GOOGLE €13B FINLAND AI. FIRST NON-US NUCLEAR PPA.

ENERGY / AI DESK — Alphabet’s Google put a Nordic floor under its European AI build. On Wednesday, 9 September 2026, the company said it will invest at least €13 billion in digital infrastructure in Finland over the next two years — 2027 and 2028 — its largest single investment in Europe. The same day, Finnish utility Fortum disclosed inside information: a multi-decade nuclear power purchase agreement contracting for up to 50% of Loviisa plant capacity, revenue certainty Fortum says it needs to keep the plant running through operating licences to 2050. Ruth Porat, Alphabet and Google’s president and chief investment officer, framed the energy side in Helsinki as “BYOP, bring your own power,” and said the Fortum deal is Google’s first nuclear energy agreement outside the United States. This Extra is an infrastructure-and-grid file. Not investment advice. No tip on GOOGL or FORTUM.HE.

Google and Fortum name the map: new data-centre and supporting work in Hamina, Kajaani, Muhos, and Vaala — three new northern sites plus expansion at Hamina, Google’s 2009 paper-mill conversion. Reuters and BBC place the northern build where winter air can drop well below minus 10°C, cutting cooling load on dense AI racks. Google also cites clean-energy projects, grid-friendly siting with Fingrid and Business Finland, onshore wind PPAs bringing Google-supported new-to-the-grid wind to 629 MW, and a contracted 94 MW battery near Kajaani expected online late 2027, with Fortum optimizing that storage.

We call this BYOP, bring your own power. This is Google's first nuclear energy deal outside of the United States.

The nuclear PPA is the insider cut. Fortum’s release states a 22-year life-extension PPA: smaller volume from 2028, then up to 50% of Loviisa’s generation for 2030–2049. Loviisa — two ~507 MWe pressurized-water units about 55 km from Hamina — produces about 8 TWh a year and about 10% of Finland’s electricity. Fortum counts about 580 of its staff plus nearly 100 contractors on site daily. Without the lifetime-extension programme, Fortum says the plant could not continue beyond 2030. An approximately €1 billion programme aims at operations through 2050; about 80% of projects and about €700 million of capex still awaited decisions. The Google PPA, Fortum says, underwrites continuing those investments for the full extension and is expected to enable an extra 10 MW increase atop a planned 38 MW uprate due live in 2028.

A parallel MoU looks past today’s plant: new nuclear at Loviisa, renewables, flexibility, and portfolio management. Fortum cites an 8 GW Nordic renewables pipeline in permitting and targets 1.2 GW ready-to-build renewables plus 2.5 GW of flexibility and generation ready-to-deploy by end-2028. Google’s Aris Karcanias, Director of Energy, EMEA, said keeping Loviisa online near Hamina mitigates southern capacity going offline. Fortum CEO Markus Rauramo cast the PPA as long-term visibility in a volatile-price market — why contracted offtake unlocks remaining extension spend.

Construction-phase economics, as Google states them: an annual average of about €3.6 billion to Finland’s GDP in the 2027–2028 build years; more than 37,000 jobs supported nationwide in that phase; about 7,000 jobs annually once operational. Reuters condensed GDP as some €3.6 billion during construction and 7,000 jobs once running. Extra shelves both prints. Compute is framed as supporting Gemini, Search, Maps, and YouTube. Alphabet’s global 2026 capital plan, wires note, was already raised toward as much as about $195–205 billion — context for why €13 billion is Europe’s single largest Google bet.

Prime Minister Petteri Orpo, via Reuters and Google’s release, called the decision a testament to Finland’s strengths. On the electricity-price worry that follows every hyperscale announcement, Orpo told reporters — per Reuters — that based on available information “there is enough electricity,” and that the companies are committed to keeping Finnish production sufficient and prices under control. Extra prints that as an attributed political claim. It does not invent a Finnish Security Intelligence Service (SUPO) angle — none of the four verification sources carried one.

CLAIM vs CONFIRMED. CONFIRMED from Google Cloud Press Corner, Fortum inside information, Reuters, and BBC: ≥€13 billion Google Finland spend for 2027–2028; largest single Google investment in Europe; sites Hamina / Kajaani / Muhos / Vaala; 22-year Loviisa life-extension PPA up to 50%; first Google nuclear PPA outside the United States; Porat BYOP line; Loviisa ~10% of Finnish power; Fortum ~€1 billion extension programme with ~€700 million still pending; MoU on new nuclear, renewables, flexibility; 94 MW Kajaani battery; Google GDP/jobs figures as stated; Orpo “enough electricity” via Reuters. NOT here: any SUPO claim; any household-tariff forecast; any buy/sell tip. FALSE framing — do not use: “Google buys Loviisa.” Nailed down, 10 September 2026, 02:05 GMT. PATH /money/google-finland-13bn-loviisa-nuclear-ppa. DESK_ID google-finland-13bn-loviisa-nuclear-ppa. Beat MONEY / ENERGY–AI EXTRA. PHOTO: Thomas Gartz / Wikimedia Commons (CC BY-SA 4.0) — real Loviisa Nuclear Power Plant still. VIDEO=no. Verification: Google Cloud Press Corner; Fortum inside information 9 Sep 2026 10:00 EEST; Reuters Essi Lehto; BBC Jessica Rawnsley — verification only. No investment advice.

DESK_ID google-finland-13bn-loviisa-nuclear-ppa. Verification: Google Cloud Press Corner, 9 Sep 2026; Fortum Corporation inside information, 9 Sep 2026 10:00 EEST; Reuters Essi Lehto; BBC Jessica Rawnsley — verification only, do not republish. Photo: Thomas Gartz / Wikimedia Commons (CC BY-SA 4.0). No investment advice. NTH MERIDIAN does not invent quotes, PPAs, or events.