Pure Salmon Japan has secured more than $180 million (EUR 166 million) in preferred note financing to support the construction of a land-based salmon farming facility in Mie Prefecture.
The investment was led by funds managed by affiliates of Fortress Investment Group, with participation from Tor Investment Management, which had previously invested in the project. Pure Salmon Japan is a portfolio company of aquaculture investor 8F Asset Management.
According to the companies, the financing completes the preferred note funding for the project. Construction of the facility is already underway.
The planned recirculating aquaculture system (RAS) farm is designed to produce around 10,000 tonnes of Atlantic salmon annually. Once operational, it is expected to be the largest land-based salmon farming facility in Japan.
Pure Salmon Japan said the project is intended to supply domestically produced salmon to the Japanese market. Japan currently relies heavily on imports for Atlantic salmon supply.
Preferred note financing is typically structured as a form of debt investment that carries priority over ordinary equity in repayment.
The company said it may also seek additional long-term equity partners as the project progresses.