With loan insurance, Kingfish's Jonesport aquaculture facility is a step closer to opening

COURTESY / KINGFISH MAINE Seen here is a rendering of Kingfish Maine’s proposed land-based aquaculture facility in Jonesport

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By Bridget Reed Morawski

Kingfish Maine has secured loan insurance financing from a state agency for a $110 million land-based aquaculture facility in Jonesport that recently received its final permit.

The wholly-owned subsidiary of a Dutch aquaculture company, Kingfish Maine was approved for 90% pro rata loan insurance by the board of the Finance Authority of Maine, or FAME, a state agency self-described as a “quasi-independent” provider of innovative financial solutions. The board made the decision to insure the $2 million loan, which was issued by Machias Savings Bank, at its Feb. 16 meeting.

“FAME’s Commercial Loan Insurance Program insures a portion of a loan to a business made by a participating financial institution or investment firm,” the agency noted. “For a business, it may mean the difference between obtaining a loan or never getting the opportunity to start a business.”

FAME “understands the importance of the Kingfish Maine project to Jonesport and the Downeast region, providing quality and good-paying jobs to the area,” said Megan Sorby, Kingfish Maine operations manager, in an email statement. “We are excited that FAME has provided its seal of approval for the loan insurance that will enable finalizing the preparation of the development of the Jonesport facility.”

Like other subsidiaries of parent company, the Kingfish Company N.V., Kingfish Maine plans to use “vertically integrated, advanced recirculating aquaculture systems” to raise roughly 8,000 metric tons of yellowtail kingfish to create what it calls a “high-grade sashimi.”

Serious Eats has previously reported that terms like “sashimi-grade” and “sushi-grade” are marketing terms with “little significance [with respect] to actually being able to consume raw fish.”

In July 2022, Jonesport voters rejected a 180-day moratorium on aquaculture developments like the Kingfish Maine project. The proposed ordinance stemmed from concerns the Kingfish development would harm the town’s natural environment, restrict traditional coastal water uses and pose a local health risk.

The local planning board of Jonesport provided final approval of the company’s building permit application in December 2022. Groundwork is expected to begin in 2023.

All other local, state and federal authorizations have been granted. At 50,000 square feet, the planned facility intends to hire up to 100 workers during a phased build-out, although up to 10 full-time jobs at the site are expected once operational.