P.E.I. approves $2M loan for genetically-modified salmon grower

The P.E.I. government has approved a $2-million loan to help AquaBounty, the genetically-modified salmon grower, complete construction at its Rollo Bay site in the eastern part of the province.

AquaBounty produces salmon that growtwice as fast as traditional, farmed Atlantic salmon.

Officials with the province say the money is to help construct two new plants.

In a news release,AquaBounty said one is a grow-out facility designed to produce 250 tonnes of salmon a year, and the other a broodstock facility. The province says it was told this construction will cost approximately $12 million.

"This loan should enable us to complete construction of the grow-out facility atRollo Bayby the end of this year and to commence commercial production of our innovative AquAdvantage Salmon in early 2019," said AquaBounty CEO Ron Stotish.

The P.E.I. government wouldn't give specifics on why it approved the loan, but said loans of this sort are based on the strength of the business plan, the economic impact, potential job creation, and the ability of the applicant to pay the secured loan back.

AquaBounty said once construction is done 20 to 30 technical jobs are expected to be added.

More P.E.I. news

With files from Laura Chapin