Google signs 22-year deal to buy half the output of a Finnish nuclear plant

Google will buy half the electricity of a nuclear power plant

Google is putting €13bn into Finland for three new data centers and an expansion of its Hamina site—its largest single European investment. The deal includes a 22-year power purchase agreement with utility Fortum for up to 50% of the Loviisa nuclear plant's output. Fortum says the commitment will fund life-extension and capacity upgrades at the plant, which currently supplies about 10% of Finland's electricity. TikTok also announced a $1bn Finnish data center this week, citing the country's cool climate, clean energy mix, and uncongested grid. Google estimates the construction phase will support over 37,000 jobs and add €3.6bn annually to Finland's GDP.

Why it matters: Google's €13bn Finnish data-center build plus a 22-year nuclear PPA is a clear signal that AI infra is moving from buying RECs to directly locking in baseload power. Hits all three HKR axes, but it's an infrastructure play rather than a model or product release — lands at the ...