Samherji Fish Farming Secures Financing for Eldisgarður Land-Based Fish Farm
Samherji Fish Farming ehf., a subsidiary of Samherji hf., has confidently secured financing for the initial phase of the Eldisgarður land-based fish farm, strategically situated at the Reykjanes Power Plant.
Significant Financing Achieved
The combined financing, which amounts to EUR 235 million (approximately ISK 34 billion), includes new share capital issuance alongside a syndicated loan. This ambitious project is projected to generate 100 new jobs directly at the site, alongside an equal number of additional indirect opportunities.
“Securing the financing for Eldisgarður is immensely gratifying,” stated Þorsteinn Már Baldvinsson, CEO of Samherji hf. and Chairman of Samherji Aquaculture. “The backing from both domestic and international investors showcases confidence in our vision. From the onset, we aimed to attract external investments, and we have successfully achieved this goal. We believe that land-based aquaculture will significantly bolster Iceland’s economy, akin to the fishing industry over the past decades.”
Building on Öxarfjörður Success
The development of Eldisgarður builds upon Samherji’s thriving land-based farming efforts in Öxarfjörður, with over ISK 4 billion invested since 2023 in expanding operations and implementing cutting-edge technologies. “The successful outcomes from Öxarfjörður enhance our optimism for Eldisgarður,” noted Baldvinsson. “Our team has established a strong foundation for world-class aquaculture, and I am immensely proud of their dedication as we embark on this significant venture.”
Eldisgarður: A Comprehensive Project
Groundwork at Eldisgarður commenced in October 2024, located in HS Orka’s resource park at the Reykjanes Power Plant.
Construction of Eldisgarður commenced in October 2024, within HS Orka’s Resource Park, benefiting from 100% renewable energy from the Reykjanes Power Plant. The project will unfold in three phases, with the first phase expected to produce 10,000 tonnes of gutted salmon annually, scaling up to 30,000 tonnes upon full completion. Additionally, by-products from this production will enhance further value-creation initiatives within the Resource Park.
Strong Interest from Investors
The financing structure for the initial phase consists of a EUR 125 million share capital increase in Samherji Fish Farming and a EUR 110 million syndicated loan. Samherji hf. currently owns 99% of the subsidiary, contributing approximately half of the share capital increase. Notable new investors include AF3 slhf. (a private equity fund managed by Alfa Framtak ehf.), Dutch investment firm CCap, and Icelandic family-owned Snæból ehf. The syndicated loan is managed by Íslandsbanki, with contributions from Landsbankinn, Nordea, and Norway’s Eksfin (Eksportfinansiering Norge).
Due to considerable interest, the share issuance has been expanded to support future development phases, with completion anticipated by the end of May. Samherji Aquaculture was advised throughout the financing process by Íslandsbanki Corporate Finance and Arctic Securities of Oslo.
Decades of Expertise in Aquaculture
With two decades of experience in land-based Arctic charr and salmon farming, Samherji Fish Farming proudly holds the title of the world’s largest Arctic charr producer, capturing roughly 30% of the global market. Since 2002, the company has produced over 60,000 gutted tonnes of salmon and Arctic charr, with recent expansions elevating its annual production capacity to 6,000 gutted tonnes.
The design of Eldisgarður prioritizes operational simplicity, proven technology, and environmental responsibility. The facility will utilize geothermal seawater and warm seawater from the Reykjanes Power Plant’s cooling systems, resources that would otherwise go unused.
Commitment to Sustainable Development
“I am incredibly proud of our team for turning this vision into reality,” expressed Jón Kjartan Jónsson, Managing Director of Samherji Aquaculture. “This project will create new, knowledge-based jobs in Reykjanes and promote environmentally friendly production of high-quality protein.”
Gunnar Páll Tryggvason, Managing Director of Alfa Framtak ehf., shared similar sentiments: “Land-based farming is becoming integral to Iceland’s economy. By harnessing renewable energy and our extensive fishing industry experience, we anticipate significant growth in this sector. We are thrilled to support this initiative and collaborate with Samherji’s exceptional team.”
New investor CCap has a long-standing history with Samherji. Founders Jan and Anton van der Plas highlighted, “Our collaboration with Samherji’s management has spanned many years in fishing and fish processing projects globally. Aquaculture represents an exciting new chapter in our partnership.”
Jón Guðni Ómarsson, CEO of Íslandsbanki, added: “Leading the financing for Aquaculture Park aligns with our strategy of fostering long-term value within Icelandic businesses. We are delighted to be part of this ambitious initiative.”
The Eldisgarður facility is anticipated to commence operations in the first quarter of 2027.
For additional details, visit Samherji’s official news page.
Main image: Approximately 100 individuals will work in Aquaculture Park, primarily in knowledge-based roles, emphasizing automation and efficiency at the facility.
Images and video © Samherji
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