• Market Watch

Lüderitz salmon project gets a boost

• 12 Hours Ago

African Aquaculture Company (AAC) announced the successful completion of financing for the first phase of its groundbreaking salmon farming project off the coast of Lüderitz. This initiative marks a critical step in transforming Lüderitz into a hub for salmon farming and processing, with infrastructure development and market-ready logistics systems already underway.



The fish produced during the pilot phase will cater to both local and international markets, with Southern Africa, the Middle East, and Europe identified as strategic destinations. According to ACC, the first phase of the project has secured €2 million in equity, complemented by further options for a total of €6 million, this amounts to funding to the tune of N$41 million. These funds, bolstered by loans with Norwegian export finance guarantees, will enable the initial steps of production, starting with smolt farming and the development of key infrastructure.



The project carries immense potential for Namibia’s economy, with projections suggesting the creation of over 5 000 direct and indirect jobs once full production capacity is achieved. Local workforces will be trained in aquaculture operations while benefiting from technology transfer and support from Norwegian experts. Clement Kaukuetu, the AAC’s Country Director hailed the project as a beacon of opportunity for Namibia.

“It will not only create jobs but also equip the local population with skills to thrive in the burgeoning global aquaculture industry."



The ACC said that this milestone was achieved through a collaboration between Norwegian and Namibian investors, showcasing an international partnership aimed at setting new benchmarks for sustainable aquaculture in the region. The financing was made possible through the active involvement of local Namibian financial players and Norway’s aquaculture leaders, including the Nordic investment bank ABG Sundal Collier, who bring their expertise and technology to this ambitious initiative. "We are thrilled to see this partnership come to fruition. The collaboration with Norwegian and Namibian investors underscores our shared commitment to economic growth, technological innovation, and the sustainable management of marine resources. This financing not only sets the project in motion but paves the way for Namibia to become a significant player in the global salmon market," commented Helge Krøgenes, the CEO of AAC. "Namibia's political stability and favourable investment climate have played a key role in attracting funding and making this project feasible. Our mission aligns with the United Nations' call for the expansion of aquaculture to meet the global demand for marine proteins sustainably," said Torben Foss, Vice President and Legal Advisor at AAC.



Environmental sustainability forms a core principle of the venture, guided by best practices from Norway’s aquaculture sector. With no salmon lice detected in the Benguela Current and meticulous environmental monitoring protocols in place, AAC seeks to meet international certification standards, including Global G.A.P and Aquaculture Stewardship Council (ASC) standards. The AAC aims to leverage advanced Norwegian aquaculture technology to develop environmentally sustainable fish farming practices. The first phase will focus on producing 1,000 tonnes of high-quality Atlantic salmon annually, with plans to scale up to an annual production capacity of 51 000 tonnes across three licensed offshore sites. This state-of-the-art operation will utilize the cold waters of the Benguela Current, ideal for salmon farming due to temperatures ranging between 10 and 16°C.