Google Signs 22-Year Nuclear PPA for Finland

Google will invest at least €13 billion in Finnish digital infrastructure over two years, including new and expanded datacenters, alongside a 22-year power purchase agreement with Fortum that gives it access to up to half of the Loviisa nuclear plant's output through 2050. The deal also includes new onshore wind PPAs totaling 629 MW and a 94 MW battery storage system to help balance the grid.

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This deal marks one of the largest direct corporate nuclear PPAs to date, providing Fortum with two decades of revenue certainty to fund the Loviisa life-extension and reinforcing a template of hyperscalers underwriting baseload clean power for AI-driven datacenter growth. Fortum benefits from guaranteed offtake economics that de-risk a major capital project, while Google secures carbon-free, firm power to support its European AI and cloud capacity expansion. The wind and battery components add incremental demand for Nordic renewable developers and grid-balancing infrastructure, reinforcing Finland's position as a low-carbon compute hub. Investors should watch whether similar hyperscaler-nuclear PPA structures spread across Europe, potentially re-rating nuclear operators and SMR/uranium-adjacent equities on rising corporate demand for firm clean power. Grid operator Fingrid and Finnish transmission investment needs are also likely to rise as datacenter load grows in northern and central Finland.