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.