Namibia secures N$41 million financing for first-ever Salmon Farming Project

By: Hertha Ekandjo

Photo: Contributed

The African Aquaculture Company (AAC) has secured €2 million (approximately N$41 million) in equity financing to launch the first phase of its pioneering salmon farming project off the coast of Lüderitz in the //Kharas Region.

This marks the beginning of a major international partnership between Namibian and Norwegian investors, aiming to establish Namibia as a future leader in sustainable aquaculture.

The financing package which is part of a larger funding plan totaling approximately N$123 million (€6 million) includes support from Norwegian export finance-backed loans and local Namibian financial institutions.

Nordic investment bank ABG Sundal Collier is among the key players facilitating the investment, providing both capital and aquaculture expertise.

“We are thrilled to see this partnership come to fruition,” said Helge Krogenes, CEO of AAC.

“This collaboration 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.”

The first phase of the project will focus on smolt (young salmon transitioning to seawater) farming and the development of essential infrastructure, targeting an initial output of 1,000 tonnes of premium Atlantic salmon per year. Long-term plans envision scaling up production to 51,000 tonnes annually across three licensed offshore sites.

The cold, clean waters of the Benguela Current, ranging from 10 to 16°C are considered ideal for salmon farming. Crucially, the region is free from salmon lice, a common challenge in traditional farming regions, giving Namibia a natural competitive edge. AAC aims to meet top-tier international environmental standards, including Global G.A.P. and Aquaculture Stewardship Council (ASC) certifications.

Environmental sustainability remains central to AAC’s approach, with strict monitoring systems in place to ensure minimal ecological impact. The company plans to leverage Norway’s advanced aquaculture technology while training Namibian workers and transferring critical skills.