Pure Salmon Group's Japanese land-based salmon farming project, Soul of Japan (SOJ), signed a JPY33 billion (USD 210 million) long-term debt facility provided by Sumitomo Mitsui Banking Corporation (SMBC) to the GK Mie RAS Atlantic Salmon Project.
The financing will support the construction and development of a state-of-the-art recirculating aquaculture system (RAS) Atlantic salmon production, processing and pet nutrition facility in Tsu City. The facility, designed to be the largest land-based salmon farm in Asia, will produce 10,000 tonnes of Atlantic salmon annually and will be housed in a total of 70,000 m² of building space, spanning over a 137,000 m² plot. SOJ is partnering with Pure Salmon Technology to implement cutting-edge RAS technology, ensuring high-quality salmon production.
The transaction is supported by 8F Asset Management, a global asset manager of private
equity funds that own the Pure Salmon Group. Tsu City, located in the Mie Prefecture, is at an optimal distance from Tokyo, Nagoya, and Osaka, allowing easy distribution to Japan’s most populous cities and centers of salmon consumption.
“This debt financing allows us to accelerate our growth and contribute to Japan’s food security while minimizing our environmental footprint. We are committed to delivering high-quality, locally produced salmon to consumers,” said Erol Emed, CEO of SOJ.
“We are excited to work with SMBC, the banking group and the management teams of SOJ and Pure Salmon to facilitate this transaction that recognizes the importance of sustainable aquaculture and its positive impact on Japan’s economy and the environment,” said Karim Ghannam, chief investment officer at 8F Asset Management.
