Google to Invest at Least $15 Billion in Finland AI Infrastructure Through 2028

Google said Wednesday it would invest at least 13 billion euros, or roughly $15.1 billion, into AI infrastructure in Finland — the largest single investment the company has ever made in Europe.

The capital will be deployed through 2028 across data centers and supporting projects, including energy initiatives, the company said in a statement. The announcement reinforces Finland's emergence as one of the continent's most sought-after locations for large-scale digital infrastructure.

Alongside the investment, Google disclosed it has signed a 22-year life extension power purchase agreement with Finnish energy company Fortum. Fortum's stock jumped 11% following the announcement.

Google also said it would work with Fortum to identify new business models aimed at improving the commercial viability of potential new nuclear reactors at Fortum's Loviisa site in Southern Finland.

"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," Ruth Porat, president and chief investment officer of Alphabet and Google, said in a statement. "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."

Finland has attracted a wave of data center interest amid the broader AI infrastructure build-out, driven by its available land and power supply — resources that are scarce across much of Europe.

Matti Lajunen, a partner specializing in real estate at Finnish law firm Hannes Snellman, told CNBC that the country has drawn comparisons to Texas at industry events. "Finland is seeing huge demand for AI infrastructure right now, I've heard it called the 'Texas of Europe' at industry events," he said. "What we're now seeing is weekly new inquiries for market entry into Finland from new players."

The point of comparison is not incidental. Google in November said it would invest $40 billion in Texas through 2027, a market that has attracted large-scale commitments from Meta, Microsoft, and Anthropic as well.

Finland's data center pipeline has grown quickly in recent months. Pure DC said in July it would invest 1.5 billion euros, or $1.74 billion, to build a 110-megawatt campus with potential to scale beyond 550 megawatts. Arcem has outlined plans for a site with up to 500 megawatts of capacity. In March, Nebius unveiled plans to build one of Europe's largest AI factories in the country.

Finland's Prime Minister Petteri Orpo welcomed the Google commitment. "The value of the data economy extends far beyond direct investment into spurring innovation, research, and development," he said in a statement. "Deepening our collaboration with Google will deliver lasting benefits for both parties."

TikTok has also been planning to expand its data center capacity in Finland, reflecting the country's appeal for social media infrastructure as well.

The $15.1 billion commitment signals that competition among hyperscalers for European AI infrastructure capacity is intensifying, with Finland positioned as a primary beneficiary — at least through 2028.

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