Google Invests €13 Billion in AI Infrastructure in Finland

Alphabet, Google's parent company, is investing at least €13 billion in the development of artificial intelligence infrastructure in Finland. The investments will be directed towards the construction of three new data centers in the cities of Kainuu, Muhos, and Vala, as well as the expansion of the facility in Hamina. The projects are expected to create around 16,000 jobs. The total cost of planned and ongoing projects in the country reaches €43 billion. Finland's cold climate will reduce cooling costs for servers, and 96% of the country's electricity is produced with zero carbon emissions. Finnish company Fortum has signed a 22-year agreement with Google to sell up to 50% of the generation from the Loviisa nuclear power plant from 2030 to 2049, which has led to an increase in Fortum's shares by more than 11%. Google will also build a 94 MW battery in Kainuu and enter into contracts for the purchase of wind energy. The investments will support Finland's economy, which is suffering from a decline in trade with Russia and high unemployment exceeding 10%. Google has experienced a negative cash flow for the first time due to AI expenses, with a free cash flow deficit of $5.9 billion in the second quarter.

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