Swedish renewable energy platform OX2 has made the final investment decision for two onshore wind farms in Finland with a total capacity of 472 megawatts. The investment amounts to more than €700 million ( US$807.01 million ), and the wind farms will remain under OX2’s ownership once constructed.

The projects have a long-term power purchase agreement with a multinational corporate offtaker. OX2 has also signed a long-term debt financing agreement with Santander Corporate & Investment Banking.  

The Rajamäenkylä wind farm in Karijoki and Isojoki, scheduled for completion in 2028, will comprise 54 Nordex N175/6.8 wind turbines with a total capacity of 367MW. The Honkakangas wind farm in Halsua will be completed in 2027 and will comprise 16 Nordex N175/6.5 wind turbines with a total capacity of about 105MW.
 


The projects are the first in Finland to remain within OX2’s operational ownership. Construction is set to start immediately, and the wind farms will produce about 1.6 terawatt-hours of renewable energy annually once completed.
 


“We are proud to be making the largest renewable energy investment in Finland. This investment is also an important step in growing our portfolio as an independent power producer,” says OX2 chief executive officer Paul Stormoen.