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

By: Hertha Ekandjo

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.

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.