Iceland land farmer secures €80m finance facility

The financing is subject to standard conditions and will support the construction of a salmon farming facility in Þorlákshöfn, with plans for future expansion.

First Water CEO Eggert Þór Kristófersson said: “Securing funding for a project of this scale is a challenging process, and we are pleased to have the support of Icelandic banks. This milestone underscores our commitment to sustainable aquaculture in Þorlákshöfn, guided by environmental considerations.”

Arion Bank CEO Benedikt Gíslason added: “It will be exciting to follow the development of First Water, which joins a strong group of aquaculture companies supported by the bank, forming an important industry for Iceland’s regions and economy.”

Lilja Björk Einarsdóttir, CEO of Landsbankinn, said: “First Water has demonstrated solid planning and remarkable results. We are confident in their growth and ambitious vision for sustainable aquaculture.”

A few weeks ago First Water reached a significant milestone, harvesting 1,000 tonnes of whole and gutted salmon.

This marked a substantial increase from the 365 tonnes harvested in 2023, reflecting the company’s accelerated growth and production efforts.

First Water is building a 50,000-ton capacity facility at Laxabraut in Þorlákshöfn (pictured) , south of the capital Reykjavik, and is set to be completed in six phases by 2029.

The facility is being developed in a series of six meticulously planned phases, each designed to incrementally increase production capacity and operational efficiency. Currently, the project is in its first phase, which, once complete, will yield 8,300 tonnes of head-on gutted (HOG) salmon annually.