Google Buys Up to 50% of Loviisa Nuclear Output for 22 Years

Loviisa, Finland, October 20 — Google has contracted up to half the output of Fortum's Loviisa nuclear plant for 22 years, the anchor of the energy package behind its €13 billion Finland expansion, while two of its new data center sites face a regulatory work stop due by October 23.

The power purchase agreement (PPA), a long-term contract to buy a generator's electricity on fixed terms, was signed on September 9. Google calls it its first deal for a nuclear plant life extension and uprate, meaning a reactor's rated output is raised through equipment upgrades.

The Technical Details

Fortum says Loviisa could not run past 2030 without new investment. Its roughly €1 billion program aims to keep the plant online through 2050, yet about 80% of the projects and €700 million of the spending still await investment decisions. Fortum says Google's contract gives it the revenue certainty to fund the full extension.

Deliveries start at a lower level in 2028 and reach 50% of plant capacity from 2030 through 2049. The deal should also enable a new 10 MW uprate on top of a planned 38 MW increase due in 2028. S&P Global Ratings puts Loviisa at 1.014 GW and calls the contract the largest PPA ever signed in the Nordic region.