Reykjanes Peninsula, Iceland – May 2025 – Samherji Fish Farming, a subsidiary of Samherji, has successfully completed financing for the first phase of its ambitious new land-based salmon farming facility in Reykjanes Peninsula, Iceland. The funding, totaling €235 million (approximately US$267 million), was secured through a syndicated loan and an equity private placement.
Thorsteinn Már Baldvinsson, CEO of Samherji and Chairman of Samherji Fish Farming, expressed confidence in the project’s potential:
“We expect land-based fish farming to bring significant value creation to the Icelandic economy, just as the fisheries industry has done for decades.”
This strategic project follows Samherji’s recent €30 million investment in Öxarfjördur, located in northeast Iceland. The company has spent the past year conducting pilot tests and exploring new technologies, which will be integrated into the new Reykjanes facility. The operational performance at Öxarfjördur has exceeded expectations, reaffirming the project’s potential for success.
“A dedicated team has worked meticulously over an extended period to prepare for this large-scale, high-investment project, laying the groundwork for an industry-leading facility,” said Baldvinsson.
The Reykjanes facility will be built in three phases, with the first phase producing approximately 10,000 tonnes of head-on gutted salmon annually. Once fully operational, the facility is expected to reach a total capacity of 30,000 tonnes per year.
Groundworks for the facility began in October 2024, and the development will play a key role in sustainable aquaculture practices, with a focus on minimizing environmental impact while meeting global demand for salmon.