Salmon farmer secures equipment purchase loan

Salmon farm This is the first time Bradán Beo Teoranta has used export financing. Credit: Bradán Beo Teoranta

Irish salmon farming company Bradán Beo Teoranta has purchased a feed barge from AKVA Group and cage nets from Mørenot Aquaculture through a loan from Export Credit Norway.

The equipment will be utilised at Bradán Beo Teoranta’s organic farm in Kilkieran Bay on the west coast of Ireland. The company, which produces between 2,500 and 3,000t of salmon per year, has acquired equipment from Norwegian suppliers before, but this is its first venture into export financing.

“As Export Credit Norway can offer favourable terms, it helped us realise our projects. We have several projects in the pipeline and we would definitely consider using export financing again,” said Liam Roche of Bradán Beo Teoranta.

First Ireland backing

Kaare Haahjem, responsible for fisheries and fish farming at Export Credit Norway, explained that this is the first time Export Credit Norway has financed a project in Ireland.

“We have previously visited the country and held discussions about financing fishing vessels, but not specifically for fish farming. However, we are very pleased that AKVA Group introduced Bradán Beo Teoranta to export financing,” he said.

“Today, we are in dialogue with several Irish companies about various projects, so it looks like Bradán Beo Teoranta has helped open other Irish companies’ eyes to export financing.”

Export Credit Norway’s loan to Bradán Beo Teoranta has 4.5 year maturity. GIEK is guarantor for 90% of the loan, with Bank of Ireland for the remaining 10%.

LATEST PRESS RELEASES

Economic and environmental advantages of the two-speed gearbox

Finnøy Gear & Propeller’s two- speed gearbox is used on vessels with large differences in power need... Read more

Leading specialist in design and manufacturing of gearboxes and propellers invests in CNC lathe for future product development

Norway- based Finnøy Gear & Propeller have recently invested in a new high- performance CNC lathe ma... Read more

MACDUFF SHIP DESIGN LOOKS FORWARD TO A BUSY 2019

Macduff Ship Design have over the past 10 years spent considerable time specialising in the design o... Read more

Kinarca participated in the construction of the most ecological, efficient freezing trawler.

Kinarca participated in the construction of the most ecological, efficient freezing trawler with gre... Read more

CORDEX ON A PERMANENT AND SUSTAINABLE GROWTH.

Cordex maintains a permanent stable growth on its CordexAqua segment – Ropes and Yarns for Fishing &... Read more

The Australian Fisheries Management Authority chooses Trackwell VMS

The Icelandic tech company Trackwell recently won an open tender to provide Vessel Monitoring System... Read more

View all