Reinvestment Fund provided senior debt capital financing to BrightFarms Greenhouse in Yardley, PA to develop a 53,000 square foot greenhouse for fresh produce. BrightFarms gives consumers in stores across the Philadelphia region access to fresh foods less than 24 hours after they have been picked.
As a hydroponic greenhouse, BrightFarms uses rainwater capture for greenhouse irrigation with no dirt, no agricultural runoff, no carbon emissions, and with up to 10 times less land and 7 times less water than produce grown with conventional methods. Temperature controls within the greenhouse allow foods to be grown in all seasons year round. The ultra-local produce grown is picked when ready or ripe and delivered to grocery stores within a short distance, leading to higher shelf life of locally produced food. This translates directly into higher profits for store owners. In contrast, much of the fresh food sold on today’s store shelves are shipped in trucks across the country from California and Arizona, a process that takes weeks to reach consumers.
BrightFarms’ unique business model of financing, building, and operating greenhouses for supermarkets is scaling up local food and strengthening local economies. Its 53,000 square foot greenhouse grows up to 500,000 pounds of fresh produce per year, created up to 10 jobs, and increased access to flavorful, healthy vegetables.