The agreement between Fortum and Google strengthens Loviisa's future
The strategic partnership announced today by Fortum and Google is also significant positive news for Loviisa. The agreement strengthens the conditions for the continued operation of the Loviisa nuclear power plant and supports jobs, investments, and the vitality of the region well into the future.
Fortum and Google have signed a 22-year power purchase agreement covering a significant portion of the Loviisa Nuclear Power Plant’s output. The agreement provides financial stability for investments aimed at extending the plant’s operational life and supports the plant’s operations through 2050.
Fortum and Google have also signed a memorandum of understanding on cooperation to develop new nuclear power, renewable energy, and energy storage and flexibility solutions. This strengthens Finland’s position as a destination for investment in clean energy and technology and creates opportunities for new jobs and expertise.
The Loviisa Nuclear Power Plant plays a key role for both the city and Finland as a whole. The plant generates about one-tenth of Finland’s electricity and directly employs about 580 people, as well as indirectly supporting a large number of workers at various service and subcontracting companies.
The agreement that has been made public is a strong indication that nuclear power plants will continue to play a key role in Finland’s energy system in the coming decades.
“The agreements announced by Fortum and Google are extremely positive for the city’s vitality, employment, and future development prospects. Long-term investments in energy and clean electricity generation support the competitiveness of the entire region and strengthen Loviisa’s position as one of Finland’s most significant energy cities,” says Tomas Björkroth, Mayor of Loviisa.
The agreement strengthens the entire Power Coast
Cursor Oy views the partnership between Fortum and Google as significant for the entire Power Coast—that is, the cluster of industrial investments comprising the Kotka-Hamina region and Loviisa. Significant investments in the data economy, energy production, the battery industry, and the clean energy transition are already underway or planned for the region. The growth of Google’s data center operations in Hamina and its long-term commitment to energy production in Loviisa are concrete examples of how different investments can support one another and drive growth throughout the region.
“The agreement between Fortum and Google is an excellent example of how the impact of a single major investment can extend far and wide. Google’s growth in Hamina is creating demand for clean and reliable energy production, and now this is also having a tangible impact in Loviisa. It pays to collaborate across a broad geographic area. In the Power Coast region, the data economy, energy production, and industrial investments reinforce one another and create jobs, new business, and growth for all of Finland,” says David Lindström, CEO of Cursor Oy.
More Information
Tomas Björkroth, Mayor
City of Loviisa
+358 40 724 7707
tomas.bjorkroth@loviisa.fi
David Lindström, CEO
Cursor Oy
+358 40 190 2501
david.lindstrom@cursor.fi