Benguela Blue Aqua Farming, a Namibian aquaculture company, is aiming to raise N$1.7 billion in capital outlay for equipment, infrastructure, and human capital for its new salmon farm project.
The project, which began in July 2022 and is expected to take off in June 2024, seeks to raise 35,000 metric tonnes of Atlantic salmon annually in submersible net pens, eight kilometres off the coast of Namibia.
“We are excited to be at the forefront of this groundbreaking project,” said Johannes Aldrian, co-founder and Executive Director of Benguela Blue Aqua Farming.
“Not only will our project create jobs and boost the Namibian economy, but it will also provide the world with a sustainable source of high-quality salmon.”
Benguela Blue Aqua Farming is currently raising N$30 million through a public equity investment round. The proceeds will be used for crucial land acquisition in Lüderitz, where the farm will be located.
“We are confident that we will reach our investment target by the end of February,” said Aldrian.
“We are already receiving positive feedback from potential investors, and we are excited to partner with them to bring this project to life.”
The company is also gearing up for a groundbreaking ceremony at Lüderitz scheduled between February and March 2024. This will coincide with the closing of their public equity investment.
“We are on track to initiate the project in June or July with a startup capital of €80 million,” explained Aldrian.
The project’s financing model involves a twofold approach. Capital expenditure will be covered by credit lines, ensuring minimal dilution of existing shares. Operational expenditure, on the other hand, may be financed by the African Development Bank.
Detailed engineering and financial planning are set to be finalised by 24 July 2024, paving the way for equipment procurement. The project is targeting the second quarter of 2024 for its first harvest, which is expected to be around 100 tonnes.
Benguela Blue Aqua Farming’s salmon farming project is a landmark development for Namibia. It is poised to create jobs, boost the economy, and provide the world with a sustainable source of high-quality salmon.
The company’s innovative approach to aquaculture is setting a new standard for the industry, and its commitment to sustainability is commendable.
