Northern Harvest Sea Farms will receive $8.15 million through the Provincial Government’s Aquaculture Capital Equity Investment Program toward a $17.6 million expansion of its aquaculture operations in the Coast of Bays region on the province’s south coast.
Funding provided to expand Northern Harvest Sea Farms’ operations will go towards capital asset investments in grow-out technology including automatic feeding systems, nets, cages, underwater lighting, mooring and service vessels. These investments will increase the company’s production of Atlantic Salmon which the company intends to process at the Harbour Breton and St. Alban’s plants.
Budget 2015 provides $2.8 million toward the project. This is in addition to $2.4 million which was provided to the company in late March. The remaining funding will be provided over the next two fiscal years. Provincial Government investment will be in the form of an equity position in the company through preferred shares which will receive annual dividends until the project is complete and the Provincial Government investment is repaid. Repayment will take place over seven years beginning once the project is completed.