AMAZON has signed two long-term Power Purchase Agreements (PPAs) with Swedish renewable energy developer OX2 to purchase the full capacity of two onshore wind farms in Finland, totaling 472MW.

The agreements cover the 367MW Rajamäenkylä project, located in the Isojoki and Karijoki municipalities, and the 105MW Honkakangas project in Halsua. Both developments are set to begin construction immediately.

OX2, led by CEO Paul Stormoen, announced a final investment decision on the two projects and a commitment of €700 million to finance their construction and operation. Completion is expected in 2027 for Honkakangas and 2028 for Rajamäenkylä.

To support the investment, OX2 has secured long-term debt financing from Santander Corporate & Investment Banking.

Following the deal, Amazon now has contracts for 772MW of renewable capacity in Finland. This includes a 2023 agreement for 59MW from wind farms in Karstula with Renantis. While Amazon Web Services (AWS) does not currently operate a Finnish cloud region, it maintains a Local Zone Edge location in Helsinki.

OX2, backed by private equity firm EQT, operates across 12 markets in Europe and Australia. The company continues to grow its role as an independent power producer, following similar deals such as its 25MW solar PPA with Google and AirTrunk in Australia in 2023.

Source: datacenterdynamics.com