Nordic Aqua Partners' land-based RAS Atlantic salmon farming operations in Gaotang Island, Ningbo, China, with Phase 2 nearing completion.
Photo: Nordic Aqua Partners.
Back in May, when Nordic Aqua Partners (NOAP) presented its Q1 2025 results report, the company talked about the future and targeting larger fish for the growing Chinese market. Now, a quarter later, it does not talk about the size of the fish but the size of its production capacity. Thanks to the "transformational financing" it has just secured from Chinese investors—EUR 36 million—the Norwegian company will increase the production of its China's land-based salmon farm to 20,000 tons.
This equity investment, together with a long-term financing agreement with a syndicate of Chinese banks led by Bank of China, will support the upcoming completion of Phase 2 construction and the Phase 3 plan for its land-based RAS Atlantic salmon farming operations on Gaotang Island, Ningbo, China.
Coinciding with the presentation of its Q2 2025 results report, Nordic Aqua Partners announced an agreement for two "renowned Chinese investors" to co-invest in Nordic Aqua Ningbo, a subsidiary of NOAP, injecting CNY 300 million (EUR 36 million / USD 42 million) in cash into the company in exchange for an ownership share of 20%.
"This marks a major strategic milestone for Nordic Aqua. Our long-standing collaboration with the Chinese institutions goes back to the very beginning of Nordic Aqua Ningbo," said NOAP CEO Ragnar Joensen, commenting on the announcement.
"The introduction of two respected entities as strategic minority partners represents a natural evolution of that cooperation," he continued. "It not only secures equity but also enhances our ability to scale sustainably - strategically, operationally, and commercially - to deliver high-quality Atlantic salmon for the Chinese market."
As the company highlighted, the co-investment into Nordic Aqua Ningbo, supporting the planned expansion towards 20,000 tons of annual capacity, will strengthen local production of high-quality Atlantic salmon for the Chinese market.
"This will contribute to safe and sustainable food production while also creating potential synergies across the aquaculture value chain in Zhejiang province and beyond," Ragnar Joensen added.
Local production for a market hungry for Atlantic salmon, judging by the latest figures from Norwegian seafood exports, which in August placed China as the third largest destination market for its salmon and the one with the highest growth in value, with a total export value of NOK 1.1 billion, representing an increase of 47% compared to the same month in 2024.
However, NOAP's good financial news did not end there. The "transformational financing" referred to by the company also includes a preliminary agreement on terms and conditions for financing the existing facilities in Gaotang, as well as a working capital line with a syndicate of Chinese banks led by the Bank of China, Ningbo branch.
Moreover, the financing further comprises the potential long-term financing of Phase 3, subject to certain milestones and conditions.
"The new long-term financing by local banks will secure a stable financial platform for the completion and expansion of our production facility in China. In addition to invested equity by NOAP and the new investors, such a major investment requires long-term financial support, and we are pleased with the support and confidence from the lenders," said Nordic Aqua Partners CEO.
Thus, in addition to the CNY 300 million (EUR 36 million / USD 42 million) equity investment, the debt financing package totals up to CNY 585 million (EUR 70 million / USD 82 million), comprising up to CNY 200 million (EUR 24 million / USD 28 million) in working capital financing to support operations during the start-up phase, subject to approved equity investments, plus CNY 385 million (EUR 46 million / USD 54 million) in long-term financing for existing facilities in Gaotang.
Likewise, NOAP also announced that detailed engineering for the expansion to 20,000 tons will be completed during 2026, with the aim of making the final investment decision in time for construction to begin in late 2026 or early 2027.
In its note, Nordic Aqua Partners emphasised that, following the injection of Chinese capital, NOAP retains operational and strategic control of the Ningbo platform, and that the governance structure ensures transparency and alignment with local and international standards.
The company added that, these transactions, which are expected to close in the fourth quarter of 2025, mark a critical turning point in NOAP's growth trajectory and strengthen Nordic Aqua Ningbo's position as the leading platform for land-based RAS and Atlantic salmon in China, as it is uniquely positioned to meet the country's demand for safe, sustainable, and locally produced protein.
Given this scenario, the company finally pointed out that the combination of Chinese equity and long-term local debt opens up access to competitive capital and confirms the strategic relevance of the NOAP platform for China's national food security objectives. Therefore, a potential initial public offering (IPO) of Nordic Aqua Ningbo in China or Hong Kong will be evaluated.
"For investors, it establishes a de-risked path to cash flow scale, operational leverage, and long-term value creation in the world's largest and fastest-growing seafood market," Ragnar Joensen said, commenting on the possibility of an IPO.
