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North Country Opportunity Zone Fund L.P. | American Ag Energy Inc.

The Opportunity Zone Fund Directory is a compilation of publicly-announced funds formed to attract investment in Opportunity Zones (OZs). NCSHA is tracking only multi-project OZ funds. To learn more about a fund included in this directory, click on the name.

Please review the terms of the use before using the directory. To request to add your fund to the directory, please complete this form.

Directory Stats as of February 27, 2024:

248 Total Funds ā–  $50.19 Billion Total Anticipated Investment ā–  56% of Funds Target Investment in Affordable Housing and Community Development

Opportunity Zone Case Studies

Fund NameNorth Country Opportunity Zone Fund L.P.
Fund Manager or Organizer(s)American Ag Energy Inc.
Fund Size$24,750,000
Fund-Related Websiteamericanagenergy.com
Investment Focus
Other
If Other, Please Specify:Controlled Environment Agriculture
Geographic Focus
New Hampshire
Additional Fund Details

The Fund is raising $24.75 million to invest in North Country Growers LLC (ā€œNCGā€). North Country Growers LLC is a limited liability company created to build and operate a 20-acre state of the art greenhouse integrated with Combined Heat and Power (ā€œCHPā€) to grow fresh, healthy, and high-quality vegetables in the Berlin, NH opportunity zone. In addition to the Opportunity Zone benefits, NCGā€™s planned operations are expected to yield gross profit margins of approximately 50% and EBITDA margins of approximately 40%. AAE and the Fund will each own 50% of NCG. Partners in the Fund will receive 80% of distributions until payout of their investment and then 50% thereafter (see attached schedule of expected returns).

NCGā€™s planned facility will comprise 10 acres of tomatoes, 10 acres of salad greens, and an 8.8 MW CHP plant. The CHP facility will serve to generate electricity for supplemental lighting of the greenhouses, heat for warming the greenhouses during cold periods, and carbon dioxide for enhancing plant growth. This strategy will enable the company to increase yields by approximately 70% (40% from supplemental lighting, 30% from carbon dioxide enrichment), achieve substantial reductions in operating costs, and attain near complete control of its energy strategy.

NCGā€™s project is ā€œshovel-readyā€ with all permits secured and design work completed. The project will cost a total of $58 million to build including working capital and reserves. NCG has secured $33.25 million in senior debt from the largest financial institution in New Hampshire. The project has tremendous community support and is scheduled to break ground in April 2019 and be completed before year end.

Organization Details

The Fund: North Country Opportunity Zone Fund L.P. (ā€œNCOZā€ or the ā€œFundā€) is a limited partnership created under the 2017 Tax and Jobs Act to raise capital to invest in Controlled Environment Agriculture Facilities in the Berlin, NH Opportunity Zone. The Fundā€™s General Partner will be American Ag Energy, Inc. (ā€œAAEā€).

The General Partner: AAE is a corporation that develops, builds, and operates large-scale ultra-efficient and sustainable greenhouses in conjunction with electricity generation facilities to produce both electricity and high value locally grown vegetables in close proximity to major markets in the Northeast.

Fund Contact....
NameRichard Rosen
Job TitleCEO
Phone(617) 484-3755
EmailEmail hidden; Javascript is required.
Additional Comments

Further Investment Opportunities: The Berlin, NH Opportunity Zone has multiple large sites suitable for development of projects similar to NCG. The Fund plans to raise additional capital to develop these sites. Partners in the NCG project shall have a right to invest in future projects.

The City: Berlin NH is an old industrial city that was the crown jewel of the New England paper mill industry. As the paper mill industry collapsed, economic opportunities in the city became scarce. With abundant flat land, cool night time summer temperatures, excellent industrial infrastructure, and a highly trained labor force from the paper mill industry, Berlin is an ideal location for North Country Growersā€™ state of the art combined heat and power greenhouses. Berlin, NH is an officially recognized Opportunity Zone.



The listings on this page are provided as a free service to potential community development funding recipients. The information contained on this page is for informational purposes only and does not constitute an offer to sell or solicitation of an offer to buy securities. NCSHA does not provide investment advice, and these listings are not to be construed as a recommendation to engage in a transaction with a particular party.

The information above is based solely on information provided to NCSHA by the listed contact person for each company, and NCSHA is not responsible for any inaccurate or out-of-date information in these listings. Companies utilizing this free listing are solely responsible for obtaining necessary clearances from their compliance departments.

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NCSHA will continue to update the directory as it becomes aware of new funds or changes to the information listed on ncsha.org.


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