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The plant aims to capitalize on the Norwegian transmission grid’s surplus renewable energy and ship the resulting green ammonia to domestic and European markets, the iron ore miner said in a statement.

“The green hydrogen and green ammonia produced near Svelgen has the potential to replace fossil fuels in industries that find it difficult to cut emissions, like long-haul transport, shipping and heavy industry,” Fortescue Norway Country Manager Thor Magnus Rovik said.

The company is currently targeting the plant’s construction to commence in 2025, and operations in 2027, pending final approvals from the board.

Last month, Fortescue approved an estimated total investment of about $750 million over the next three years for two green energy and one green steel projects.

It has also significantly stepped up investments in renewable projects amid a global decarbonization push, but that has led to an exodus of high-level management and raised investor concerns.