Abu Dhabi, U.A.E.-headquartered Pure Salmon has secured a JPY 33 billion (USD 211 million, EUR 194 million) long-term debt facility from Sumitomo Mitsui Banking Corporation (SMBC) for the construction of its GK Mie RAS Atlantic Salmon Project.
Pure Salmon’s parent company, 8F Asset Management, raised USD 358.8 million (EUR 329 million) in 2020 to fund the construction of recirculating aquaculture systems (RAS) in Poland, Japan, France, and the U.S. To that end, the company recently launched a soil remediation effort at the site of its planned 20,000-metric-ton (MT) salmon RAS in the U.S. state of Virginia.
In its latest announcement, the company said its Japanese-based project Soul of Japan has received long-term debt financing to construct Pure Salmon’s facility in Tsu City, Mie Prefecture, Japan.
“This debt financing allows us to accelerate our growth and contribute to Japan’s food security while minimizing our environmental footprint,” Soul of Japan CEO Erol Emed said. “We are committed to delivering high-quality, locally produced salmon to consumers.”
The facility in Japan will comprise a 70,000-square-meter building on a 137,000-square-meter plot. According to Soul of Japan, the facility will have the capacity to produce 10,000 MT of Atlantic salmon annually. That would make it the largest salmon production facility in Japan, beating out Proximar Seafood’s 5,300 MT facility – which is already operational and planning its first harvest in September.
Soul of Japan held a groundbreaking ceremony for its facility in April 2023. The company said the facility is “at an optimal distance” from the cities of Tokyo, Nagoya, and Osaka – giving it easy distribution access to Japan’s population centers.
“We are excited to work with SMBC, the banking group and the management teams of Soul of Japan, and Pure Salmon to facilitate this transaction that recognizes the importance of sustainable aquaculture and its positive impact on Japan’s economy and the environment,” 8F Asset Management Chief Investment Officer Karim Ghannam said.
