On Wednesday, Google said it would invest at least 13 billion euros ($15.1 billion) in AI infrastructure in Finland, marking the tech giant’s largest single investment in Europe.
Google plans to allocate the capital through 2028, investing in data centers and supporting initiatives such as energy projects, the company announced.
It also announced a 22-year extension of its power purchase agreement with Finnish energy firm Fortum.
The investment comes as Finland has emerged as a key location for data centers amid the AI boom, with hyperscalers and developers eyeing its available land and power, both of which are in short supply throughout most of Europe.
“Google is proud to deepen our roots in Finland with the company’s largest single investment in Europe, building on more than 15 years of sustained investment in Finland,” Ruth Porat, President and Chief Investment Officer of Alphabet and Google, said in a statement.
“This investment underscores Google’s commitment to grow our presence responsibly, pairing the expansion of our technical infrastructure with new energy capacity, grid enhancements, and energy affordability initiatives.”
“Finland has a unique opportunity to turn its decarbonised, reliable electricity system and robust industrial infrastructure into a foundation for the next wave of sustainable industrial growth. Long-term partnerships like the one between Fortum and Google are essential to making that happen, especially in today’s uncertain market environment characterized by low visibility and highly volatile electricity prices. They provide the visibility needed to invest in new low-carbon power generation capacity, strengthen energy security and support new digital and industrial infrastructure that create jobs, innovation and prosperity for Finland. Furthermore, our collaboration with Google provides a strong foundation for the continued development and reliable operation of our Loviisa power plant for decades to come,” says Fortum’s President and CEO Markus Rauramo.
Google, alongside Fortum, announced it would actively explore new business models to enhance the financial prospects of potential nuclear reactors at the Loviisa site in Southern Finland.
Finland’s Prime Minister Petteri Orpo said, “The value of the data economy extends far beyond direct investment into spurring innovation, research, and development. Deepening our collaboration with Google will deliver lasting benefits for both parties.”
Fortum shares rose 11% following the announcement.
By CEO NA Editorial Staff
