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Environmental fund invests in Norwegian RAS project

A United Kingdom-based investment trust focused on renewable energy infrastructures is dipping its toes in the recirculating aquaculture system (RAS) industry.

JLEN Environmental Assets, which holds a portfolio that spans onshore wind power, PV solar, waste and wastewater processing plants, hydro and anaerobic digestion plants, low carbon transport and battery storage, announced that it recently acquired minority equity stake in project that consists of  land-based aquaculture facility to be built in Rjukan, Norway.

JLEN expects the facility to produce approximately 8,000 tons of trout annually. The facility uses waste heat from a nearby data centre, and draws groundwater from a reservoir underneath the facility.

The equity will be made alongside other Foresight funds, as well as the developer and operator of the facility, Hima Seafood and JLEN’s total investment is expected to be up to approximately £40 million (US$48.8 million) over the next three to four years.

Hima is going to establish a land-based trout RAS in Rjukan. The facility “will, by far, be the world’s largest land-based trout farm,” according to the seafood company.

Hima Seafood has entered into an agreement with Norwegian colocation company Green Mountain for the reuse of waste heat from the data centre to heat the water in the facility.

A heat exchanger technology will then ensure that the Hima facility can use the energy from the water to obtain the correct water temperature in their RAS solution. The same water will then be  returned to Green Mountain. The water that is flowed back to Green Mountain will have a lower temperature which can be used in the cooling of the data centre.

Partial operations are expected to start in 2024 with full operations expected in 2025, according to a press release from the fund company.

“We are pleased to make our first investment into land-based aquaculture, contributing to the sustainable supply of trout to meet rising consumer demand,” said Richard Ramsay, senior independent director of JLEN. “We consider that this investment will deliver environmental benefits to the food system and offer a product to suit today’s consumer needs.”