African Aquaculture Company secures €2 million to launch salmon farming in Namibia.
The African Aquaculture Company (AAC) has completed financing for the first phase of its salmon farming project off the coast of Lüderitz, Namibia. The funding round, which secured €2 million in equity with further options for up to €6 million, marks a significant step toward establishing large-scale aquaculture production in the country.
The investment has been backed by a coalition of Namibian and Norwegian stakeholders, including Norwegian aquaculture specialists and the Nordic investment bank ABG Sundal Collier. Additional support has come via loans guaranteed by Norwegian export finance mechanisms.
AAC plans to produce 1,000 tonnes of Atlantic salmon annually in the pilot phase, scaling to a potential 51,000 tonnes across three offshore sites once the project is fully developed. The company will employ Norwegian aquaculture technologies in the cold waters of the Benguela Current, which offers temperatures between 10 and 16°C.
“We are thrilled to see this partnership come to fruition,” said Helge Krøgenes, CEO of AAC. “This financing not only sets the project in motion but paves the way for Namibia to become a significant player in the global salmon market.”
The project is expected to create over 5,000 direct and indirect jobs at full capacity, with local employees receiving training in aquaculture operations. AAC aims to meet Global G.A.P. and Aquaculture Stewardship Council (ASC) standards and has cited Namibia’s political stability and investment climate as key enablers of the project.
Infrastructure development is under way in Lüderitz, with initial production aimed at supplying markets in Southern Africa, the Middle East, and Europe.