Nordic Aqua Partners AS (NOAP) announced a comprehensive financing package to support the soon-to-be-completed construction of Stage 2 and the plan for Stage 3 of its land-based Atlantic salmon farming operations in Ningbo, China, bringing the total annual capacity to 20,000 tonnes of locally farmed Atlantic Salmon.
Two Chinese new investors will inject RMB 300 million (approximately EUR 36 million) in cash into Nordic Aqua Ningbo, thereby acquiring a 20% ownership share. The valuation corresponds to a pre-money valuation of Nordic Aqua Ningbo of RMB 1.2 billion, corresponding to about NOK 1.7 billion
“This marks a major strategic milestone for Nordic Aqua,” said Ragnar Joensen, CEO of NOAP. “Our long-standing collaboration with the Chinese institutions goes back to the very beginning of Nordic Aqua Ningbo. The introduction of two respected entities as strategic minority partners represents a natural evolution of that cooperation. 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.”
“The co-investment into Nordic Aqua Ningbo, supporting the planned expansion towards 20,000 tonnes 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,” said Joensen.
“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 Joensen.
Key transaction highlights
Equity investment:
- RMB 300 million (~EUR 36 million) from new investors for a 20% stake in Nordic Aqua Ningbo
- Supporting the planned capacity expansion towards 20,000 tonnes HOG
- Subject to final documentation and approval at an Extraordinary General Meeting (EGM) in NOAP and New Investors
Debt financing package:
A total of up to RMB 585 million (EUR 70 million) comprising:
- Up to RMB 200 million (EUR 24 million) in working capital financing to support operations through ramp-up, subject to approved participations
- RMB 385 million (EUR 46 million) long-term financing for the existing facility in Gaotang
- Stage 3 construction finance is subject to milestones and conditions
- Competitive terms and conditions
- Subject to final documentation
Governance and strategic control:
- NOAP retains operational and strategic control of the Ningbo platform
- Governance structure ensures transparency and alignment with local and international standards
Timeline and conditions:
- Transaction completion expected in Q4 2025, subject to final documentation and approval at respective Extraordinary General Meetings (EGM)
- Drawdown on debt tranches to follow agreed project milestones
- Repayment of existing loans
