Andreas Kvame says Grieg will invest heavily in reducing its environmental footprint and improving fish welfare.

Grieg raises NOK 1 billion with green bond issue

Salmon farmer Grieg Seafood has raised NOK 1 billion (£83.1 million) by issuing a five-year green bond. The company said the transaction was significantly oversubscribed.

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Green bonds enable capital-raising and investment for new and existing projects with environmental benefits.

Grieg chief executive Andreas Kvame said: “Reducing our environmental footprint and improving fish welfare is not only an ethical responsibility, it is also key to achieve our operational and financial targets.

“We will invest heavily in these areas over the next years, in projects like keeping the fish longer on land, achieving Aquaculture Stewardship Council (ASC) certifications, reducing carbon emissions or helping commercialise new feed ingredients with lower impact. We are pleased to partly finance these efforts through a green bond.”

Matures in 2025

The senior unsecured green bond has a maturity date June 25, 2025. The bond pays interest at the three-month average for the NIBOR (Norwegian Interbank Offered Rate) plus 340 basis points.

Companies raising money with green bonds are expected to comply with the voluntary Green Bond Principles published in June 2018 by the International Capital Market Association (ICMA). 

Grieg farms salmon in Norway, Scotland and Canada.