During the 2 months since the listing of Nordic Aqua Partners A/S at EuroNext Growth, the company has been occupied with preparation for Red tape approvals, construction approvals and construction start-up. We are therefore pleased to announce the following updates:
Formalization of Long-Term Rental Contract
As a cornerstone in our project, we have entered into agreement with government of Xiangshan County about land and construction of infrastructure, utilities, and buildings. The principles, terms, rent and conditions of the Rental Contract were already agreed with the government of Xiangshan County and the rental terms and annual payment are very attractive to our project. This Rental Contract has now been formalized with the future landlord, being Xiangshan Strait Economic & Technological Cooperation Co., Ltd., a 100% owned subsidiary of Xiangshan government. The Rental Contract is fixed for 10 years, starting January 1st, 2024, which concludes that no rental will be charged while the company is building up its biomass preparing for first harvest and sale. The Rental Contract has an option for another 10 years automatic extension as well as an option to acquire land, infrastructure, and facilities, all at agreed terms.
The execution of the Rental Contract marks an important milestone for all parties.
Nordic Aqua Partners A/S through its subsidiary Nordic Aqua (Ningbo) Co. Ltd. has secured a long-term lease for a land area which allow for an annual production capacity of +/- 16,000 tons (HOG). Site preparation is now in process, and the backfilling and piling for the facility for the hatchery and administration building will be completed by end of March 2021. Site preparation will then continue to meet the overall construction schedule towards project completion.
Fast-track and Construction Start-up
The local authorities continue to provide dedicated support and services to our project. This is once again evidenced in their willingness to provide “fast-track” services with respect to necessary approvals during the red tape proceedings, enabling an accelerated construction start-up. To shorten the time until first hatch, all focus is now on construction start-up on the facility for the hatchery and the RAS 1, 2 and 3 facility, which will also include administration and other support function.
Estimated construction startup is beginning of May, with first egg introduction in Q4 2021.
To see the announcement, follow this link: https://newsweb.oslobors.no/message/524033