Salmon Evolution ASA: Signed agreement for NOK 140 million long term financing from Innovation Norway
Salmon Evolution ASA ("Salmon Evolution" or the "Company", OSE: SALME) refers to the stock exchange notice dated 16 April 2021 where the Company announced that it had signed a committed term sheet (the “Term Sheet”) with Nordea and Sparebanken Vest (jointly the “Lenders”) for a senior secured debt financing package of up to NOK 625 million relating to its phase 1 build out at Indre Harøy.
As communicated in the announcement, the Term Sheet included a reservation for a separate long term loan facility of NOK 140 million with a third-party lender (the “Third-Party Loan) as part of the debt financing package.
Salmon Evolution is pleased to inform that it has now signed an agreement for a NOK 140 million long term loan facility with Innovation Norway at highly competitive commercial terms (the “IN Facility”).
Mr Trond Håkon Schaug-Pettersen, CFO of Salmon Evolution comments:
“We are very pleased with being able to continue to attract strong support from leading financial institutions. Innovation Norway has supported us from the beginning, and as such it only feels natural to have Innovation Norway playing a vital role in our financing platform as we steadily approach completion of Indre Harøy phase 1.”
Mr. Helge Gjerde, Regional Director of Innovation Norway comments:
“Facilitating innovation and development of Norwegian enterprises and industries are the core purpose of Innovation Norway and our support to Salmon Evolution is a perfect example on how we execute on that strategy. Salmon Evolution not only challenges the traditional salmon farming industry, it does so in a truly sustainable way by utilizing the best natural preconditions of the ocean to farm salmon on land in a closed system while creating an optimal living environment for the fish.”
The IN Facility will be subject to a customary coordination agreement with the Lenders.
The process of finalizing the loan documentation with the Lenders are in its final stage and the Company expects signing of definitive agreements shortly.
For further information, contact:
Håkon A. Berg
CEO, Salmon Evolution
+47 411 92 257
Trond Håkon Schaug-Pettersen
CFO, Salmon Evolution
+47 911 91 327
About Salmon Evolution
Salmon Evolution is a Norwegian land-based salmon farming company focused on extending the ocean’s potential by transferring the best preconditions offered by the sea to farm fish on land through its hybrid flow-through system technology (HFS). This secures a truly sustainable production process with controlled and optimal growth conditions and limiting operational and biological risk.
The Company’s first production facility is under construction at Indre Harøy, strategically located on the Norwegian west coast with unlimited access to fresh seawater, renewable energy, established infrastructure for salmon farming, and an educated and experienced work force. The entire project is designed for an annual capacity of approx. 31,500 tonnes HOG.
The Company has also entered into a joint venture with Dongwon Industries where the parties will develop, construct and operate a land-based salmon farming facility in South Korea with an annual production capacity of 16,800 tonnes HOG, using Salmon Evolution’s HFS technology.
Salmon Evolution ASA is listed at Euronext Growth under the ticker SALME.
To learn more, please visit www.salmonevolution.no.