Mowi's policy allows it to use green bond money for farms, provided they are or are in the process of being ASC certified. Photo: GoElectra / Mowi.

Green bond first for Mowi

Salmon farmer Mowi has raised €200 million with a five-year, senior unsecured inaugural green bond issue, the first green bond ever issued by a seafood company, it said in a market statement today.

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Mowi said the bond issue was significantly oversubscribed, attracting solid investor demand from both dedicated green and regular bond investors.

The proceeds from the green bond issue will be used for green projects as further defined by Mowi’s green bond framework.

‘No’ to fossil fuels

That means the money cannot be used for investments and expenditures for fossil fuel machinery and/or equipment.

However, it can still be used for many other Mowi operations, including sustainable feed production using 100% deforestation-free soy.

The green bond revenue can also be used for salmon farms provided they are certified or in preparation to be certified by the Aquaculture Stewardship Council (ASC).

Research and development

Sustainable processing facilities, research and development linked to improving environmental performance of feed, fish farms and processing, and investments to protect, restore and enhance ecosystems and biodiversity, such as escape prevention and the reduction of microplastics, also qualify.

Investments in fish welfare, including sea lice management and the prevention and reduction of medicine and antibiotic use, and initiatives that contribute to an energy use reduction of at least 20% can also be funded, as can the improvement of wastewater treatment and freshwater use.

The allocation of the green bond proceeds will be decided by Mowi’s Green Bond Committee, which comprises its chief sustainability officer, chief financial officer, head of treasury and the chief operating officer of the relevant business area.