Proximar Seafood secures a JPY 2.5 billion loan for the development of Mt. Fuji salmon-farming facility

Proximar Seafood's Japanese subsidiary secures JPY 2.5 billion loan from JA Mitsui Leasing Ltd. for RAS facility construction at Mount Fuji


Proximar Seafood AS is pleased to announce that the company's subsidiary Proximar Ltd (Japan) has secured a JPY 2.5 billion (approx. NOK 190 million) loan facility distributable in two equal parts, with the former to be distributed shortly and the latter part to be distributed in February 2022. The loan will ensure further financing of the development and construction of Proximar Seafood’s large-scale RAS production facility at the foot of Mount Fuji in Japan.

The loan facility is provided by the Japanese financing institution JA Mitsui Leasing Ltd. (JAML). The loan from JAML carries an interest rate on Japanese market terms. The construction of Proximar Seafood’s RAS production facility started in Oyama, Japan, Q1 2021, and the first Atlantic salmon is scheduled for harvesting in 2024.

The loan from JAML is guaranteed by Grieg Kapital. For their role as guarantor, Grieg Kapital is compensated according to market terms. Proximar Seafood AS will further provide a customary share pledge over its shares in the Japanese subsidiary as collateral for any recourse requirements from the primary guarantor. Grieg Kapital is syndicating the loan guarantee by holding counter guarantees from other shareholders in Proximar Seafood AS, with the first part of the loan already fully guaranteed.

"The loan agreement with JA Mitsui Leasing is a significant breakthrough for Proximar Seafood and represents an important step forward in the project financing process. We have been in close talks with JAML since 2019 and appreciate the progress we have had over the last years. We are now very pleased to secure our first loan facility with JAML and bring our relationship on to the next level. The credit facility has favorable terms and provides us with good financial headroom to mid-2022 and allows us time to negotiate a sales agreement with Marubeni Corporation, which is important when it comes to long term Japanese bank financing," says Proximar Seafood's CEO, Joachim Nielsen.

The General Manager of the MBK Business Promotion Department at JA Mitsui Leasing Ltd, Hideki Kobayashi, says: “We are very excited to be the first Japanese financial institution to finance Japan's first large-scale land-based aquaculture project, and we look forward to its success”. The loan is a part of Proximar Seafood's construction financing. Proximar is experiencing positive progress for long-term bank financing in Japan, although the progress has been hampered by the COVID-19 travel restrictions as previously communicated.

The loan from JA Mitsui Leasing, having a term of 18 months, provides flexibility and time to conclude the ongoing financing discussions. Proximar is still discussing long-term debt with Japanese banks as well as further construction loan financing. The target debt rate remains at approximately 50 % of the total project.

“I am really pleased that the progress in the development of the Mt. Fuji facility is according to time schedule and budget. The technology has demonstrated its functionality, including breeding of Atlantic salmon for close to 5 years in Poland, which we follow closely. The system maintains good water quality and growth conditions for the salmon. I am therefore confident in Proximar Seafood’s ability to deliver quality Atlantic salmon to the growing Japanese market in a little more than two years’ time. We are also very encouraged by the strong interest for the project in Japan, which is truly inspiring,”

says Joachim Nielsen, CEO of Proximar Seafood.

For more information, or if you are interested in taking part in the guarantee syndicate, you are welcome to contact:

Joachim Nielsen, Chief Executive Officer, Phone: +47 928 55 559, e-mail:

Pål Grimsrud, Chief Financial Officer Phone: +47 994 77 599, e-mail:

Requirement for counter guarantors for the second part of the loan: - Minimum size of guarantee: MNOK 5 - Acceptable counterparty risk at the discretion of Grieg Kapital AS (i.e. the primary guarantor) Please note that the counter guarantees are not tradable securities nor a financial instrument as such pursuant to Securities Trading Act, they will not be registered and are not tradable or assignable.

About Proximar: Proximar Seafood is a Norwegian land-based salmon farming company with its first production facility under construction at the foot of Mount Fuji in Japan. The company will supply fresh Atlantic Salmon harvested the same day through land-based fish farming, using high-quality groundwater secured close to Mount Fuji. Proximar's location, near one of the world's most important fish markets, implies significant advantages in reducing cost and carbon footprint.

About JA Mitsui Leasing, Ltd: JA Mitsui Leasing is a general leasing company, headquartered in Tokyo, combining the core business foundation of the JA Group and Mitsui Group. JA Mitsui Leasing Ltd provides asset financing within a number of industries. The company has total assets of approx. NOK 140 billion and are supported by strong owners.