Fortum shares surged 10% after the Finnish utility announced a 22-year power purchase agreement with Google covering up to 50% of electricity generated by its Loviisa nuclear facility from 2030 through 2049. The contract is designed to finance upgrades that would extend the plant’s operations to 2050, avoiding a potential closure after 2030. Loviisa employs about 580 people and supplies roughly 10% of Finland’s electricity. Fortum said the agreement could raise its group comparable return on net assets by about 1.4 percentage points over the contract’s duration. Google also pledged a minimum of €13 billion ($15.1 billion) for Finnish AI infrastructure in 2027-2028, including data centers, grid modernization, renewable energy and battery storage across Hamina, Kajaani, Muhos and Vaala. The investment is projected to contribute about $3.6 billion to Finland’s gross domestic product during construction and create approximately 7,000 annual jobs once operational. The initiative is Google’s first nuclear energy partnership outside the United States and includes a memorandum of understanding with Fortum on additional nuclear capacity, renewable power, flexible electricity solutions and energy portfolio management. Google will spend a further €31 million over four years on education and economic development programs in the four municipalities, including €10 million for research and innovation. Finland’s cold climate and low-carbon nuclear power have made it an attractive location for data-center expansion as companies seek to manage energy costs and sustainability requirements.