The company said the investment, equivalent to $15.1 billion, is its largest single capital commitment in Europe and will be deployed through 2028. Google said funds will flow into data centers and supporting investments including energy projects, and that it has signed a 22-year life extension power purchase agreement with Finnish energy company Fortum. Fortum's stock jumped 11% on the announcement.
Alphabet and Google's chief investment officer Ruth Porat said, "Google is proud to deepen our roots in Finland with the company's largest single investment in Europe, building on more than 15 years of sustained investment in Finland." She added the investment pairs technical infrastructure expansion with new energy capacity, grid enhancements, and energy affordability initiatives.
Google also said it will work alongside Fortum to "identify new business models to improve the commercial viability of potential new nuclear reactors" at the Loviisa site in southern Finland. The company framed the energy measures as integral to supporting large-scale data center deployments.
Industry participants and local officials pointed to a cluster of recent project announcements that signal growing momentum. Real estate partner Matti Lajunen said, "Finland is seeing huge demand for AI infrastructure right now, I've heard it called the 'Texas of Europe' at industry events. What we're now seeing is weekly new inquiries for market entry into Finland from new players." Other investors and operators have recently unveiled large proposals in Finland, including Pure DC, Arcem and Nebius, and social platforms such as TikTok have planned capacity increases.
Finland's prime minister, Petteri Orpo, framed the deal as broader economic value, saying, "The value of the data economy extends far beyond direct investment into spurring innovation, research, and development. Deepening our collaboration with Google will deliver lasting benefits for both parties." Google’s decision follows a global wave of hyperscaler projects in regions with abundant land and power, and it arrives months after Google disclosed a separate multibillion-dollar buildout in Texas.
With capital committed through 2028 and a long-term energy pact in place, Google’s investment locks in a multi-year expansion path for Finnish digital infrastructure and adds momentum to the country's positioning as a European AI hub.
