The Finance Authority of Maine has approved a total of nearly $50 million in financing for two startups — Vertical Harvest L3C, which plans to launch a hydroponic greenhouse in Westbrook, and a Portland provider of “digital therapeutics,” MedRhythms Inc.
Vertical Harvest will receive $45 million in conduit bond financing. The company plans to produce over 1 million pounds of produce annually, and FAME’s funds will be used to finance a portion of the construction costs to build 70,000-square-foot Westbrook farming facility. The project ultimately is expected to create approximately 50 full- and part-time jobs, many of which are expected to be performed by individuals with disabilities.
The project is part of a larger master-planned development that is expected to include affordable housing and parking in downtown Westbrook. Because the project will treat wastewater as an exempt facility, all or a portion of the bonds will be eligible for tax-exempt treatment under federal tax law. Read more