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Google to invest €13 billion in Finland nuclear power for AI buildout
Google’s 22-year power purchase with Fortum covers up to half of Loviisa plant output and is expected to keep the station running through 2050, avoiding a shutdown after 2030.
Google, part of Alphabet, plans to invest at least €13 billion in Finnish AI infrastructure in 2027 and 2028, backed by a long term electricity supply deal with Fortum. According to OilPrice, the companies signed a 22-year power purchase agreement for up to 50% of the output from Fortum’s Loviisa nuclear plant, which marks Google’s first nuclear power contract outside the United States. Fortum said the agreement will fund a life extension and upgrade program to keep Loviisa running through 2050, rather than shutting down after 2030. OilPrice reported that Loviisa supplies about 10% of Finland’s electricity and employs nearly 600 people. The agreement also supports Google’s expansion at its Hamina data center campus and includes three new sites in Kajaani, Muhos, and Vaala, with construction projected to run through 2027 and 2028.
Fortum shares rose 10% within hours of the announcement, OilPrice said. The broader investment is described as Alphabet’s largest single investment in Europe and is part of Alphabet’s 2026 capital spending plan of $195 billion to $205 billion, with projections of €3.6 billion annually added to Finland’s GDP and support for more than 37,000 jobs, including 7,000 permanent roles once the sites are operational.