Google Backs €13 Billion Finland Buildout With First European Nuclear PPA

Google said on 9 September 2026 it will invest at least €13 billion (about $15 billion) in Finnish digital infrastructure over 2027–2028, its largest single infrastructure commitment in Europe to date, spread across four locations — Hamina, Kajaani, Muhos and Vaala. The buildout is backed by a 22-year power purchase agreement with Fortum covering the life extension of the Loviisa nuclear plant, Google’s first nuclear PPA outside the United States.

What is known. Per Google’s own announcement, the Loviisa PPA runs from 2028 through 2049, with Google’s offtake starting smaller in 2028 and rising to 50% of the plant’s capacity from 2030 onward. Loviisa’s two Soviet-designed VVER-440 reactors, in commercial operation since 1977 and 1981, currently supply more than 10% of Finland’s electricity, according to World Nuclear News. Fortum is separately running a roughly €1 billion life-extension and uprate program at the plant — a 38 MWe uprate due to complete in 2028, plus a further 10 MWe increase planned. Alongside the nuclear deal, Google signed onshore wind PPAs with Valorem and Suomen Hyötytuuli, which the company says brings the total new-to-grid wind capacity it supports in Finland to 629 MW, and contracted a 94 MW battery storage system at the Kajaani site for grid stabilization. Google projects the 2027–2028 construction phase will support more than 37,000 jobs nationwide and add an average €3.6 billion a year to Finnish GDP.

What this means for a buyer of power. Coloprice’s index tracks Finnish business electricity at $0.105/kWh, with a range of $0.08–$0.13 — among the cheapest rates in the European markets we cover, a byproduct of a grid already weighted toward nuclear and wind (see /index/ and our Finland listings). That cost advantage is precisely what Google is now locking in directly through long-dated PPAs rather than buying from the grid spot market. Our catalog currently shows a single disclosed operator in Finland — Equinix, with five IBX facilities across the Helsinki metro (HE3–HE7) — none flagged AI-ready and none publishing a site power figure in MW. Google’s campuses sit outside that colocation footprint entirely: this is hyperscaler self-build, financed by bespoke nuclear and wind contracts, not leasable third-party capacity. For colocation buyers eyeing the Nordics on the strength of cheap power, the Loviisa deal is a reminder that the cheapest, most secure supply is increasingly being pre-purchased by hyperscalers before it ever reaches a shared market — worth tracking against battery-backed grid balancing more broadly on our BESS price index.

What we don’t know yet. Google hasn’t disclosed how the €13 billion splits across the four sites, nor the combined IT capacity in MW the Hamina, Kajaani, Muhos and Vaala campuses will add. It’s also unclear whether any of this capacity will ever be offered to third parties or remains fully captive to Google’s own Search, Gemini, Maps and YouTube workloads — a distinction that matters for anyone modeling Nordic colocation supply rather than hyperscaler self-build.