• Google will invest at least $15.1 billion in Finnish AI infrastructure during 2027 and 2028, its largest European investment.
• A 22-year power purchase agreement will secure up to 50% of the output from Fortum’s Loviisa nuclear plant.
• The program is expected to add approximately $4.2 billion to Finland’s GDP during construction and support about 7,000 jobs annually once operational.

Google takes its biggest European bet north

Google will invest at least $15.1 billion in Finland over two years, combining a major AI infrastructure expansion with long-term access to nuclear power.

The investment will fund three new data centres in northern Finland. It will also cover electricity grid improvements, clean energy capacity and battery projects. Google said the infrastructure will support services including Gemini, Search, Maps and YouTube.

For Finland, the agreement brings a major industrial project to an economy of fewer than six million people. For Google, it provides computing capacity in a region with cold weather, stable grids and growing supplies of low-carbon electricity.

Northern Finland’s winters can push temperatures below minus 10 degrees Celsius. That climate can reduce the energy and water required to cool servers, giving Nordic data centres an operational advantage.

Nuclear contract secures long-term supply

The investment includes a 22-year power purchase agreement with Finnish utility Fortum. Google will buy up to 50% of the output from one of Finland’s two nuclear power plants.

“We call this BYOP, bring your own power,” Google’s President and Chief Investment Officer Ruth Porat told reporters in Helsinki. “This is Google’s first nuclear energy deal outside of the United States.”

The electricity will come from Fortum’s Loviisa plant, located near Google’s existing Hamina data centre. Fortum said the contract would provide economic certainty for upgrades and an extension of the plant’s operating life through 2050.

Google and Fortum will also explore new nuclear and renewable energy development in Finland. Investors responded quickly. Fortum’s shares rose 15.5% to their highest level in four and a half years, making the utility Europe’s largest market gainer that day.

The structure offers a potential model for managing AI’s growing electricity requirements. Long-term purchase contracts give technology companies greater price visibility. They can also help utilities finance generation, storage and grid investment.

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Finland backs growth despite power concerns

Google expects the program to contribute approximately $4.2 billion to Finland’s GDP during construction. Once operational, it is projected to support roughly 7,000 jobs each year.

Prime Minister Petteri Orpo said the investment could strengthen innovation, research and development. He also sought to ease concerns that large data centres could tighten electricity supplies or increase consumer prices.

“Based on all the information available, there is enough electricity,” he said. “They are committed to ensuring that electricity production in Finland remains sufficient and that prices remain under control.”

That assurance will remain central to the project’s political licence. Data centres can create investment, employment and tax revenue. Their electricity consumption can also expose governments to public pressure over affordability and access to grid capacity.

Finland has faced less vocal resistance to data-centre development than several other markets, including parts of the United States. Its challenge will be preserving that support as AI-related demand expands.

Energy strategy becomes an AI requirement

Alphabet has increased its planned global investment this year to between $195 billion and $205 billion. The spending reflects intense competition for computing capacity and the electricity needed to operate it.

Microsoft, ByteDance and other technology companies are also examining Nordic locations. Nuclear generation gives Finland an added advantage because it can provide large volumes of low-carbon power around the clock.

For executives and investors, the agreement shows that AI expansion is becoming inseparable from energy procurement. Grid capacity, contract duration and community acceptance now carry strategic weight alongside chips and data-centre construction.

Finland’s ability to pair digital investment with dependable low-carbon power could strengthen its position in Europe’s AI economy. The broader test is whether governments can capture that growth without compromising energy affordability, climate commitments or public trust.