Novo Nordisk (NVO) said Monday it plans to invest 8.5 billion Danish kroner ($1.20 billion) to establish a new production facility in Odense, Denmark.

The new site will feature a 40,000-square-meter production facility and warehouse and will produce treatment for rare diseases, such as hemophilia, the Norwegian life sciences company said.

The plant will be powered in part by solar energy, the company said. Construction has already begun and is scheduled to be completed in 2027 when it will employ 400 permanent personnel, it added.