Limoneira stikes deal with Oxnard-based Agromin
Diversified citrus grower Limoneira has announced a long-awaited agreement with Agromin to form a joint venture to develop an organic waste recycling facility on 70 acres in Santa Paula.
Announced on April 15, the joint venture involved developing a composting facility capably of processing 295,000 tons of organic waste per year. The profits from the facility will be shared between the partners and Limoneira said in a release it expects the project to “contribute significant EBITDA.”
The venture will collect gate fees from waste haulers as well as revenue from the sale of compost. Limoneira will collect $560,000 a year in lease fees from the joint venture, according to a release. The joint venture’s 70-acre facility represents substantial expansion from a smaller, 15-acre operation currently operated by Agromin in Santa Paula.
The venture should be able to process some 75% of Ventura County’s organicwaste currently going to landfills. The agreement took 15 years of planning and permitting activities, the statement said.
