Google Bets €13 Billion on Finnish Nuclear Power

Google has committed to investing at least €13 billion ($15.1 billion) in Finnish AI infrastructure over the next two years, marking its largest single investment in Europe. The tech giant has signed a 22-year power purchase agreement with Fortum for up to 50% of the output from the Loviisa nuclear plant, which will extend the plant's lifespan until 2050.

The deal includes a life-extension and upgrade program that keeps Loviisa running through 2050, preventing its shutdown after 2030. Without this agreement, Fortum would have had to close the plant, affecting about 10% of Finland's electricity supply and employing nearly 600 people.

Google's investment will add capacity at its existing Hamina data center campus and include three new sites in Kajaani, Muhos, and Vaala. The buildout is projected to contribute €3.6 billion annually to Finland's GDP and support more than 37,000 jobs, with about 16,000 of them being construction-related.

Alphabet Chief Investment Officer Ruth Porat described the Finland deal as 'a really important cornerstone' for Google's AI buildout. The company is also signing onshore wind contracts adding 629 megawatts of capacity and a 94-megawatt battery system near Kajaani, which will be operational by late 2027.

Google estimates that the deal will support around 7,000 permanent jobs once the sites are operational. The company's contract with Fortum joins two other corporate nuclear power deals in the U.S., signed by Microsoft and Amazon, respectively.