Google has signed a 22-year power purchase agreement with Finnish energy company Fortum covering up to 50% of the output from the Loviisa nuclear power plant from 2030 through 2049. The agreement, announced on Tuesday, is Google’s first nuclear energy contract outside the United States and is expected to provide the economic basis for extending Loviisa's operating life from around 2030 to 2050.
The deal is tied to Google's broader €13 billion ($15.1 billion) investment in Finnish AI and data center infrastructure across Hamina, Kajaani, Muhos and Vaala. Fortum said the contract is expected to lift the group’s comparable return on net assets by about 1.4 percentage points over time. Fortum shares rose roughly 10% in early European trading, while Google said the project could contribute about €3.6 billion annually to Finnish GDP during construction in 2027–2028 and support around 7,000 jobs once operational. Google will also allocate €31 million over four years for community programs, including AI upskilling for more than 4,400 workers and training for 100 students.
Executives framed the agreement as critical to securing reliable, low-carbon baseload power for AI workloads. Google Chief Investment Officer Ruth Porat called the Fortum deal “a really important cornerstone” to the company's regional expansion, while Finland’s Prime Minister Petteri Orpo said it was “a clear testament to our strengths.” The announcement more than doubles Google’s previously reported €5.5 billion German data center commitment.
