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A report by the international consulting firm Deloitte concludes that the Norwegian company planning to build the Nordic Aquafarms’ land-based aquaculture facility in Belfast has gained “significant competence” at its production facilities in Norway and Denmark and is backed by investors who are “experienced and well respected.”
The 20-page report was commissioned by the city of Belfast as part of its due diligence in evaluating Nordic Aquafarms’ proposed land-based aquaculture facility on a 40-acre site off Route 1. The $150 million first phase of the project has been proceeding through the permitting process, which includes reviews and permit approvals from state and federal agencies as well as additional local approvals.
Thomas Kittredge, Belfast’s economic development director, sent a copy of the report to Mainebiz along with a news release identifying the questions the city had asked Deloitte to address in its report:
The report also examined Nordic Aquafarms and their access to private capital and the support of banks. For a copy of the complete report with Deloitte’s responses click on the PDF link at the end of this story.
In a one-page executive summary, Deloitte made these points about Nordic Aquafarms’ proposal for Belfast:
Deloitte’s report relied on both available information sources and on interviews with representatives of Nordic Aquafarms, relevant government institutions, suppliers of recirculating aquaculture systems technologies, financial institutions, and local organizations in communities where Nordic Aquafarms has facilities, in addition to fish farmers with recirculating aquaculture systems technology experience and industry subject matter experts.
Kittredge said the entire report, along with other information resources pertaining to Nordic Aquafarms’ proposed Belfast facility, are available for viewing and download on the city’s website here.
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Deloitte's report on Nordic Aquafarms
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