Bowery Farming nets $150M credit facility to build indoor farms

Bowery Farming Inc. received a $150 million credit facility to accelerate the expansion of the company's indoor farm network.

KKR Capital Markets led the financing, and the debt was syndicated to two other parties, market sources said.

KKR's credit investment comes on the back of a $325 million series C funding in 2021 led by Fidelity Management & Research Co. LLC. The new financing lifts total debt and equity capital to more than $647 million, the company said.

At the same time, Bowery Farming unveiled plans to build farms in the Atlanta and Dallas-Fort Worth metropolitan areas. Both are expected to open in the first quarter of 2023.

"The farms will create more than 200 year-round green jobs across both markets and provide locally grown produce to a population of 20 million and 16 million within a 200-mile radius of Locust Grove, Georgia and Arlington, Texas, respectively," Bowery Farming said in a statement today. "These farms represent a recommitment to Bowery's sustainability goals; the company plans to use power from 100% renewable sources."

Bowery Farming is the largest vertical farming company in the U.S., according to the company.

Article amended at 12:45 p.m. ET on Jan. 12, 2022, to add detail about lender participants.