Proximar completes Mount Fuji project land purchase

Land based salmon farmer Proximar Seafood announced yesterday it has made the first drawdown from its 8.8 billion Yen (£55m) blue sustainability loan facility arranged three months ago.

This, it said, will enable it to complete the land purchase agreement for its Mount Fuji RAS (recirculating aquaculture system) farm project.

The loan was provided by Mizuho Bank, Shizuoka Bank and Development Bank of Japan.

Proximar CEO Joachim Nielsen said: “We are pleased to successfully make the first drawdown of our bank loan and completing the land purchase agreement with the full down payment to [Proximar’s construction partner] Daiwa House Industries of the seller credit.

“The strong support from Daiwa House since 2018, including the seller credit provided, has been crucial for Proximar during the years of start-up and construction.”

The Proximar statement said the construction of the grow-out facility in Japan was continuing with high activity and is expected to be completed in third quarter of this year.

The completion is aligned with the timing of the transfer of the first batch from the Nursery department to the Grow-out.

The production is also moving forward according to expectations with monthly inserts of eggs. The water treatment is demonstrating stable and good performance and the fish growth is according to the production plan.

Proximar Seafood is a Norwegian land-based salmon farming company with its first facility and production still under construction at Oyama, at the foot of Mount Fuji in Japan. The company inserted its first batch of eggs last October and the first batch of Atlantic salmon juveniles have started to take feed.

The first harvest is expected in mid 2024.

Joachim Nielsen