Business & Finance

Fortum Signs 22-Year Power Deal Tied to $13B Google Investment, Backing Nuclear Plant Upgrades

By Today News Hours Editorial Desk

Fortum Oyj has entered into a 22-year power purchase agreement that will secure up to 50% of the capacity from its Loviisa nuclear power plant. The agreement is designed to support upgrades to the facility and extend its operational lifetime through 2050. Fortum stated that the deal is expected to contribute to a 1.4 percentage point increase in the company's return on net assets (RONA). The agreement is part of a broader partnership that includes a EUR 13 billion investment by Google in Finland. As part of the collaboration, Fortum and Google plan to jointly develop new energy solutions and flexibility services. The announcement was made in a press release issued by Fortum on September 9, 2026.