While long-term debt financing to enable the completion of the second phase of its production strategy in the Netherlands is in advanced stages, The Kingfish Company has confirmed that a bridge facility of €10 million from Rabobank has also been secured to assure the development of the facility’s expansion.
In a notice filed with the Oslo Stock Exchange, the land-based yellowtail kingfish producer stated, “With current low levels of debt leverage, The Kingfish Company continues to work on increasing debt financing for its operations and development in the Netherlands. Further updates on securing longer-term debt will be communicated in due course.”
Based on recirculating aquaculture systems (RAS), the company’s current annual production capacity at its Kingfish Zeeland facility in the Netherlands is 1,500 tonnes of fish.
Expansion of this facility is underway, with the capacity expected to reach 3,500 tonnes in the second-half of this year.
Meanwhile, in the US, permission for the company’s 8,500-tonne capacity facility is progressing as planned.
As recently reported by WF, high demand for its Dutch-grown fish in European and US markets saw The Kingfish Company double sales and output and increase average sales prices in 2021.
