September 14, 2018
For Immediate Release
Grieg NL Accepts Equity Investments from the Government of Newfoundland and Labrador, and Canada,
for the Placentia Bay Atlantic Salmon Aquaculture Project
(Marystown, NL) Grieg NL is pleased to announce that it has received an equity investment of $30 million in repayable financial assistance from the Government of Newfoundland and Labrador for its Placentia Bay Atlantic Salmon Aquaculture Project through the Aquaculture Capital Equity Program. It will complement a $10 million repayable federal investment through the Atlantic Canada Opportunities Agency’s Business Development Program.
“This equity investment from Government of Newfoundland and Labrador anchors Grieg NL’s significant investment of $210 million in the Project”, said Thomas Grieg, Owner Grieg NL. “Our financers and investors see this equity investment as a sign of confidence in the Project. Our company appreciates the Government’s aggressive approach to cultivate investment in aquaculture, and its determined approach to ensuring this equity investment also creates employment and business opportunities in Placentia Bay and throughout the province. We also appreciate the Province’s rigorous environmental policies leading to the acceptance of the Environmental Impact Statement last week”, added Mr. Grieg.
Grieg NL is now working through the terms and conditions of the EIS release and this equity investment. The company is preparing to start construction of the land-based Recirculating Aquaculture System (RAS) Hatchery for Atlantic Salmon in the Marystown Industrial Park this fall and is getting ready to contract suppliers and services for the Marystown hatchery and the 11 salmon farms in Placentia Bay.
The Project represents a significant investment in the rural economy of Newfoundland and Labrador, in a burgeoning industry, close to global markets. Grieg NL is a willing partner with the provincial Government in its strategy for advancing aquaculture with the goal of increasing salmon production to 50,000 metric tonnes annually, and doubling employment in an industry that is year-round and long-term. With the experience and leadership of its Norwegian partners, and the initiative and investment of Newfoundlanders and Labradorians, Grieg NL will apply best global aquaculture practices and standards and innovation in this new aquaculture operation.
Further information about the Project can be found at griegnl.com.
Media Contact: Perry Power, Grieg NL 709-279-3440