Proximar seals deal on Mount Fuji land purchase

Land-based salmon farmer Proximar Seafood confirms land deal following the first installment of its Japanese "blue sustainability" loan.
Proximar's land-based RAS facilities at the foot of Mount Fuji, Japan. Photo: Proximar.
Proximar's land-based RAS facilities at the foot of Mount Fuji, Japan. Photo: Proximar.

Proximar Seafood has completed its land purchase agreement for its Mount Fuji site, where it is building the first land-based farm for Atlantic Salmon in Japan.

The company financed the final stages of the land purchase by completing the first drawdown under its JPY 8.8 billion blue sustainability loan facility.

Blue sustainability loan supports Proximar's next phase

The loan, provided by Mizuho Bank, Shizuoka Bank, and Development Bank of Japan, is part of a Japanese finance initiative specifically addressing United Nations Sustainability Development Goals to fund projects which promote marine conservation and sustainable fisheries.

The second disbursement of the loan is planned for the third quarter of this year, at the post-smolt grow-out building stage.

Previously, the land acquisition had been partly funded through a seller credit granted by Daiwa House, Proximar's main contractor.

"We are pleased to successfully make the first drawdown of our bank loan and completing the land purchase agreement with the full downpayment to Daiwa House of the seller credit," said Proximar CEO Joachim Nielsen.

"The strong support from Daiwa House since 2018, including the seller credit provided, has been crucial for Proximar during the years of start-up and construction."

Proximar's grow-out facility on track for completion later this year

The company's Mount Fuji operation consists of a hatchery and nursery building, raising the salmon from egg to smolt of approximately 100g in size, and the forthcoming grow-out site, where the fish will be raised to a harvest weight of around 5 kg.

Meanwhile, Proximar's grow-out facility construction is progressing rapidly, and is projected to be ready in the third quarter of 2023. The timing of this milestone aligns with the anticipated transfer of the first batch from the nursery to grow-out.

Proximar said production is on track, with monthly egg inserts meeting expectations. The company said its water treatment system shows stable and optimal performance, while fish growth is in line with its production plan. Proximar began operations in 2022, and expects its first harvest in mid-2024. At full capacity, the Oyama fish farm aims to produce approximately 5,300 metric tonnes (HOG) of salmon per year.

About Proximar

Seafood Proximar Seafood is a Norwegian land-based salmon farming company with its first facility and production at the foot of Mount Fuji in Japan. The company inserted its first batch of eggs in October 2022. Through land-based fish farming, using high-quality ground water secured close to Mount Fuji, the company will produce fresh Atlantic Salmon, harvested the same day. Proximar's location, near one of the world's most important fish markets, implies significant advantages, both in terms of reduced cost and carbon footprint.

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