Banking agreement signed withBank of Ningbo Nordic Aqua (Ningbo) Co. Ltd. being the 100% owned daughter company of Nordic Aqua Partners A/S, has today signed an agreement withBank of Ningbo , Xiangshan Branch, to provide banking services to its operation of the RAS based salmon farm inNingbo, China . The agreement includes typical banking services for a company in rapid development and is based on a long term partnership.Bank of Ningbo is a private bank with its headquarter inNingbo , and with long experience in providing banking services to wholly foreign owned companies inChina , including professional assistance and support within international banking and foreign currency. The agreement also includes a conditional credit facility ofRMB 35 million , [NOK 47 million /EUR 4,6 million ] which will be used as a typical working capital facility. Both parties have the objective to expand the credit facility as the business develops.Nordic Aqua (Ningbo) Co. Ltd. already has a committed credit facility ofEUR 25,0 million , so the total undrawn credit facility therefore stands atEUR 29,6 million . Nordic Aqua Partners A/S, through its 100% owned company inNingbo, China ,Nordic Aqua (Ningbo) Co. Ltd. is well underway to build a RAS based salmon farm inNingbo , the first of its kind inChina . First inlay of salmon egg is scheduled towards the end of this year, with the first harvest towards the end of 2023. Initial annual capacity in 2024 will be 4,000 tons, with a plan to reach 20,000 tons on current location. For further information, please contact Mr. Hjalti Hvitklett, CFO at: Hjalti Hvítklett Cheif Financial Officer Phone: +298 221222 E-mail: hjalti@nordicaquapartners.com
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