Google announced it will invest 13 billion euros in artificial intelligence infrastructure in Finland, marking the largest single investment by the company in Europe. The American technology company has already signed a 22-year contract with Finnish energy company Fortum for the purchase of energy, which caused Fortum's shares to surge 9%.
The Nordic country has emerged as a strategic location for AI data centers, due to available land and cheap electricity, resources necessary for this type of infrastructure and scarce in other parts of Europe. The company signed a 22-year contract with a Finnish company for the purchase of energy.
Ruth Porat, president and chief investment officer of Alphabet and Google, stated that the company is proud to deepen its roots in Finland, continuing over 15 years of constant investments in the country. The Finnish Prime Minister, Petteri Orpo, considered that the decision demonstrates that the value of the data economy goes far beyond direct investments, driving innovation, research and development.
The investment will finance the development of data centers in the municipalities of Hamina, Kajaani, Muhos and Vaala. The company's estimates indicate that this type of investment could help increase Finnish GDP by 3.6 billion euros.
