Google bets €13 billion on Finland AI buildout, Fortum nuclear deal

The Finland announcement lands inside an already enormous spending program. Alphabet has raised its 2026 global capital investment target to $195 billion–$205 billion, and the Finnish project will require at least another €13 billion during 2027 and 2028 on top of that. Google says the added infrastructure supports Gemini, Search, Maps and YouTube — the products through which it hopes to turn greater AI capacity into revenue.

The nuclear piece is what makes this deal unusual. Buying up to 50% of the Loviisa plant's output for 22 years gives Google a long-term source of low-carbon power, while Fortum gets the economic certainty to extend and upgrade the plant through 2050. The two companies also plan to explore more nuclear and renewable projects together.

The risk sits on both sides. Investors need Alphabet to generate enough incremental revenue and cash flow from AI services to justify the buildout, and the Finnish project's cost advantages depend on whether power and data-center capacity remain available. Microsoft and ByteDance are also hunting for Nordic sites and power, and Finnish opposition parties warn the investment could strain electricity supplies and push prices up, even as Prime Minister Petteri Orpo says Finland has enough electricity and prices should stay under control. Whether the cost edge holds may hinge on how those competing demands and permitting pressures play out.