Nordic Aqua Partners completes Chinese equity investment and refinancing package.
Nordic Aqua Partners has completed a co investment deal into its Chinese subsidiary, Nordic Aqua (Ningbo) Co., Ltd., alongside a refinancing of the subsidiary’s long term debt, in a move the company said strengthens the capital structure and provides longer term funding visibility for its next growth phase.
Under the co investment agreement, Ningbo Ocean Development Group Co., Ltd. and Xiangshan Strait Economic and Technological Cooperation Co., Ltd., two Chinese state owned entities, have invested a combined RMB 300 million (EUR 36.7 million) for a 20% stake in Nordic Aqua Ningbo. Nordic Aqua Partners said it remains the majority owner.
Nordic Aqua Ningbo has also entered into a 10 year loan agreement with a syndicate of Chinese banks for RMB 385 million (EUR 46.9 million). The company said the proceeds will be used to refinance existing credit facilities and other short term bridge loans.
In addition, the company said a working capital facility of up to RMB 200 million (EUR 24.3 million) is partially secured.
Chief executive Ragnar Joensen said the introduction of the two minority partners and the long term bank financing supports the company’s plan to expand capacity at its Ningbo project from 8,000 tonnes to 20,000 tonnes. Nordic Aqua Partners said detailed engineering work for Stage 3 will be completed during 2026, with an ambition to take a final investment decision enabling construction to start in late 2026 or early 2027, subject to milestones and conditions.
Nordic Aqua Partners added that it may evaluate capital markets alternatives for Nordic Aqua Ningbo over time, including a potential listing in China or Hong Kong.
