AppHarvest has secured a financing arrangement with Equilibrium Capital for $91 million to support its Richmond, Ky., facility already under construction.
The arrangement provides 65.5 percent loan-to-value financing through a $91 million construction loan for the 60-acre high-tech indoor farm in Richmond, Ky., designed to grow tomatoes.
“Equilibrium is a sustainability-focused investment firm with institutional expertise in controlled environmental agriculture, which makes AppHarvest a natural partner as they work to drive positive change in agriculture to ensure food security sustainably,” said David Chen, Equilibrium CEO and chairman.
AppHarvest plans to operate 12 farms by the end of 2025. The company’s flagship 2.76 million-square-foot facility in Morehead, Ky., is currently growing and shipping truckloads full of tomatoes to top U.S. grocers and restaurants. Four additional farms are under construction: a 60-acre facility in Richmond designed to grow