Google plans at least €13 billion for Finnish data centers

Google plans to invest at least €13 billion (~$15.1B) in Finnish digital infrastructure over 2027–2028, including data centers and supporting buildout in Hamina, Kajaani, Muhos, and Vaala, according to a Sep 9 Google Cloud Press Corner release. The same day, Google and Fortum signed a 22-year nuclear power purchase agreement covering up to 50% of the Loviisa plant’s capacity — Google’s first nuclear plant life-extension deal, per Google’s clean-energy blog.

Compute: The Press Corner frames the spend as Google’s largest single investment in Europe and ties the sites to AI and cloud services, including Gemini, Search, Maps, and YouTube.

Power: Fortum’s inside-information notice says the PPA starts in 2028 at a smaller share and reaches 50% of Loviisa capacity in 2030–2049, giving Fortum revenue certainty for life extension through operating licenses to 2050. Without that program, Fortum and Google say the plant — about 10% of Finland’s electricity and roughly 580 Fortum jobs — could not run past 2030. Fortum’s life-extension program is about EUR 1 billion; about EUR 700 million of related capex still awaits investment decisions.

Google’s energy package also includes more onshore wind (bringing contracted new-to-grid wind to 629 MW) and a 94 MW battery near Kajaani expected in late 2027, plus an MoU with Fortum on new nuclear, renewables, and flexibility.

Stake: Alphabet/Google capex and European AI capacity; Fortum shareholders (RONA uplift claimed once 50% is contracted); Finnish grid users if Loviisa stays online; Nordic nuclear and PPA markets watching whether hyperscalers underwrite life extensions elsewhere.

What’s next: Final Loviisa investment decisions on the remaining ~EUR 700M; whether “at least €13B” is broken out by site in later filings; MoU progress on new Loviisa reactors.

— Nico Valdez