© Nordic Aqua
The agreement enables Nordic Aqua to further develop its land-based farming facility in Ningbo, China, allowing for an annual production capacity of 20,000 tonnes. Simultaneously, the company’s existing rental agreements for the farm have extended to 30 years with an option to buy out the entire facility should Nordic Aqua so want.
Under the agreement, the Xiangshan Strait Economic and Technological Cooperation Company will develop infrastructure and utilities based on Nordic Aqua specifications, which Nordic Aqua will lease back on a long-term basis.
“The agreements formalise the necessary long-term conditions for the development of our operations and is yet another confirmation of the dedication and support we enjoy from the local authorities in the region,” commented Ragnar Joensen, Nordic Aqua CEO, in a press release.
A final investment decision for the development of this new stage is expected during 2025, according to Nordic Aqua.
