Google Invests €13 Billion in Finnish Nuclear Power for AI Project

Google has committed to spending at least €13 billion on an AI project in Finland over the next two years, its largest single investment in Europe. The tech giant has signed a 22-year contract with Finnish energy company Fortum to purchase up to half of the Loviisa nuclear power plant's output, worth around €1 billion. This deal will allow Fortum to extend the reactors' operating life until 2050.

The agreement also includes plans for Google to build new data centers in Finland, expanding its existing hub at Hamina and building capacity in Kajaani, Muhos, and Vaala. The project is expected to create over 37,000 jobs and contribute €3.6 billion to the country's GDP during the construction phase.

Ruth Porat, president and chief investment officer at Alphabet and Google, described the energy component of the deal as 'structural rather than incidental'. Aris Karcanias, Google's director of energy for EMEA, added that the arrangement is also about grid stabilisation, as it helps to keep a critical energy source on the grid.