Google secures power from Finland's Loviisa nuclear plant for 20 years

Google has signed a contract to purchase electricity from Finland's Loviisa nuclear power plant. Thanks to the contract for 2028-2049, the plant operator will complete investments to extend its operating lifetime. A potential increase in the plant's installed capacity, currently around 1 GW, is also under consideration. Google intends to invest heavily in the construction of data centres and supporting infrastructure in Finland over the next two years.

US technology company Google presented its plans for technology development and energy activities in Finland. As part of these activities, it has signed a power purchase agreement (PPA) with Fortum for electricity supplies from the Loviisa nuclear power plant. Deliveries between 2028 and 2049 will give Google access to up to 50% of the electricity generated by the two-unit plant, which has an installed capacity of 1014 MW.

“Finland has a unique opportunity to turn its decarbonised, reliable power system and robust industrial infrastructure into a foundation for the next wave of sustainable industrial growth. Long-term partnerships such as that between Fortum and Google are essential to achieving this goal, particularly in today’s uncertain market environment, characterised by limited visibility and highly volatile electricity prices. Our collaboration with Google also provides a strong foundation for the further development and reliable operation of our Loviisa plant in the decades ahead,” said Markus Rauramo, Fortum’s president and CEO.

The Loviisa nuclear power plant has VVER-440 reactors commissioned in 1977, which account for roughly 10% of the country’s electricity generation. Fortum has obtained a licence to operate the plant until 2050 and is currently implementing an investment programme to extend its operating lifetime. Thanks to the agreement with Google, Fortum will be able to complete it and implement a further potential 10 MW increase in installed capacity.

“These investments are very welcome in Finland and demonstrate that investment in AI infrastructure can be made in a way that benefits both local communities and the wider energy system. We need a long-term approach and commitment to create value for both investors and Finnish society. The long-term agreement helps ensure that new generation capacity is developed to meet growing demand,” said Sari Multala, Finland’s Minister of Climate and the Environment.

Major investments in Finland

Google plans to invest at least EUR 13 billion (roughly CZK 315 billion) in Finland over the next two years. The investments will primarily go towards new data centres and supporting infrastructure. As part of its energy portfolio, in addition to nuclear power, Google will support wind projects with an installed capacity of 629 MW and the construction of a 94 MW battery storage facility. As part of its investment programme, Google has also earmarked funds for nature conservation and local communities.

“Finland is an attractive investment destination, and attracting further investment remains our priority. Google’s decision is clear evidence of our strengths. The benefits of the data economy extend far beyond direct investment, stimulating innovation, research and development. Deepening cooperation with Google will bring lasting benefits to both sides,” said Finnish Prime Minister Petteri Orpo.