OCEANLOOP SUSTAINABLE SHRIMP FARM (IEU GT2) (EIB-20230639)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Germany
  • Spain
Geographic location where the impacts of the investment may be experienced.
Specific Location
Arinaga, Gran Canaria, Canary Islands
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • European Investment Bank (EIB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jun 11, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Oceanloop Management GmbH
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • Construction
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 37.59 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 35
Converted using 2024-06-11 exchange rate.
Loan Amount (USD)
$ 37.59 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 35 million
Converted using 2024-06-11 exchange rate.
Project Cost (USD)
$ 149.29 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 139 million
Converted using 2024-06-11 exchange rate.
Primary Source

Original disclosure @ EIB website

Updated in EWS Dec 16, 2024

Disclosed by Bank Oct 10, 2024


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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the EIB, the project concerns:
i) the promoter's research, development and innovation (RDI) activities 2024-2028 in Germany, including animal welfare and use of artificial intelligence;
ii) the construction and operation of a sustainable recirculating aquaculture system (RAS) and processing shrimp production unit in the Canary Islands (Spain).

The project is aligned with the European Green Deal's emission reduction objective, the farm to fork strategy of the EU, the EU policy on fisheries and aquaculture, and the EC strategic guidelines for a more sustainable, resilient, and competitive aquaculture sector.

Oceanlooop Management GmbH aims to build and operate the first-of-a-kind large-scale in-land 2 000 tonnes per annum shrimp production farm addressing increased demand for sustainable production of shrimps in Europe with improved and innovative farming technologies. The company also aims to expand its existing RDI farm in Kiel to 60 tpa and intensify R&D activities for the period 2024-2028. These activities are related to shrimp genetics, feed, animal welfare, computer vision technology (for detecting biomass and stress levels), research on sludge carbonization, organic fertilizer, and medical-grade chitosan.

The project addresses the main market failures related to imperfect information in financing small companies. It involves investing in innovative production systems, including a combination of a raceway based Recirculation Aquaculture System for Whiteleg Shrimp and a special vertical arrangement to allow efficient volumetric shrimp farming. It aims to deliver the common good of providing a healthy and sustainable source of protein while respecting animal welfare and minimizing environmental footprint.

The use of innovation and a controlled environment for sustainable 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 Arinaga, Gran Canaria (a Cohesion Area).

The technology supplier will develop its first complete commercial scale facility, vertically integrated from hatchery to the final processed product.

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 high interest rates and limited liquidity available from private investors. The EIB's financing is expected to attract other investors and help meet the financing needs for the project.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated on the company's website, the Oceanloop group of companies are Europe’s technology leader for sustainable, land-based farming of saltwater shrimp. After more than seven years of successful farming at Oceanloop Munich and Oceanloop Kiel, the Oceanloop technology is sufficiently proven for scaling up to an industrial scale. Oceanloop will significantly expand its farming capacity in Europe until 2027 by building the most sustainable and largest land-based shrimp farm in the world with over 2,000 tons of farming volume per year.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Oceanloop Management GmbH Client Agriculture and Forestry

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

No project contacts provided at the time of disclosure.

Client - Oceanloop Management GmbH:

Email: info@oceanloop.com
Website: https://oceanloop.com/

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.eib.org/en/infocentre/registers/request-form/request-form-default.htm

ACCOUNTABILITY MECHANISM OF EIB

The EIB Complaints Mechanism is designed to facilitate and handle complaints against the EIB by individuals, organizations or corporations affected by EIB activities. When exercising the right to lodge a complaint against the EIB, any member of the public has access to a two-tier procedure, one internal - the Complaints Mechanism Office - and one external - the European Ombudsman. A complaint can be lodged via a written communication addressed to the Secretary General of the EIB, via email to the dedicated email address: complaints@eib.org, by completing the online complaint form available at the following address: http://www.eib.org/complaints/form via fax or delivered directly to the EIB Complaints Mechanism Division, any EIB local representation office or any EIB staff. For further details, check: http://www.eib.org/attachments/strategies/complaints_mechanism_policy_en.pdf

When dissatisfied with a complaint to the EIB Complaints Mechanism, citizens can then turn towards the European Ombudsman. A memorandum of Understanding has been signed between the EIB and the European Ombudsman establishes that citizens (even outside of the EU if the Ombudsman finds their complaint justified) can turn towards the Ombudsman on issues related to 'maladministration' by the EIB. Note that before going to the Ombudsman, an attempt must be made to resolve the case by contacting the EIB. In addition, the complaint must be made within two years of the date when the facts on which your complaint is based became known to you. You can write to the Ombudsman in any of the languages of the European Union. Additional details, including filing requirements and complaint forms, are available at: http://www.ombudsman.europa.eu/atyourservice/interactiveguide.faces

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