Shares in Finnish energy company Fortum climbed in European markets on Wednesday after the company signed a 22-year power purchase agreement with Google covering the Loviisa nuclear power plant. Fortum said the agreement would enable it to extend the operating life of the plant.
In morning European trade, Fortum shares were 8.3% higher at 23.11 euros, according to The Wall Street Journal. The stock move followed Fortum’s announcement that it had reached the agreement with the U.S. technology giant.
Under the terms announced Wednesday, Google will buy 50% of the Loviisa nuclear power plant’s capacity from 2030 through 2049. The Loviisa plant currently supplies 10% of Finland’s electricity, according to Fortum. The company said the agreement would support the extension of the plant’s operating life.
Separately on Wednesday, Google said it would invest at least €13 billion — equivalent to roughly $15 billion — in artificial intelligence infrastructure in Finland over the next two years.