First Water, which specializes in sustainable land-based salmon farming in Þorlákshöfn, has completed a share capital increase of EUR 39 million, which corresponds to approximately ISK 5.7 billion isk.kr. The share capital increase is led by existing shareholders, including Stoðir hf, FW Horn slhf, Framherji ehf, Lífeyrissjóður verslanarmanna, Brú lífeyrissjóður, Líra ehf. and LSR.
“This funding reflects the great trust and confidence of those who know us best – our current shareholders. It enables us to continue to invest in the development of our operations in Þorlákshöfn and the rapid production of high-quality export products. Our plans for development have been met and we expect the first phase of the project to be completed this year,” says Eggert Þór Kristófersson, CEO of First Water.
“We are experiencing great interest in foreign markets for high-quality salmon produced for international markets with the latest technology, in strong collaboration with the local community and with a strong emphasis on the responsible use of natural resources. Environmental protection and strict quality control are cornerstones of all First Water operations. We are grateful for this strong support from our shareholders and look forward to utilizing the opportunities that lie ahead,” adds Eggert.
Before the share capital increase, the company had raised EUR 122 million in share capital, but has now raised EUR 161 million in share capital after the financing, or around ISK 24 billion. At the end of last year, it was announced that EUR 80 million in loan financing was secured from Landsbankinn and Arion Bank, or a total of around 12 billion isk.kr. The company has thus secured financing of around 35 billion isk.kr. , and the investment in the project now amounts to over 20 billion isk.kr. .
The share capital increase enables First Water to complete the construction of the first of six phases in Þorlákshöfn, thus strengthening the company’s position as a leading company in sustainable land-based salmon farming in Iceland. Emphasis is placed on high-quality production and minimizing environmental impact – all key elements of reliable and responsible operations.
First Water’s operations begin
First Water has already sold around 2,000 tonnes of high-quality salmon, reflecting the company’s ability to meet the ever-increasing global demand for sustainable and environmentally friendly seafood.
When completed, First Water’s land-based salmon farm will produce around 50,000 tonnes of salmon per year, and the facility will be built in six phases and will be fully operational by 2030. Each phase will have a production capacity of around 8,300 tonnes of salmon per year. The total investment in the project will amount to around 825 million euros or around 120 billion isk.kr., and it is expected that when the company’s operations are fully operational, around 330 people will be employed by the company.
To secure future production capacity, First Water has entered into a power purchase agreement with Landsvirkjun for the purchase of 20 MW of electricity, with an expansion planned to 50 MW when Hvammsvirkjun becomes operational. The company has also reached an agreement with Landsnet for the supply of the energy.
Source: Sunnlennska.is
