EU bank invests £42m in Swedish on-land salmon farm
RE:OCEAN plans to supply a fifth of country’s demand
The European Investment Bank (EIB) has approved a risk capital investment of SEK 530 million (£42 m) in the company RE:OCEAN, to support the construction of Sweden’s first on-land salmon farm in Säffle, Värmland.
According to a press release from the bank, this is one of the largest investments ever in what it calls innovative and sustainable food production in Sweden. Swedes eat an average of 12 kilos of salmon per year.
The facility in Säffle will eventually produce 10,000 tonnes a year, which corresponds to a fifth of the salmon consumed in Sweden. Today, almost all salmon in Sweden is imported, mostly from Norway.
The loan is guaranteed by the European Commission’s research and innovation programme.
Backed by retailers
RE:OCEAN will use AKVA group’s zero water concept (ZWC) technology in its recirculating aquaculture system facility, which will have all production stages under one roof, from hatching to harvest, processing and packaging.
The salmon will be produced in 88 tanks.
RE:OCEAN, formerly known as Premium Swedish Salmon, will use fossil-free energy for the facility, and anticipates full production from 2026.
The project is supported by Sweden’s three leading food retailers, Axfood, Coop, and ICA.
The EIB is the bank of the European Union, owned by the 27 EU member states. It operates in around 160 countries and is the world’s largest multilateral lender to climate projects.