The firm said the investment would increase production to over 5GW a year and also includes new 6MW testing facility at its Jyvaskylia site in southern Finland.
Construction at the production site will take place during 2017, with completion and added capacity operations beginning in early 2018.
The Finnish firm said more capacity was needed to cope with increasing demand for its Exceed gearbox.
"This significant new investment in capacity will enable us to meet the growing demand from our customers for Exceed gears. By investing further in Finland alongside our other manufacturing facilities, we can shorten our production lead-times, improve our efficiency and ensure continued high quality standards," said Moventas CEO Arto Lahtela.
Moventas said over 1GW of Exceed gearboxes had been delivered to customers in five continents over the past year.
The gearbox was awarded its standards certificate by DNV GL in January 2016.