Iceland fish farmer signs major finance deal
Laxey, one of Iceland’s younger salmon farming companies has signed a financing agreement with Arion Bank for an undisclosed sum to support its plan to operate a facility on land in Vestmannaeyjar, the country’s western isles.
It says the agreement is an important part of Laxey’s long-term operations and supports the company’s continued development.
The partnership underlines Laxey’s commitment to the development of fish farming in the Vestmannaeyjar, the company said, guided by sustainability and environmental considerations.
Rúnar Magni Jónsson, Director of Arion Bank’s Corporate and Investment Banking division said: “It is a pleasure to sign this agreement with Laxey and thus support the development of fish farming in the Vestmannaeyjar.
“Arion Bank has supported various projects in the field of fish farming in many parts of the country, which has now become an important industry, not only for settlements in many parts of the country, but also for the Icelandic economy. Laxey’s plans are ambitious and it will be exciting to watch the development ahead. ”
Laxey chairman Lárus Ásgeirsson added: “The partnership with Arion Bank is a big step towards strengthening our operations. With the support of Arion Bank, we can continue on the path we are on, build a new industry in Vestmannaeyjar and continue to emphasize environmentally friendly farming methods.”
Laxey aims to build a fish farm that can produce 32,000 tons of salmon per year (pictured). It has a fry station in operation in Friðarhöfn that uses a RAS system that maximizes the reuse of water and is the first station of its kind in Iceland.
The feed that will be on land will use a flow-through system with about 65% reuse, where clean seawater is pumped up through the station and cleaned before being returned to the sea. With this, Laxey ensures the best conditions for the growth of salmon in a sustainable way.
The cooperation between Arion Bank and Laxey comes at a time when the aquaculture industry in Iceland is on the rise and strengthens the country’s image as a leading country in progressive and environmentally friendly aquaculture.
