Chinese state firms complete £31.7m investment in Nordic Aqua salmon RAS
Landbased salmon farm developer Nordic Aqua Partners AS (NOAP) today confirmed the completion of a co-investment into its subsidiary Nordic Aqua (Ningbo) Co., Ltd., together with the refinancing of the company's long-term debt.
NOAP said the transactions materially strengthen the capital structure of Nordic Aqua Ningbo and provide long-term funding visibility for the next phase of growth (Stage 3) that will take production capacity from 8,000 to 20,000 tonnes of salmon annually.
Under the co-investment agreement, Ningbo Ocean Development Group Co., Ltd. and Xiangshan Strait Economic & Technological Cooperation Co., Ltd., two Chinese state-owned entities, have in aggregate invested RMB (yuan) 300 million (€36.7m/£31.7m) for a 20% stake in Nordic Aqua Ningbo. NOAP remains the majority owner of Nordic Aqua Ningbo.
10-year loan
Nordic Aqua Ningbo has also entered into a 10-year loan agreement with a syndicate of Chinese banks for RMB 385m (€46.9m).
The proceeds will be used to refinance existing credit facilities and other short-term bridge loans. Together with the equity investment, the financing framework secures long-term financing for NOAP and provides a clear pathway for long-term financing of Stage 3 of the recirculating aquaculture system (RAS) facility in Ningbo, eastern China, subject to defined milestones and conditions.
In addition, a working capital facility of up to RMB 200m (€24.3m) is partially secured.
“This marks a major strategic milestone for Nordic Aqua. The introduction of two respected Chinese state-owned entities as long-term minority partners strengthens our capital base, reinforces local alignment, supports Chinese national food security objectives, and significantly enhances our ability to scale sustainably. Combined with long-term bank financing, this provides a robust and competitive funding platform to expand production towards 20,000 tonnes," said NOAP chief executive Ragnar Joensen in a market announcement.
NOAP said the new financing secures Nordic Aqua Ningbo’s position as the leading land-based Atlantic salmon platform in China, and marks a critical inflection point in the company’s growth, supporting the planned expansion to scale production from 8,000 to 20,000 tonnes.
Stage 3
Detailed engineering work for Stage 3 will be completed during 2026, with the ambition to take a final investment decision enabling construction start in late 2026 or early 2027.
NOAP said that over time, it may evaluate capital markets alternatives for Nordic Aqua Ningbo, including a potential listing in China or Hong Kong.
“For investors, this financing establishes a de-risked path to a scalable and profitable platform, and long-term value creation in the world’s fastest-growing seafood market,” said Joensen.
