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%.