Today in Marystown, representatives from 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.

This project represents a significant step towards achieving the goal set out in The Way Forward on Aquaculture to increase salmonid aquaculture production to 50,000 tonnes per year, and double provincial employment in aquaculture. The Way Forward outlines all actions the Provincial Government is taking to achieve a strong, diversified province with a high standard of living, and can be viewed at thewayforward.gov.nl.ca.

Quotes
“Significant new developments in aquaculture, oil and gas, mining, and many other industries are taking place in Newfoundland and Labrador; showcasing the tremendous economic development potential in our province. These new developments were made possible by partnering with industry players to make our province an ideal place to invest and grow their operations. Supporting new jobs and economic strength through projects that are sustainable and responsible is a central part of The Way Forward for our province, and in securing this project with a global leader like Grieg NL we are creating opportunities that our people can build their futures on.”
Honourable Dwight Ball
Premier of Newfoundland and Labrador

“The Government of Canada is making strategic investments like this one announced in Marystown today, to build on competitive regional advantages and support diversification of our communities. This project represents a major global investment in a rural-based strategic industry and fits well with our government’s priorities around innovation and clean technology.”
Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for ACOA

“The Government of Canada believes that in order to advance this country’s growth agenda, investments are needed in local communities. This aquaculture investment is transformational for the industry in our province and will strengthen communities on the Burin Peninsula and around Placentia Bay, spur regional economic growth and support the creation of hundreds of good, well-paying jobs.”
Churence Rogers
Member of Parliament for Bonavista-Burin-Trinity

“We worked hard to achieve an agreement that balances significant environmental considerations with financial safeguards. We have established a common goal with industry to double salmonid production as part of The Way Forward, and are proud to say that this project will make Newfoundland and Labrador the largest salmon aquaculture producer in eastern Canada.”
Honourable Gerry Byrne
Minister of Fisheries and Land Resources

“Grieg NL is pleased with today’s announcement of our partnership with the province of Newfoundland and Labrador. We look forward to building a vibrant salmon-farming industry which will be a significant and long-term contributor to Placentia Bay.”
Thomas W. Grieg
Grieg NL

“As the seafood sector evolves, today’s announcement will bring about good stable jobs and economic growth for the entire Placentia Bay area. We have seen successes by similar operations in other regions of the province, and this arrangement with Grieg NL will result in positive developments for both the local population and our provincial seafood industry as a whole. I am delighted for the people of the region to share this good news and have worked hard since my first day elected to see this project come to fruition”
Mark Browne
MHA for Placentia West – Bellevue

“I am so pleased to have worked along with our government to achieve this arrangement to further boost our provincial aquaculture industry and the economy overall. These kinds of new developments are exactly what we need to reinvigorate our rural communities and create spin off benefits for the processing sector. This project by Grieg NL will make a very positive difference in the lives of many.”
Carol Anne Haley
MHA for Burin – Grand Bank

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Learn More

Fisheries and Land Resources – www.flr.gov.nl.ca

Atlantic Canada Opportunities Agency – www.acoa-apeca.gc.ca/Eng/Pages/Home.aspx

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Media contacts
Michelle Cannizzaro
Office of the Premier
709-729-3960, 725-9231
MichelleCannizzaro@gov.nl.ca

Kathy Dicks-Peyton
Fisheries and Land Resources
709-729-2538, 709-699-1982
kathydickspeyton@gov.nl.ca

Paul McGrath
ACOA Newfoundland and Labrador
709-772-2984
paul.mcgrath@canada.ca

Perry Power
Grieg NL
709-279-3440, 538-7227
perry@griegseafarms-nl.ca

Eric George
Constituency Assistant to
Carol Anne Haley, MHA for Burin – Grand Bank
709-832-2530
EricGeorge@gov.nl.ca

Tara Planke
Constituency Assistant to
Mark Browne, MHA for Placentia West – Bellevue
709-279-2912
taraplanke@gov.nl.ca