The ambitious hydroponic project was to include a glasshouse covering 16 hectares which would produce approximately 15,000 tonnes of vegetables each year.

But the business’ major shareholder Cor Disselkoen said storms in April 2015 had delayed the project for more than two months, and subsequent storms in January 2016 had caused more than $20 million in flood damage.

“We are entirely insured, but with insurance companies it can take a long time to get the money,” he said.

The anticipated $65 million project now required additional funding of $10-to-12 million to cover the costs of the damage.

Mr Disselkoen denied the decision had anything to do with lender blacklisting due to being located in Williamtown’s contaminated red zone. He also explained that because the farm used rainwater and the plants were not grown in soil, the PFOS and PFOA contamination would not affect the business.

“Glasshouse growing has a tremendous yield because we are sheltered from any climatic circumstances,” he said.

“It is a very good investment, but I don’t have any more than my $28 million, and the bank would like to see some additional investment to bridge this while we wait for the insurance.

“I’m quite optimistic that we’ll get it done.”

The financial woes of Maria’s Farm could also prove “devastating” for the Hunter’s refugee community if the project does not proceed.

It was expected the farm would employ about 125 semi-skilled refugees in the community, many of whom have completed specially-designed courses at Hunter TAFE to ensure they had the required qualifications.

Refugee support worker Sister Diana Santleben, of Zara’s House, said the prospect of reliable, permanent full-time work was akin to the holy grail for many refugees because it offered hope that they could one day become landowners.

“You are a refugee forever unless you have a home,” Sister Santleben said.

“Full time, permanent work is key to a mortgage.”

Sister Santleben explained that only a “tiny number” of refugees managed to secure full time work, and that was usually in the “most disgusting” department of a factory.

”This was going to be dignified, reliable, well organised work,” she said.

“When we found out about it, our friends at Hunter TAFE sat down with us and we devised a course to prepare all of these refugees to work in this glasshouse complex.”

Sister Santleben said many refugees had given up hope of finding work in Newcastle, and were moving to Sydney and Melbourne.