On Friday Grieg NL officially launched the company’s $250 million aquaculture project in Placentia Bay with support from both the provincial and federal governments.
The launch follows the project’s release from a comprehensive environmental assessment process, which included more than 15 conditions to ensure the project proceeds in an environmentally-sustainable manner.
The project is expected to generate more than 800 new jobs once full production is reached. This estimate is based on the company’s prediction of approximately 440 direct jobs at Grieg NL and processing facilities, and approximately 380 other jobs in affiliated sectors.
Grieg NL plans to invest more than $210 million in the project, which will include establishing a hatchery and land-based smolt production facility, as well as sea-based operations. They are joined in the endeavor by provincially-based partner Ocean Choice International.
As the project successfully satisfies employment and performance targets and demonstrates compliance with environmental conditions, the Government of Newfoundland and Labrador will provide repayable financial assistance to support the development, totalling up to $30 million, through the Aquaculture Capital Equity Program. Provincial funding will complement a $10 million repayable federal investment through the Atlantic Canada Opportunities Agency’s Business Development Program.
A financial and economic impact analysis by the Department of Finance estimates that once fully operational in 2025, this project will generate $33 million in labour income and $82.5 million in Gross Domestic Product annually.