Google has announced a €13 billion investment in Finland, significantly deepening the technological ties between the tech giant and the Nordic country. A key part of this investment is the signing of a contract with Finnish company Fortum, by which Google secures a long-term energy supply. The contract, concluded for a period of 22 years, allows Google to purchase up to half of the electricity produced by the Loviisa nuclear power plant. The power plant currently generates around 10 per cent of Finland's electricity, making it a key factor in the national energy system.
In addition to securing energy, Google plans to build three new data centres in Finland, alongside the expansion of existing facilities in Hamina. This expansion requires significant human resources, so Google has announced that it will create more than 37,000 jobs during the construction phase. The investment cycle, with implementation planned for 2027 and 2028, is expected to have a positive impact on the local economy, increasing Finland's GDP by €3.6 billion. Alphabet, Google's parent company, has already raised its global spending plans to $205 billion, indicating the strategic importance of these infrastructure steps.
Parallel to Google's moves, other global players are increasing their presence in the Finnish digital space. TikTok has announced an investment of $1 billion in a new data centre in Kouvola. This decision stems from an assessment that Finland offers highly favourable conditions for business, including robust digital infrastructure, secure data management, and a highly skilled workforce. Additionally, Finland's geographical location, with its cooler climate, presents an additional advantage for server cooling, which reduces operational costs. Furthermore, the country offers a balanced energy mix, further enhancing the appeal of the location for major technology investments.
