Google will invest at least €13 billion ($15.1 billion) in artificial intelligence infrastructure in Finland through 2028, marking the company’s largest AI-related investment in Europe. The deal also includes a 22-year agreement to purchase up to 50% of the electricity output from Fortum’s Loviisa nuclear power plant, strengthening Google’s access to low-carbon electricity for its growing data center operations.
Google will invest at least €13 billion ($15.1 billion) in artificial intelligence infrastructure in Finland over the next two years, making the country the destination for the technology company’s largest single investment in Europe.
The investment, announced Wednesday, will cover data centers as well as electricity-grid improvements, clean-energy and battery projects designed to support Google’s expanding AI operations and services including Search, Maps, YouTube and Gemini.
Google said the investment will be made during 2027 and 2028. The company estimates that the projects will contribute about $3.6 billion to Finland’s gross domestic product during the construction phase and support approximately 7,000 jobs annually once the infrastructure is operational.
A major component of the announcement is a 22-year power purchase agreement with Finnish energy company Fortum. Under the agreement, Google will purchase up to 50% of the electricity output from Fortum’s Loviisa nuclear power plant, providing the technology company with a long-term source of low-carbon electricity.
The agreement is also expected to support the continued operation and upgrade of the Loviisa plant through 2050. Fortum said the long-term arrangement provides greater economic certainty for extending the plant’s operating life.
The deal marks Google’s first nuclear power agreement outside the United States and reflects the growing importance of reliable electricity supplies as technology companies expand data centers to meet rising demand for AI computing.
Fortum shares responded sharply to the announcement. The stock rose about 10% in early European trading, significantly outperforming Finland’s benchmark stock index, after investors reacted to the long-term agreement with Google.
Google and Fortum also plan to explore opportunities to develop additional nuclear and renewable energy capacity in Finland. The companies said they would work on potential business models aimed at improving the commercial viability of new nuclear reactors at the Loviisa site.
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Google’s investment comes as Finland attracts increasing interest from technology companies and data center developers seeking large amounts of electricity and land for AI infrastructure.
The country’s relatively cool climate can reduce the energy required to cool data centers, while its access to low-emission electricity makes it attractive to companies seeking to expand computing capacity while managing energy costs and emissions.
Google already operates a data center in Hamina, near the Loviisa nuclear facility. The latest investment will deepen the company’s presence in Finland and expand the infrastructure available to support its European digital operations.
Other technology companies are also increasing their presence in the country. TikTok is expanding its data center capacity in Finland as part of its Project Clover initiative, while AI infrastructure companies have announced large-scale projects aimed at taking advantage of Finland’s available power and land.
The developments reflect a broader race among technology companies to secure the electricity and physical infrastructure needed to support the rapid growth of artificial intelligence.
For Google, the Finnish investment combines two strategic priorities: expanding computing capacity for AI while securing a long-term supply of relatively low carbon electricity. The agreement with Fortum gives the company greater visibility over its power supply while supporting the continued operation of an important Finnish nuclear facility.
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