Iceland's Samherji completes financing for new land-based salmon farming project

Samherji Fish Farming, a subsidiary of Samherji, has completed financing of the first phase of a new land-based fish farming facility on the Reykjanes Peninsula in Iceland.

The funding, secured through an equity private placement and a syndicated loan, totals €235 million (US$267 million).

"We expect land-based fish farming to bring significant value creation to the Icelandic economy, just as the fisheries industry has done for decades," said Thorsteinn Már Baldvinsson, CEO of Samherji and Chairman of Samherji Fish Farming.

Since 2023, Samherji has invested €30 million (US$34 million) in expanding the Öxarfjördur site in north-east Iceland with several pilots, testing new technologies that will be applied in the Reykjanes facility.

"The operational performance has been impressive, validating our expectations for the new site," said Baldvinsson. "A dedicated team has worked meticulously over an extended period to prepare for this large-scale, high-investment project, laying the groundwork for an industry-leading facility."

Groundworks for the new facility began in October 2024.

The facility will be located on Reykjanes in HS Orka’s Resource Park and will be built in three phases, producing approximately 10,000 tonnes of head-on gutted salmon annually after the first phase, and reaching a total capacity of 30,000 tonnes per year once fully operational.