Daily Newsletter

13 March 2024

Daily Newsletter

13 March 2024

Bright Green invests $250m to expand facility in New Mexico

The company has secured $60m senior debt financing under a credit agreement with an undisclosed lender.

Vishnu Priyan March 13 2024

Bright Green has announced plans to expand its controlled substances drug production facility in Grants, New Mexico, US, with an investment of $250m.

The company has entered an agreement with Dalsem Greenhouse Technologies BV for the construction project.

The funding will aid in expanding the existing research, manufacturing and extraction processing unit, adding a further 7,000ft² of space. The agreement outlines a modular construction tailored to Bright Green's specifications.

The expansion is enabled by Bright Green's regulatory approvals to produce Schedule I and II controlled substances.

In March 2024 the company sought approval from the US Drug Enforcement Administration and the State of New Mexico Board of Pharmacy.

Bright Green has also secured $60m senior debt financing under a credit agreement with an undisclosed lender.

With a ten-year term with a fixed interest rate, the credit agreement includes a $5m tranched draw schedule, allowing for up to 12 draw requests over the period.

Bright Green will secure the remaining funds to execute the project from its EB-5 investment visa opportunity, currently being promoted by Asia Capital Pioneers Group.

The company's 'Drugs Made in America' initiative is set to benefit from the expansion, as it aims to produce generic prescription drugs and process active pharmaceutical ingredients.

Final negotiations are underway for essential services from the city, acquisition of land parcels from landowners and state permits for construction and occupancy.

The facility in rural Grants will aid in lowering drug costs for the state of New Mexico.

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