Largest land-based salmon farm project in Asia receives $210M in financing

Pure Salmon Technology will implement cutting-edge RAS technology while Soul of Japan K.K. will lead the project.
The facility aims to produce 10,000 tonnes of Atlantic Salmon annually.

The facility aims to produce 10,000 tonnes of Atlantic Salmon annually.

Soul of Japan K.K.

Soul of Japan K.K. has secured a $210 million long-term debt facility to build a state-of-the-art recirculating aquaculture system (RAS) Atlantic salmon production, processing, and pet nutrition facility in Tsu City, Japan.

Additionally, SOJ will partner with Pure Salmon Technology to implement cutting-edge RAS technology at the GK Mie RAS Atlantic Salmon Project, ensuring high-quality salmon production.

The financing is provided by Sumitomo Mitsui Banking Corporation (SMBC) and supported by 8F Asset Management, a global asset manager of private equity funds that owns the Pure Salmon Group.

The facility aims to produce 10,000 tonnes of Atlantic Salmon annually and will be housed in a total of 70,000 m² of building space, spanning over a 137,000 m² plot. Thus, it will be the largest land-based salmon farm in Asia.

Regarding this announcement, the CEO of SOJ, Erol Emed, said: "This debt financing allows us to accelerate our growth and contribute to Japan's food security while minimizing our environmental footprint. We are committed to delivering high-quality, locally produced salmon to consumers."

Finally, Karim Ghannam, Chief Investment Officer at 8F Asset Management commented: "We are excited to work with SMBC, the banking group. and the management teams of SOJ and Pure Salmon to facilitate this transaction that recognizes the importance of sustainable aquaculture and its positive impact on Japan's economy and the environment."

About Soul of Japan K.K.

Established in 2018, Soul of Japan K.K. is an affiliate of Pure Salmon Group, an aquaculture company for Atlantic salmon using Recirculating Aquaculture Systems (RAS) technology. SOJ operates a 10,000-ton-per-annum land-based salmon aquaculture project in Mie Prefecture, Japan.

About 8F Asset Management

8F Asset Management manages private equity funds that invest in vertically integrated aquaculture production and processing facilities, using land-based sustainable RAS technology, creating material positive social and environmental impact. 8F Asset Management has offices in Singapore, Abu Dhabi, Hong Kong, and Frankfurt.

About Pure Salmon Group

Pure Salmon is a globally operating company headquartered in Abu Dhabi and specializes in developing and operating vertically integrated land-based aquaculture facilities using RAS technology.

Pure Salmon Technology, another member of the Pure Salmon Group, is a specialist in water treatment and has been a major contributor in revolutionizing land-based fish farming during the last 20 years, continuously focusing on fish welfare. The Group has offices in Abu Dhabi, Norway, Denmark and Singapore.

In February, Pure Salmon and Pure Salmon Technology signed a partnership with TOPIAN, the NEOM Food Company that develops food systems with a focus on sustainability and innovation.

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