Google partners with Fortum Oyj to secure €1B investment for Finnish nuclear plant

Google just locked in its first nuclear power deal outside the US, and it’s a big one. The tech giant signed a 22-year power purchase agreement with Finnish utility Fortum Oyj on September 9, committing to buy up to 50% of the output from Finland’s Loviisa nuclear power plant. The deal gives Fortum the revenue certainty it needs to pour roughly €1 billion into extending the plant’s operating life until 2050. For Google, it secures a massive block of reliable, low-carbon electricity to power what’s shaping up to be an enormous AI and data center buildout across Finland. The numbers behind the deal The PPA kicks off with reduced capacity starting in 2028, ramping up to full volumes by 2030 and running through 2049. Google will absorb up to half of everything Loviisa produces during that window. That’s a significant chunk of Finnish power generation. Loviisa currently supplies more than 10% of Finland’s total electricity and employs around 580 people. Fortum’s investment program for the plant totals approximately €1 billion, though around €700 million of that still awaits final board approval. Among the upgrades already underway: a 38 MW capacity uprate expected to finish by 2028. Inv...