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"The confirmation of when Salfjord can start production is a crucial milestone for the investment decision," said the company's Chair, Jan Harald Hauvik.

The agreement marks an important breakthrough for the Norwegian aquatech firm in Asia, as it represents its first major venture in the region.

It is the largest land-based facility for post-smolt and food fish in this part of the Nordic country.

The first salmon eggs were stocked in the autumn of 2024, and harvest is expected in the fourth quarter of 2026.

It has a capacity of 500 metric tons of Atlantic salmon per year and the first harvest is expected in the fourth quarter of 2026.

The President of Cantabria, the region where Norcantabric is located, confirmed that her government will support the new phase of the project, as the previous administration did with Phase 1.