Fortum signed a 22-year power purchase agreement with Google to supply Finnish data centers with nuclear energy. The contract covers a significant portion of the output from the Loviisa nuclear power plant.
The deal provides the revenue certainty needed for multi-billion dollar refurbishment investments. These upgrades will extend the plant's operational life beyond 2030.
The Loviisa plant currently generates approximately 10% of Finland's total electricity. Google secures a long-term supply of carbon-free power to meet rising demand from AI and cloud computing.
The agreement signals a trend of major corporations adopting nuclear energy for constant power needs. This procurement model may influence how large industrial and technology consumers secure future energy assets.