Mowi will use the proceeds from its recent green bond issue for green projects as defined by its 2023 green and sustainability-linked financing framework.
The world’s largest producer of farmed Atlantic salmon, Mowi, has issued NOK 3.5 billion ($320 million) in green bonds, split across two tranches.
The bond issue was significantly oversubscribed, reflecting strong investor interest in the company’s sustainability initiatives, according to a release from the company.
The proceeds from the bonds will be directed towards various green projects under Mowi’s Green and Sustainability-Linked Financing Framework established in May 2023.
These projects include expanding Aquaculture Stewardship Council (ASC)-certified salmon farming in Norway and the acquisition of a majority stake in the fully ASC-certified Icelandic company, Arctic Fish, in December 2022.
Additionally, the funds will support the installation of hybrid energy systems on feed barges in Norway, aimed at reducing the carbon footprint of Mowi’s operations by cutting down diesel usage and preparing for full electrification in the future.
A significant portion of the green bond proceeds will also be invested in Mowi’s feed mill in Scotland, which exclusively uses sustainably sourced, certified deforestation-free soy to produce eco-friendly fish feed.
Headquartered in Bergen, Norway, Mowi operates across seven countries and employs 11,500 people globally. The compnay reported a turnover of $5.9 billion in 2023.
