Google Bets €13 Billion on Finland to Power AI Boom With Nuclear Energy

Alphabet's Google is committing a staggering €13 billion ($15.1 billion) to Finnish AI infrastructure over the next two years, marking its largest single investment in Europe. Signed on Wednesday, the agreement includes a 22-year power purchase deal with Fortum for up to 50% of the output from Loviisa nuclear plant, the first nuclear power contract Google has signed outside the United States.

This financing will enable a life-extension and upgrade program, allowing Loviisa to operate until 2050, instead of shutting down after 2030 as originally planned. The investment will bolster Google's Hamina data center campus, with three new sites set to be built in Kajaani, Muhos, and Vaala. This move is projected to add €3.6 billion to Finland's GDP annually and support over 37,000 jobs, including more than 16,000 in construction.

Google anticipates creating around 7,000 permanent jobs once the sites are operational. Additionally, Google has recently signed onshore wind contracts in the region, adding 629 megawatts of capacity and a 94-megawatt battery system near Kajaani, set to come online by late 2027. Despite scoring 61 out of 100 on clean-energy use, according to Climate Power's Data Center Air Pollution Tracker, Google's data center operations still emit as much carbon dioxide as a third of France's annual emissions.

This investment aligns with Alphabet's global capital spending plan of $195-$205 billion for 2026, underscoring the company's commitment to AI development and sustainable energy sources.