A 199MW wind deal that anchors the capital stack

Amazon has signed four Swedish power purchase agreements covering 199MW of onshore wind, a package small by hyperscaler standards but structurally significant for the capital stack behind renewable projects. The three Saena portfolio farms—Boarp, Dållebo, and Fagelas—are already generating; Amazon takes 17.5MW at Boarp, 18MW at Dållebo, and 31.5MW at Fagelas, a combined 67MW. The fourth contract covers 132MW of the 189MW Fagerasen wind farm in Dalarna County, now under construction with commercial operations scheduled for 2028, as Data Center Dynamics first reported.

Mirova, the French sustainable investment manager, acquired the already-operating Saena portfolio from developer Eolus AB last year, and OX2, a Swedish renewable firm, acquired Fagerasen—developed by Eolus AB and Dala Vind AB—while it was still in development. In both cases, the acquisition was a bet on the project's ability to find a creditworthy offtaker, and the Amazon contracts convert that bet into a revenue stream for part of each asset's output.

Mirova now has a 67MW named buyer for the Saena portfolio, but the remaining capacity of those three farms is uncovered, and Fagerasen's 189MW is anchored by a 132MW contract, leaving a 57MW merchant tail. Amazon could have taken the entire output of either project; it chose instead to take roughly two-thirds of Fagerasen and a smaller share of the operating farms, pricing the risk the developer carries on the uncommitted megawatts.

On Mirova's farms, the contract is an immediate upgrade to the revenue profile: the asset is already producing, and the PPA replaces merchant sales with a fixed-price stream. On OX2's Fagerasen, it is a condition of construction financing, with lenders treating the 132MW offtake as baseline cash flow for debt service while the remaining 57MW may be parceled out later or left to the merchant market.

The Swedish contracts mark the first partial offtakes in a partnership that has grown region by region: in April 2025 Amazon signed PPAs with OX2 for the entire 367MW Rajamäenkylä wind farm and 105MW Honkakangas farm in Finland, and in November it added 28MW at the Annopol wind park in Poland, expected online in 2027. Amazon is not the sole buyer for any of these four Swedish projects, a choice that suggests a deliberate willingness to share merchant risk with the developer.

For Amazon, the contracts are a physical hedge as much as a green commitment: the company runs a Stockholm cloud region launched in 2018 and has backed Swedish water replenishment and green steel initiatives with SSAB, so fixed-price wind PPAs from specific locations give it a claim on deliverable power at a known cost as its data center loads grow. For the developers, the same contract is a financing anchor that moves a project from merchant risk toward infrastructure pricing.

PWD has argued that the transition has split into a premium for firm electrons and grid position, while unbuilt wind without an offtake sells at distress; the Swedish package tests that thesis—the contracted megawatts are priced as infrastructure, the uncontracted are left to the merchant market. Mirova and OX2 made their acquisitions last year before these PPAs were signed, buying the assets at merchant risk and letting the hyperscaler contract reprice them. That is the right kind of risk-taking for an infrastructure investor: take the development or operating risk, then let a credit anchor reset the cost of capital. The contract is modest in size; the capital structure it unlocks is not.

The 57MW tail at Fagerasen now runs toward a 2028 deadline. If OX2 places that capacity with a second offtaker before commercial operations, the project clears the financing bar without touching the merchant market again; if it cannot, the tail stands as the price of the anchor—the megawattage the hyperscaler chose not to buy.