Select Harvests has purchased a 1566-hectare almond orchard in north-western Victoria as it seeks to nearly double its output of the nut in a decade and will tap equity and debt markets to raise $180 million to fund the deal and invest in working capital.

ASX-listed Select Harvests said the $129 million acquisition of the Piangil Almond Orchard in the Sunraysia district would increase the company's planted area by one-fifth, from 7695ha to 9262ha, and boost its almond production by about 4600 tonnes in its first full year and to 5400 tonnes per year at maturity in 2026.