Northern Harvest Sea Farms to expand salmon operations with government money
An aquaculture company on Newfoundland's south coast plans on producing more salmon and hiring additional staff with $8.15-million it received through the provincial government's capital equity investment program.
Northern Harvest Sea Farms, which has farms in Newfoundland and New Brunswick, will use the money to purchase automatic feeding systems, nets, cages, underwater lighting, mooring and service vessels.
Its facilities in Harbour Breton and St. Alban's will reap the rewards of increased Atlantic salmon production.
Company president Larry Ingalls said with the injection of the government loan, the annual production of Atlantic salmon would increase from 12,000 to 16,000 tonnes. As well, 35 jobs will be added, for a total of 180.
Of the total amount from the Newfoundland and Labrador government, $2.8-million toward the project came from the 2015 budget. The rest of the funding will be provided over the next two fiscal years.
The province will receive annual dividends from the company until the project is finished and the government is repaid.
Northern Harvest Sea Farms has a seven-year period to pay back the funds, once the project is completed.