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Google announced plans on Wednesday to pour at least €13 billion ($15.1 billion) into AI infrastructure in Finland, a figure the company described as the single largest European investment in its history.
The capital will be deployed in 2027 and 2028 across data centers and supporting infrastructure in Hamina, Kajaani, Muhos, and Vaala, the company said. During the construction phase, the investment is expected to contribute an average of €3.6 billion annually to Finland's GDP and support more than 37,000 jobs. Once the facilities are operational, they are projected to sustain 7,000 jobs annually at wages averaging 24% above Finland's median.
Google has operated in Finland for more than 15 years, having converted a former paper mill in Hamina into a data center in 2009. The new investment builds on that presence to power services including Gemini, Search, Maps, and YouTube.
As part of the announcement, Google signed a 22-year life extension power purchase agreement with Finnish energy company Fortum for the Loviisa nuclear power plant, which currently supplies roughly 10% of Finland's electricity and employs approximately 580 people. Without the agreement, the plant would not have been able to continue operations beyond 2030, the company said. Shares of Fortum climbed 11% following the announcement, according to CNBC.