The Kingfish Company now has the money to complete its expansion in Zeeland. Image: Kingfish Co.

Kingfish Company secures €75m loan package

On-land fish farmer The Kingfish Company has secured a five-year, €75 million debt facility that will enable it to finance remaining costs of an expansion to its plant in Zeeland, Netherlands, repay debt and fund working capital.

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In January, the company announced that it had secured a €10 million (£8.4m) bridging loan from Rabobank to fund continuing work on the expansion, and that long-term debt financing to secure completion of phase 2 of the facility was in advanced stages.

“With funding secured to reach 3,500 tonnes annual capacity in the Netherlands, we are now funded to reach group-level profitability, placing us in a comfortable position to optimise growth capital for further buildout in the US and the EU and continue to deliver on our expansion plan”, said chief executive Ohad Maiman today.

Ohad Maiman: Funding "is a testament to our solid operational delivery".

Strong partner

The interest rate on the debt facility from P Capital Partners AB (PCP) partly depends on performance relative to the company’s ESG (Environmental, Social, and Governance) targets.

The agreement also includes an uncommitted facility of €37.5 million to finance part of the capital cost for a future phase 3 build-out in the Netherlands.

“PCP is a strong financial partner, highly knowledgeable in the aquaculture sector, and their funding is a testament to our solid operational delivery,” Maiman said in a press release.

Sustainability transition

Daniel Sachs, chief executive of PCP, said the company had been active in funding the sustainability transition of the economy for years.

“Onland aquaculture will play a key role in sustainable protein production globally. We are excited to be partnering with an industry leader such as The Kingfish Company,” added Sachs.

The Kingfish Company produces 1,500 tonnes of yellow kingfish (seriola lalandi) a year in Zeeland, with capacity at the site scheduled to reach 3,500 tonnes in the second half of this year.

In the US, the company is engaged in the permitting process for an 8,500-tonnes-a-year recirculating aquaculture system facility in Jonesport, Maine.