the same percentage; and the fishing company Grupo Regal, based in Viveiro, also in Lugo, which owns 1.57%.