Mentioned:
Google has big plans for building out physical infrastructure for artificial intelligence in Finland. Which is exactly why they’ve just struck a new nuclear power deal.
What’s happening:
- Google (NASDAQ: GOOG) has entered into a binding power purchase agreement with Finland’s majority state-owned power utility Fortum to purchase up to 50% of the output from their Loviisa nuclear power plant located in Finland
By the numbers:
- Google’s new power purchase agreement with Fortum will span 22 years
Why it matters:
- This is the first time ever that Google has entered into a binding power purchase agreement for nuclear energy outside of the United States
Going deeper:
- Fortum has publicly stated that Google’s power purchase agreement will enable them to finance the extension and upgrade of their Loviisa plant throughout the next two decades
- Google has committed roughly $15.1B USD to building out new data centres and physical infrastructure for artificial intelligence in Finland over the next two years
The intrigue:
- Google has been pouring capital into nuclear energy lately, including previously partnering with NextEra Energy (NYSE: NEE) to restart the historic Duane Arnold nuclear plant located in Iowa alongside of a 25 year power purchase agreement
