Norwegian land-based salmon farmer Gigante Salmon has begun drawing on a long-term construction loan, the company announced March 22.

The NOK 204 million (€17 million/$19 million) loan was issued by Norwegian bank Sparebank1, and granted in February 2022.

Financing of Gigante Salmon's Rodoy facility comes from the NOK 222 million (€19 million/$21 million) the company raised ahead of its 2021 stock listing, and includes equity, a leasing agreement as well as the construction loan.

Gigante Salmon is on track to begin growing salmon by September, putting the company on schedule to deliver fish in 2024, CEO Helge Albertsen told IntraFish earlier this year.