Nordic Aqua Partners nets €106m in new investment and financing

Land-based salmon farmer Nordic Aqua Partners (NOAP) is selling a 20% stake in China subsidiary Nordic Aqua (Ningbo) Co., Ltd., to two Chinese investors for RMB 300 million (approximately €36m / £31.4m), it said in a market announcement today.

The equity sale is part of a larger financing package to support the soon-to-be-completed construction of Stage 2 of its recirculating aquaculture system (RAS) facility in Gaotang, Ningbo, and the plan for Stage 3 which will increase total annual capacity to 20,000 tonnes.

As well as the equity sale, Nordic Aqua Ningbo has reached a preliminary agreement on terms and conditions for financing of the existing facility in Gaotang as well as a working capital facility with a syndicate of Chinese banks led by Bank of China, Ningbo branch.

Financing package

The financing package of up to RMB 585m (€70m) comprises: 

• Up to RMB 200m (€24m) in working capital financing to support operations through ramp-up, subject to approved participations 
• RMB 385m (€46m) long term financing for existing facility in Gaotang 
• Stage 3 construction finance subject to milestones and conditions

The equity sale is subject to final documentation and approval at extraordinary general meetings in NOAP and the new investors, and the financing package is subject to final documentation. The transaction completion is expected in Q4 2025, subject to approval.

Norway-headquartered NOAP said it will retain operational and strategic control of the Ningbo platform, and the Ningbo company’s governance structure ensures transparency and alignment with local and international standards.

Strategic milestone

NOAP chief executive Ragnar Joensen said the equity sale marked a major strategic milestone for the company.

"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,” said the CEO.

He added: "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 major investment requires long-term financial support, and we are pleased with the support and confidence from the lenders.”

20,000 tonnes

The financing marks a critical inflection point in NOAP's growth journey, supporting the planned expansion to scale production from 8,000 to 20,000 tonnes while maintaining operational control and governance discipline, said Joensen.

“Detailed engineering for the expansion to 20,000 tonnes will be completed during 2026 with an aim to take the Final Investment Decision in time for construction startup late 2026/early 2027. The combination of Chinese equity and local long-term debt unlocks access to competitive capital and confirms the strategic relevance of NOAP's platform to national food security objectives.

“A potential IPO of Nordic Aqua Ningbo in China/HK 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.”