Icelandic fisheries, aquaculture and processing giant Samherji on Tuesday announced it reached a deal with Icelandic geothermal power plant owner and operator HS Orka to develop a land-based salmon farming operation that would be one of the world's largest.

The Akureyri, Iceland-based company plans on investing over ISK 45 billion (€306.6 million/$371.7 million) into the new facility, with a planned output of 40,000 metric tons when the facility is complete.

In the first phase, production will be 10,000 metric tons of salmon and an estimated investment of ISK 17 billion (€115.8