Finnish utility Fortum and local partner Rusnano have won the rights to build wind farms totalling 823MW in Russia in the country's latest capacity auction.
The projects will be commissioned between 2019 and 2023 and will receive a guaranteed price of €60 to €90 a megawatt-hour for 15 years.
Fortum said investment decisions on the wind farms will be made on a case-by-case basis.
The company also secured 110MW of solar capacity in the auction. It will provide €215m in equity for the photovoltaic projects and for its share of the wind farms.
The auctions, which ran from 29 May to 9 June, made 830MW of wind capacity available and 150MW of solar.