Chilean salmon farmer Salmones Camanchaca reached a deal with lenders to refinance $135 million (€118 million) in an agreement it calls the first of its kind in the sector.
The "sustainable credit" deal, inked with DNB Bank, Rabobank and Santander, commits the company to reducing greenhouse gas emissions, achieving carbon neutrality by 2025, increasing that amount of non-hazardous solid waste it recycles, and improving occupational safety.
"This is part of our sustainability model, which we have promoted since 2019, so that we are not a passive spectator in the face of the challenges of the planet and Chile, and this even extends to financial management," Camanchaca CEO Ricardo Garcia said of the agreement.
Camanchaca overturned a loss of $3.7 million (€3.2 million) from a year ago in its latest quarterly report, helped predominantly by soaring fish prices.
A poor run of financial results forced Camanchaca to ask shareholders to approve a $30 million (€25.9 million) capital raise last month.
At the same time, the company said it will shift part of its production to Chile's Aysen region, after high oxygen levels and algal blooms impacted its farms earlier this year in the Los Lagos region.