Google Invests €13B in Finland's Data Centers and Nuclear Power
Google has announced its largest single European investment to date, committing at least €13 billion to Finland over the next two years. The funds will be used to build data centers in Hamina, Kajaani, Muhos, and Vaala, with an estimated annual average contribution of €3.6 billion to Finnish GDP during construction.
The investment is expected to support over 37,000 jobs and 7,000 once the facilities are operational. Additionally, Google has signed a 22-year power purchase agreement with Fortum to fund the life extension of the Loviisa nuclear plant, which supplies around 10% of Finland's electricity.
The company is also exploring the possibility of new reactors at the site. Furthermore, Google will invest in new onshore wind capacity through partnerships with Valorem and Suomen Hyötytuuli, adding 629MW to the grid, as well as a 94MW battery near Kajaani set to come online by late 2027.
Alphabet shares saw an intraday decline of 3.03% following the announcement.