Google Locks in Nuclear Power from Fortum's Loviisa Plant for Next Two Decades

Fortum, a leading Nordic energy company, has signed a long-term power purchase agreement (PPA) with Google to supply up to half of the output from its Loviisa nuclear power plant in Finland. The deal, which runs through 2050, will provide revenue certainty for Fortum's €1.1bn investment program at Loviisa.

The PPA is designed to support a lifetime extension of the plant, which has been generating electricity since 1977 and currently supplies around 10% of Finland's electricity. Without this agreement, the plant would have had to close by 2030, affecting over 680 people employed directly or indirectly.

Google will begin purchasing power from Loviisa at a smaller scale in 2028 before increasing its share to 50% between 2030 and 2049. The deal is part of Google's broader commitment to renewable energy, with the company investing $14bn in Finland over 2027 and 2028.

Fortum's President and CEO, Markus Rauramo, framed the agreement as a key step towards combining nuclear, renewables, and flexibility technologies to meet rising electricity demand. The deal also includes plans to examine potential business models for new nuclear reactors at Loviisa and assess whether Fortum's existing land sites could suit future Google data centers.