Samherji builds major salmon facility in Iceland using Norwegian technology

Major stream of norwegian suppliers to Iceland

Six Norwegian companies are among the suppliers as Icelandic company Samherji Fiskeldi builds the first phase of one of Europe’s largest land-based aquaculture facilities.

CFLOW, MMC First Process, Optimar, Acel Group, Simona Stadpipe and oelven Byggmodul AS are supplying technology, equipment and solutions to Salmon Garden in Reykjanesbær, Iceland.

The project demonstrates how financing can help Norwegian exporters secure contracts in major international projects.

Major boost for land-based aquaculture

Salmon Garden is a major investment in land-based salmon farming in Iceland. Samherji Fiskeldi is building on more than 20 years of experience in land-based aquaculture, and the first phase of the facility is expected to provide annual production capacity of approximately 10,000 tonnes of gutted salmon.

Investment in the first phase is estimated at approximately EUR 294 million.

«Salmon Garden represents a significant increase in both our own and Iceland’s land-based aquaculture capacity. Financing from Eksfin and the banks is crucial for the project. Developing land-based salmon farming depends on active engagement from the financial sector. With this financing, we will establish modern and efficient production, based on extensive deliveries from Norwegian quality suppliers, and produce high-quality salmon for many years to come,” said Baldvin Þorsteinsson, CEO of Samherji.

–CFLOW has significant experience in land-based aquaculture in Norway and internationally, delivering to land-based facilities across several continents. Norwegian technology companies are at the forefront globally when it comes to technology for land-based fish farming. The potential market for our solutions outside Norway is substantial. When projects finance with Eksfin, it becomes even easier for projects to choose Norwegian suppliers,” said Stig Bjørkedal, CEO at CFLOW.“

Up to EUR 110 million in financing from Eksfin

Land-based aquaculture requires substantial investment before production begins and revenue starts to flow. For large, capital-intensive projects, Eksfin’s participation can help increase the banks’ financing capacity and distribute risk among several parties. 

Eksfin is providing financing of up to EUR 110 million for Salmon Garden, based on the Norwegian deliveries to the project.

Eksfin is working with Islandsbanki as agent bank, while Islandsbanki, Nordea and Landsbankinn are participating as guarantors.

“Norwegian suppliers to the aquaculture industry have significant export potential, and this project demonstrates that in practice. Eksfin launched a dedicated initiative targeting this industry in 2025, and we are now seeing strong growth in Norwegian deliveries to aquaculture projects internationally,” said Tone Lunde Bakker, CEO of Eksfin.”