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Signature(s)

Amount
€ 28,000,000
Countries
Sector(s)
Sweden : € 28,000,000
Signature date(s)
22/12/2023 : € 28,000,000

Summary sheet

Release date
9 November 2023
Status
Reference
Signed | 22/12/2023
20230217
Project name
Promoter - financial intermediary
COLD LAKE SUSTAINABLE ARCTIC CHAR (IEU GT)
COLD LAKE INVEST AB
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 28 million
EUR 91 million
Location
Sector(s)
Description
Objectives

The project will finance a recirculating aquaculture system and processing facility for the sustainable production of certified premium arctic char with minimal environmental impact.

Primary objectives: - Sustainable energy and natural resources 100.00 % Cross-cutting objectives: - Climate Action and Environmental Sustainability 100.00 % - Climate Action 100.00 % - Climate Change - Adaptation (transversal) 42.38 % - Climate Change - Mitigation (transversal) 57.62 % - Environmental Sustainability 100.00 %

Additionality and Impact

The project is line with the InvestEU objective of Bioeconomy and Sustainable blue economy.


Cold Lake Invest AB aims to build and operate Sweden's first of a kind large-scale facility for sustainable land-based farming, slaughtering, and processing of Artic Char, in the village of Kall, Åre municipality, near Lake Kallsjön. AC is a freshwater fish from the Salmonidae family. 


The project addresses the main market failures of imperfect information of financing small companies, investing in innovative production systems (Recirculation Aquaculture System for Arctic Char) and delivering the common good of making available healthy and sustainable source of protein, respecting animal welfare, with a reduced footprint.


The use of innovation and a controlled environment for sustainable fish production generates social benefits, as this high product quality is combined with optimal resource efficiency and a reduced environmental footprint. The project will also support employment and economic activities along the supply chain in rural areas of Sweden.


The technology supplier will develop its first complete commercial scale facility from brood stock to processing. The brood stock presents several innovative aspects as controlled environmental conditions to improve fertility and genetic selection.


The EIB quasi-equity/ venture debt's products is of a size and maturity that would be difficult to obtain in the market under current circumstances due to rising interest rates and less liquidity available from private investors. The EIB's financing is expected to crowd-in other investors to close the financing need for the project.


The project might not have been carried out by the EIB without the InvestEU support.

Environmental aspects
Procurement

Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.

Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.

Milestone
Under appraisal
Approved
Signed
7 November 2023
22 December 2023
Related projects
Link to source

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

Documents

Environmental and Social Data Sheet (ESDS) - COLD LAKE SUSTAINABLE ARCTIC CHAR (IEU GT)
Publication Date
13 Nov 2023
Document language
Main Topic
Lending
Document Number
178885130
Document Focus
Environmental Information
Project Number
20230217
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - COLD LAKE SUSTAINABLE ARCTIC CHAR (IEU GT) - Miljökonsekvensbeskrivningen
Publication Date
15 Nov 2023
Document language
Main Topic
Lending
Document Number
178880628
Document Focus
Environmental Information
Project Number
20230217
Regions
Countries
Publicly available
Download now

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