Gigante Salmon fully funded to complete 16,000 gwt land-based facility
Land-based fish farmer Gigante Salmon now has all the funding it needs to complete its 16,000 gutted weight tonnes per year facility in Norway, it said in a report covering the third quarter and subsequent weeks.
Earlier this month, Gigante raised NOK 200 million with a share issue, and NOK 100m through a long-term leasing agreement with SpareBank 1 Finance Northern Norway.
“We are leaving a content-rich quarter behind us, especially financially. Strengthened financing ensures that we can complete the plant at Lille Indre Rosøy with increased quality and robustness,” said chief financial officer Rune Johansen.
Power and water
Achievement in the third quarter included:
- Onshore power for phase 1 established
- The feed, housing and work barge is anchored and operational
- Risers and sieve boxes for water intake for phase 1 have been installed
- Completed preparation, arrangements, and installations in the technical area for phase 1
- All positions in the planned operating organisation have been filled
- Completed plan audit and updated forecast
Capital spending through Q3 increased from NOK 260m at the end of Q2 to NOK 385m.
Phase 1 covers a grow-out basin where smolt grows from 100 grams to 1 kg in 11 months. Phase 2 covers two production basins where salmon will grow from 1 kg to harvest (4-7 kg). The first batch of 1.1 million smolts are due to be stocked in phase 1 next month.
Phase 2 is scheduled to be completed in the third quarter of 2024, in time to be stocked with 1kg post-smolts.
Gigante Salmon, which is using a flow-through system, expects to harvest 5,300 gwt in late
2024/early 2025 and have a second harvest of the same size a year later from a
second batch of smolts.
It plans full production from the second half of 2025, when it will stock 3.3m smolts for a harvest of 16,000 gwt in late 2026/early 2027.