Google said Wednesday it will put at least €13 billion into Finland and deploy the funds through 2028, focusing on AI-ready data centers and related energy investments. The company called it its largest single European investment to date.
"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," said Ruth Porat, Alphabet and Google's president and chief investment officer. "This investment underscores Google's commitment to grow our presence responsibly, pairing the expansion of our technical infrastructure with new energy capacity, grid enhancements, and energy affordability initiatives."
According to Google, it entered into a 22-year life-extension PPA with the Finnish utility Fortum, a disclosure that sent Fortum's shares up 11%. The firms plan to explore alternative business frameworks aimed at making prospective new nuclear reactors financially workable at Fortum's Loviisa facility, which sits in a southern Finnish town.
Amid the AI boom, the country has rapidly emerged as a top destination for data centers. Hyperscalers and developers are chasing available land and electricity in a region where both are scarce across much of Europe. The country is also drawing other digital workloads, with TikTok planning to expand its data center capacity there.
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The pipeline is getting crowded. In July, Pure DC said it would invest €1.5 billion ($1.74 billion) in a 110 megawatt campus in Finland, with headroom to scale past 550 megawatts. Arcem outlined plans for a site of up to 500 megawatts.
And in March, Nebius said it would build in the country what would rank among Europe's largest AI factories. "Finland is seeing huge demand for AI infrastructure right now, I've heard it called the 'Texas of Europe' at industry events," said Matti Lajunen, a real estate partner at Hannes Snellman, adding that he is seeing weekly inquiries from new entrants.
Texas is itself an AI data center magnet, with massive projects announced by Meta, Microsoft, and Anthropic. In November, Google disclosed plans to put $40 billion into Texas by 2027. For everyday investors, the takeaway is simple: places with dependable power and room to build are becoming hubs for AI spending, which can ripple into utilities, grid upgrades, and local construction.
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