Google has entered into a 22-year power purchase agreement with the Finnish utility company Fortum Oyj, signed on September 9, 2026. Under this deal, Google will purchase up to 50% of the electricity produced by the Loviisa nuclear power plant. This agreement ensures the plant's operation until 2050.
The partnership allows Fortum to invest approximately €1 billion into extending the plant's lifespan. While €700 million of this investment is still awaiting final board approval, a 38 MW capacity upgrade is already underway and expected to be completed by 2028.
The power purchase agreement will begin with reduced capacity in 2028, increasing to full volumes by 2030 and continuing through 2049. The Loviisa plant currently provides more than 10% of Finland's total electricity and employs approximately 580 people.
Beyond the energy deal, Google has committed to investing at least €13 billion (roughly $15.1 billion) in AI and data center infrastructure across Finland during 2027 and 2028. This construction phase is projected to add €3.6 billion to Finland's GDP.
The project is expected to create approximately 7,000 permanent jobs once operations begin. Following the announcement, Fortum's stock price increased between 8% and 15%.