The new salmon farming venture in development by Samherji’s aquaculture dicision in the Reykjanes area of south-west Iceland has already seen its equity placement boosted due to strong demand from investors, which include Icelandic and Dutch investors, as well as a group of Icelandic pension funds.
The Salmon Garden has been under development since 2020 and is located in HS Orka’s Resource Park, adjacent to the Reykjanes geothermal power plant, with access to 100% renewable energy. The facility will include a freshwater RAS hatchery, an on-growing section with three on-growing stages, and a harvesting facility. Groundworks began in October 2024 and are ongoing as the facility continues to take shape.
When all three construction phases are complete, the land-based aquaculture facility will produce 36,000 tonnes of liveweight salmon, equivalent to 30,000 head-on gutted (HOG) tonnes – with a predicted €300 million in annual export revenue.
The issue of new shares in Samherji Fish Farming through equity private placement has been increased to €210 million from €125 million. Total financing, including the syndicated loan, amounts to €320 million.
‘Increased investor interest in this project is a vote of confidence for Samherji Fish Farming and reflects their trust in the Salmon Garden,’ said Samherji Fish Farming chairman Thorsteinn Már Baldvinsson.
‘Accepting funds from investors entails significant responsibility. They assume we will live up to it and fulfil their expectations, which we intend to do. I want to thank the employees of Samherji Fish Farming, as well as our partners and advisors, for their professionalism and a job well done in relation to this project.’
The Salmon Garden is expected to provide around 100 jobs, primarily in skilled roles. The facility will also benefit from the support of the 120 employees and specialists currently employed by Samherji Fish Farming, which has successfully farmed Arctic char and salmon for over two decades – and is currently the world’s largest producer of Arctic char, with a market share of around 30%.
