AppHarvest announced today it has finalized the sale and lease back of it’s Berea Kentucky indoor leafy greens farm for just over $127 million and has officially opened the 60 acre high tech indoor farm in Richmond Kentucky on Speedwell Road.
AppHarvest has entered into the agreement with Mastronardi Berea, LLC for the lease back of its Berea a high tech indoor farm. The initial lease will be for 10 years with four renewable terms of five years each. Mastronardi produce is AppHarvest ‘s exclusive, marketing, and distribution partner.
AppHarvest also announced that it’s Richmond farm is officially open and has begun growing Campari brand tomatoes. The first harvest at Richmond is anticipated in early January, which will mean that for that first time AppHarvest is expected to have commercial shipments coming from each facility in its four-farm net work. Half of the Richmond farm currently is planted, and the other half is expected to be planted in 2023.
AppHarvest founder and CEO Jonathan Webb stated “The AppHarvest team has worked relentlessly this year to get the four-farm network operational, and those efforts have paid off with the quadrupling of farms in our network and diversifying our crop set. The team is now focused on operations to ramp up production and revenue from the four high tech farms.”
