Google Signs First Nuclear PPA Outside US with Fortum
Google has signed its first nuclear Power Purchase Agreement (PPA) outside of the US with Finnish energy firm Fortum in Loviisa, Finland. The 22-year deal will see Google offtake power from the Loviisa nuclear power plant, which houses two Soviet-designed VVER-440 pressurized water reactors, each with a capacity of 507MW.
The PPA is expected to support a lifetime extension and power upgrades at the plant through 2050. Google will agree to offtake 50 percent of the plant's capacity from 2030 to 2049. The deal is set to come into effect in 2028, with a smaller offtake.
The agreement also includes an ongoing investment program worth approximately €1 billion ($1.16bn) to extend the plant's lifetime to 2050. Fortum said that the Google PPA will provide revenue certainty needed for further investments and enable a 10MW capacity increase at the plant, in addition to an already planned 38MW uprate.
Fortum President and CEO Markus Rauramo said: 'Our collaboration with Google provides a strong foundation for the continued development and reliable operation of our Loviisa power plant for decades to come.'