Deal Details
Europe just got a new blueprint for powering AI around the clock. Google struck a deal with Fortum to purchase up to half of the Loviisa nuclear plant's capacity, tied to Google's €13 billion plan to build out artificial intelligence infrastructure in Finland. The companies call it Europe's first arrangement of this kind, saying it will keep Loviisa online past 2030 and position the plant to operate until its license expires in 2050.
Sustaining Loviisa's operations into 2050 will require around €1 billion in spending spread across multiple years. The two companies also signed a memorandum of understanding to pursue new nuclear and renewable projects, along with other services.
Why This Matters For Power And Data Centers
Big tech is leaning into nuclear to lock in low carbon, always-available electricity for data centers. Fortum CEO Markus Rauramo put it simply: "The attraction is that they they can secure clean, reliable, affordable power because they have big and long-term power needs."
According to Citigroup analysts Piotr Dzieciolowski and Jenny Ping, Google's step highlights robust appetite among European data centers for sizable, always-on clean electricity, and they anticipate further deals across the region, possibly involving nuclear facilities in Spain.
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The Bigger Energy Picture
Nuclear is showing early signs of a comeback as rising power demand and climate goals revive interest after years of limited Western investment. The quickest ways to keep nuclear on the grid are extending existing reactors or restarting closed ones. Building new units is an option, but it takes years and often runs over schedule and budget.
The US is already moving this way, with federal loans in the billions aiding the restart of closed plants - one such effort in Iowa intends to deliver power to Google. Google and Fortum are also exploring ways to expand nuclear capacity. As Rauramo said, "The needs potentially are so big," adding, "We have concluded already some time ago that new nuclear would have a role because there's just so much energy that will be needed."
What This Means For Your Portfolio
The through line here is clear: AI growth is colliding with power supply limits, and long-term, clean baseload deals are becoming a strategic asset. If more companies copy this model, expect to see additional corporate power contracts that keep existing reactors online or bring dormant ones back, rather than waiting for new builds to arrive years later.
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