Nordic Aqua (Ningbo) Co., Ltd., a subsidiary of Nordic Aqua Partners, has signed a 30-year rental agreement with the Xiangshan Government for land and production facilities. This agreement allows the company to expand its land-based farming facility in Ningbo to a 20,000-tonne annual production capacity.
The new agreement will support Stage 3 of the facility, which adds 12,000 tonnes to the current 4,000 tonnes in production and the additional 4,000 tonnes under construction, with the first harvest expected in Q3 2026. At the same time, existing rental agreements for Stages 1 and 2 have been extended to 30 years, aligning the timelines for all stages. The agreement also includes an option for Nordic Aqua to purchase the entire facility.
A final investment decision for Stage 3 is expected in 2025.
CEO Ragnar Joensen stated, “The agreements formalize the long-term conditions for the development of our operations and confirm the continued support from local authorities.” Under the agreement, the Xiangshan Strait Economic & Technological Cooperation Co., Ltd. will develop infrastructure and utilities based on Nordic Aqua’s specifications, which the company will lease long-term. The infrastructure investment, which typically accounts for 40-45% of total project costs for land-based salmon farms, will be externally financed at favorable interest rates.
