Samherji increases equity raise to €210 million for land-based salmon project
Samherji fiskeldi has increased its planned share issue to €210 million, up from €125 million, due to strong investor demand for its land-based salmon farming project, Eldisgarður, on the Reykjanes peninsula.
The expanded equity raise, announced on 17 July, brings total project financing for the first two phases to €320 million, including a previously secured €110 million syndicated loan, according to a report in Vikublaðið.
Eldisgarður is being constructed in three phases next to the HS Orka geothermal plant, with access to 100% renewable energy. Once complete, the facility is expected to produce 36,000 tonnes of whole Atlantic salmon annually (equivalent to 30,000 gutted tonnes). Earthworks began in October 2024.
The new capital allows Samherji to accelerate development of phase two. Around 100 staff will be employed at the site, most in specialist roles, supported by Samherji fiskeldi’s existing team of 120.
Investors in the share issue include Samherji hf., Icelandic pension funds (Almenni, Festa, Gildi, VR Pension Fund, LSR, and Stapi), private equity firm AF3 slhf. (managed by Alfa Framtak), Dutch family office CCap, and Icelandic firm Snæból ehf.
Financial advisers were Íslandsbanki and Arctic Securities (Oslo).
Chairman Þorsteinn Már Baldvinsson described the raise as “a vote of confidence” in the project and said it brought significant responsibility to deliver, according to the Vikublaðið report.
