Land based producer raises $23 million in new financing

Editorial Staff

Gigante Salmon raises further capital to complete 16,000 ton land-based facility.

Land-based salmon producer Gignate Salmon has secured a loan financing commitment of $23 million from Sparebank 1 Nord-Norge, with support from Export Finance Norway (Eksfin).

Gigante Havbruk, the company’s principal shareholder, has pledged support for an equity financing initiative, committing to a subscription amount of up to $12 million.

This financial backing is part of Gigante Salmon’s plan to address the escalating costs associated with the construction of its production facility in Rødøy. The total increased costs for completing the facility are estimated at $32 million.

In March, the producer fired CEO Helge E. W. Albertsen in response to spiralling costs.

Sparebank 1 Markets is facilitating the planned equity financing. The bank, in collaboration with Gigante Salmon, anticipates initiating discussions with key shareholders and investors soon, aiming to complete the equity financing within the second quarter of the year.


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