T1 Energy Inc. (NYSE: TE) announced that local officials in Mo i Rana, Norway, have approved rezoning a portion of its Giga Arctic campus to allow for data center development, according to a company press release.

A committee of the Mo i Rana municipal government approved a permit on Aug. 27 allowing 161,000 square feet of the 926,000-square-foot Giga Arctic facility to be rezoned for either industrial use or data center operations. The remaining portion of the building retains its industrial zoning but could be changed by a future government vote when additional grid capacity is allocated.

T1 Energy expects a 50 MW data center could be operational at the site by 2027. The company holds a position in the grid capacity queue for a total of 396 MW and believes the existing building is large enough to accommodate a data center of that size.

T1 holds a 50-year lease, with options for extension, on the Giga Arctic site, which is located within an industrial park in northern Norway. The company said it is in discussions with multiple parties to explore options and potential structures for monetizing the facility as part of a value optimization initiative.

"We are in active discussions with multiple counterparties to find a strategy to unlock shareholder value," said Dan Barcelo, T1 Energy's Chairman and CEO.

T1 Energy describes itself as an energy solutions provider building a U.S. supply chain for solar manufacturing, headquartered in Austin, Texas.