Amazon has signed two long-term Power Purchase Agreements (PPA) with Swedish renewable energy firm OX2 to purchase the entire capacity of two onshore wind farms in Finland.

According to local reports, the tech firm will purchase energy from the 367MW Rajamäenkylä wind farm located in Isojoki and Karijoki municipalities and the 105MW Honkakangas wind farm in Halsua.

In addition to the PPAs, OX2 has announced that it had reached a final investment decision on the projects and has committed to invest €700 million ($795.7m) to fund their construction and operation.

Both projects will begin construction immediately, with the Rajamäenkylä wind farm expected to be completed in 2028 and the Honkakangas wind farm with an expected completion date in 2027.

“We are proud to be making the largest renewable energy investment in Finland. This is an important market for OX2, and we look forward to more great renewable projects in the Nordics. This investment is also an important step in growing our portfolio as an independent power producer”, says Paul Stormoen, CEO, OX2.

To fund the construction of the projects OX2 has secured long term debt financing from Santander Corporate & Investment Banking.

Following the PPAs, Amazon now has contracts for 772MW of renewable capacity in the Finnish market. These include a PPA signed in 2023 for 59MW of power from two wind farms in Karstula, Central Finland, with Renantis.

AWS doesn’t currently operate a Finnish cloud region, though it operates a Local Zone Edge location in Helsinki.

Earlier this year, Amazon claimed the title of the world’s largest corporate buyer of renewable energy for the fifth consecutive year. According to the company, it has supported more than 600 wind and solar projects to date.

OX2 is headquartered in Stockholm, Sweden, and focuses on the development, construction and management of renewable energy solutions. It is owned by private equity firm EQT and has a presence in 12 markets across Europe and Australia.

In 2023, OX2 signed a long-term PPA with Google and AirTrunk for 25MW of solar power from a project in the Riverina district of New South Wales, Australia.