Kingfish producer secures €75m loan facility

© Mees van den Ekart
Kingfish Zeeland

Land-based fish farmer The Kingfish Company has taken out a €75m (£62.2m) loan to finance phase two of its expansion plans.

The facility also includes a non-committal facility of €37.5m (£31.1m) to finance part of the capital cost for a future phase three development in the Netherlands.

In an Oslo stock exchange announcement, The Kingfish Company said the agreement with P Capital Partners AB (“PCP”) is for a five-year ESG-linked bilateral debt facility.

The Kingfish Company is a pioneer and leader in sustainable land-based aquaculture. Current annual production capacity at its Kingfish Zeeland facility in the Netherlands is 1,500 tons of high quality, high value yellowtail kingfish.

Ohad Maiman, CEO of The Kingfish Company said: “With funding secured to reach 3,500 tonnes annual capacity in the Netherlands, we are now funded to reach group-level profitability, placing us in a comfortable position to optimise growth capital for further buildout in the US and the EU and continue to deliver on our expansion plan.”

He added: “Following constructive dialogues with banks and financial investors and several potential financing indications, we are pleased to partner with PCP to fund our ongoing growth in Europe. PCP is a strong financial partner, highly knowledgeable in the aquaculture sector, and their funding is a testament to our solid operational delivery.”

Daniel Sachs, CEO, P Capital Partners AB, said: ”PCP has been active in funding the sustainability transition of the economy for years. On-land aquaculture will play a key role in sustainable protein production globally. We are excited to be partnering with an industry leader such as The Kingfish Company.”

Expansion is underway and capacity in the Netherlands will reach 3,500 tonnes in the second half of 2022. In the US, plans for a facility with a capacity of 8,500 tonnes is progressing as planned, the company said.

Ohad Maiman, CEO of The Kingfish Company