The Nordea Bank loan was related to the Benchmark Genetics salmon egg facility in Salten, Norway. The new green loan remains as ring-fenced debt without recourse for the remainder of the Benchmark Group and has a marginally lower interest rate.
The conversion of the loan into a green loan required the Company to meet key ESG criteria, including water management and the use of sustainable raw materials from deforestation-free sources. Benchmark’s land-based production facility in Salten, Norway is designed for high biosecurity and high environmental standards. Access to salmon eggs with specialist genetic traits is a crucial first step in the value chain to produce sustainably grown salmon.
Trond Williksen, CEO of Benchmark PLC said, “the conversion of our existing loan with Nordea into a green financing facility is a testament to Benchmark’s commitment to ESG and sustainability, as well as to the successful development of our salmon genetics infrastructure and practices. We will continue to utilise green finance where appropriate whilst furthering our ESG and sustainability aims.
Benchmark’s commitment to sustainability is further underpinned by our Net Zero targets and the work underway to improve our energy efficiency and access to renewable energy sources.”