Another Iceland land project attracts major investment

The latest funding round was led by Icelandic fund Haf Investments, which specialises in the seafood industry and already owns a sizeable stake in Thor Landeldi.

Reports from Iceland say the additional share capital secures financing for the next 4,750tonne phase of its work on a new farm in the south west of the country.

Thor Landeldi, also known as Thor Salmon, is developing a large-scale salmon farm with an eventual goal of 20,000 tonnes of Atlantic salmon a year in Þorlákshöfn.

The development, one of a number in southern Iceland, has already attracted a number of key investors including Icelandic pension funds. Construction of phase one is well underway and should be completed later this year. It also includes plans for a grow out facility.

The first phase of the project, which is led by a highly experienced fish farming team, is now being completed before the summer, and it involves the construction of a complete fry farm that will breed fry for up to 20,000 tons of production.

It involves extensive preparatory work in research and licensing for the project. The first salmon harvest is expected in the final half of 2027.