Google’s $15.1 Billion AI Bet in Europe, the Largest Yet—Securing Nuclear Power Directly

【Financial News New York = Reporter Lee Byung-chul】  Google will invest at least €13 billion (about $15.1 billion) in Finland to expand its artificial intelligence (AI) infrastructure. It will be Google’s largest-ever single investment in Europe. To meet the enormous power demand of its AI data centers, the company has also agreed to purchase up to half of the electricity generated by a local nuclear power plant for 22 years. The AI power race is expanding beyond data centers into a competition to secure a stable electricity supply.
According to Reuters, CNBC and others on the 9th local time, Google will invest more than €13 billion in Finland between 2027 and 2028 to significantly expand its AI infrastructure. It will develop three new data centers in northern Finland and invest in digital infrastructure, power grids, clean energy and battery projects, including those connected to its existing facilities.
Google chose Finland because of its abundant low-carbon electricity and cold climate. Data centers require enormous amounts of power and water to cool their servers. In Finland, where winter temperatures can fall below minus 10 degrees Celsius, the company can use cold outdoor air to reduce cooling costs.
The more notable aspect is how Google is securing power. Google has signed a 22-year power purchase agreement (PPA) with Finnish energy company Fortum. The agreement will secure up to 50% of the Loviisa nuclear power plant’s generation capacity. Ruth Porat, president and chief investment officer (CIO) of Alphabet and Google, described the arrangement as “BYOP (Bring Your Own Power),” calling it “Google’s first nuclear energy agreement outside the United States.”
Google and Fortum are also jointly considering the development of new nuclear power plants and renewable energy projects. Based on the long-term agreement, Fortum plans to extend the Loviisa plant’s operating life and upgrade its facilities, with the goal of keeping it in operation through 2050.
The investment is expected to have a significant impact on Finland’s economy. Google estimates that the project will contribute about €3.6 billion to Finland’s gross domestic product (GDP) during construction and support approximately 7,000 jobs annually once operations begin.
Alphabet has raised its global investment to between $195 billion and $205 billion this year to meet surging demand for AI computing. The focus of the AI race is rapidly shifting from semiconductors and data centers to securing enough power to operate them around the clock.



[email protected] Reporter Lee Byung-chul Reporter