(3 Minutes Read)
The African Aquaculture Company (AAC) has raised N$41 million (€2 million) in equity financing to initiate the first phase of its pioneering salmon farming project off the coast of Lüderitz.
This initial investment is the result of a strategic partnership between Namibian and Norwegian investors, with provisions to scale up total equity funding to N$123 million (€6 million). Additional support will come in the form of loans backed by Norwegian export finance guarantees.
“Our first funding round has secured €2 million in equity, with a pathway to increase that to €6 million,” said AAC CEO Helge Krøgenes. “These funds, supported by export-backed loans, will enable us to commence production, beginning with smolt farming and the construction of essential infrastructure.”
Krøgenes praised the collaborative efforts between Namibian financial partners and Norwegian aquaculture experts, including Nordic investment bank ABG Sundal Collier, for making the project a reality. “This partnership highlights our mutual dedication to sustainable resource management, technological advancement, and economic growth,” he noted. “It marks the beginning of Namibia’s journey into the global salmon market.”
AAC intends to employ advanced Norwegian aquaculture systems to build a responsible and sustainable salmon farming operation. The pilot phase is set to produce 1,000 tonnes of premium Atlantic salmon annually, with plans to scale up to 51,000 tonnes across three licensed offshore sites.
The Lüderitz-based operation will benefit from the cold, nutrient-rich waters of the Benguela Current, which offer optimal farming temperatures between 10 and 16°C. The project is projected to generate over 5,000 direct and indirect jobs at full capacity, significantly boosting Namibia’s economy.
Country Director Clement Kaukuetu emphasised the initiative’s broader impact: “Beyond job creation, this project will provide vital training and upskilling opportunities for Namibians, supported by knowledge transfer from our Norwegian partners.”
Environmental sustainability is central to AAC’s approach. Kaukuetu noted that the Benguela Current has shown no presence of salmon lice, and rigorous environmental monitoring will ensure compliance with international standards such as Global G.A.P and the Aquaculture Stewardship Council (ASC).
Read Also:
Salmon from the pilot phase will be supplied to both local and global markets, with Southern Africa, the Middle East, and Europe identified as key export regions. AAC also plans to develop Lüderitz into a regional centre for salmon farming and processing, supported by new infrastructure and logistics.
“This successful funding round demonstrates how collaboration between developed and developing nations can foster sustainable economic growth,” the company stated. “We are deeply grateful to all partners and stakeholders who made this milestone possible.”
Arabic
Chinese (Simplified)
Danish
English
French
Hindi
Italian
Norwegian
Portuguese
Russian
Spanish
Swedish