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Indre Harøy project on time, on budget says Salmon Evolution

Phase 1 construction of Salmon Evolution’s land-based aquaculture facility in Indre Harøy, Norway is progressing on time, and on budget, according to company.

The report said that the company’s total capital expenditures during the quarter was NOK114 million (US$13.7 million). Of that amount, NOK110 million ($13.2 million) were investments related to the turnkey project with Artec Aqua at Indre Harøy.

As of March 31, 2021, accumulated capital expenditure from project initiation in 2019 amounts to NOK334 million ($40.2 million.)

The update on the facility is among the highlights mentioned in Salmon Evolution’s 2021 first quarter report.

“Since the groundwork at Indre Harøy started in May 2020, Phase 1 has developed according to plan, on time and on budget,” according to a press release from the company.  “Construction work through the first quarter of 2021 has mainly been on the production facilities, where the company has started the assembly of fish-tanks.”

Salmon Evolution is now less than one year from releasing the first smolt into the fish tanks and just over 1.5 years away from first harvest. The company expects its first smolt release to take place in March 2022.

“Starting construction is an important milestone for us, and a clear signal that land-based aquaculture will become an important supplement to conventional fish farming,” said Håkon A. Berg, chief executive officer of Salmon Evolution. “Thanks to the hybrid flow-through system we’re installing, our risk profile will be lower than in many other projects.”

The first phase will provide an annual capacity of 9,000 tons of salmon, and is due to be completed in the fourth quarter of 2020. After the full project has been completed with the third phase in 2028, annual capacity will have increased to 36,000 tons.