Nordic Aqua finalize the 30-year rental agreement for step up to the 20,000 tonnes facility

26 Nov 2024 14:08 CET

Nordic Aqua (Ningbo) Co., Ltd, a fully owned subsidiary of Nordic Aqua Partners
("Nordic Aqua") has entered into a 30-year rental agreement for land and
production facilities with Xiangshan Government through its affiliated company,
Xiangshan Strait Economic & Technological Cooperation Co., Ltd.

The agreement enables Nordic Aqua to develop Stage 3 of its land-based farming
facility in Ningbo, China, allowing for an annual production capacity of 20,000
tonnes; adding 12,000 tons to the 4,000 tons in production and the 4,000 tons
under construction (first harvest Q3/26)

Simultaneously, existing rental agreements for Stage 1 and Stage 2 are extended
to 30 years, aligning maturity for all three stages, with an option to buy out
the entire facility should Nordic Aqua so want.

CEO Ragnar Joensen comments:

"The agreements formalize the necessary long-term conditions for the development
of our operations and is yet another confirmation of the dedication and support
we enjoy from the local authorities in the region."

Under the agreement, the Xiangshan Strait Economic & Technological Cooperation
Co., Ltd.  will develop infrastructure and utilities based on Nordic Aqua
specifications, which Nordic Aqua will lease back on a long-term basis.

The infrastructure part of a land based salmon farm, like Nordic Aqua, is
normally in the area of 40/45% of total investments. For Nordic Aqua this part,
through the signed contract, is externally financed on attractive interest rate
levels.

A final investment decision for the development of Stage 3 is expected during
2025.

For further information please contact:

Ragnar Joensen, CEO

E-mail: ragnar@nordicaquapartners.com

Mobile: +298 599 112

Tom Johan Austrheim, CFO

E-mail: tom@nordicaquapartners.com

Mobile + 9829 9873

About Nordic Aqua Partners

Nordic Aqua Partners is a Nordic land-based Atlantic salmon farming company,
using cutting-edge Nordic technology and expertise to set up the first fully
integrated and commercially scaled Recirculating Aquaculture System (RAS) farm
for Atlantic salmon located in Ningbo, China. Nordic Aqua Partners is the first
local producer of truly sustainable and Super-fresh Atlantic salmon to the
Chinese market. The current business plan is for an annual production of 20,000
tonnes HOG. Nordic Aqua Partners AS is listed at Euronext Growth under the
ticker NOAP.

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