Large London-based investment fund dives into land-based farming with $49 million investment
Hima Seafood is the first aquaculture investment for JLEN Environmental Assets Group, a fund dedicated to renewable energy infrastructure.
London-based JLEN Environmental Assets Group on Monday said it is investing £40 million ($48.8 million/47.9 million) over the next four years in Norwegian land-based trout farmer Hima Seafood.
The investment is part of NOK 2.5 billion ($256 million/€251 million) in funding the project has received.
The £826 million ($1 billion/€989 million) British fund is dedicated to investments in renewable energy infrastructure.
JLEN Environmental Assets Group's current portfolio includes 37 onshore wind, PV solar, waste, wastewater processing, hydro, anaerobic digestion, bioenergy, battery storage and low-carbon refueling projects in the UK and Europe. Hima Seafoods is its first investment in aquaculture.
Hima Seafood's facility in Rjukan, Norway, is projected to produce 8,000 metric tons of trout annually when fully operational.
The company expects partial operations to begin in 2024 with full operations expected in 2025.
"We are pleased to make our first investment into land-based aquaculture, contributing to the sustainable supply of trout to meet rising consumer demand," said Richard Ramsay, senior independent director at JLEN.
In addition to JLEN, several Norwegian investors are also involved, including salmon farmer Erik Osland, who will also deliver roe to the facility. It was not disclosed how much money Osland contributed.
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