The PPA between Fortum and Google will commence in 2028 with a reduced capacity allocation, scaling up to cover 50% of the Loviisa plant’s output during the years 2030 through 2049. The deal is structured to span the life extension period of the Loviisa facility and is expected to generate a predictable revenue stream that will enable Fortum to complete the substantial investments required to keep the plant operational well into the next decade.

The agreement also opens the door to a new 10 MWe capacity increase at the plant. Loviisa already has a 38 MWe capacity increase currently under way, which is expected to reach completion in 2028.

About the Loviisa Nuclear Power Plant

Loviisa, located in southern Finland, comprises two VVER-440 type pressurised water reactors and holds the distinction of being Finland’s first nuclear power plant. Unit 1 entered commercial operation in 1977, followed by Unit 2 in 1981. Together, the two units currently supply more than 10% of Finland’s total electricity.

In February 2023, the Finnish government granted Fortum an extension to the operating licence for both units, permitting the plant to continue generating power through the end of 2050. Fortum has since launched an investment programme of approximately EUR 1 billion aimed at extending Loviisa’s operational life to meet that deadline.

At present, around 80% of the projects needed for the service life extension — representing approximately EUR 700 million in investments — still lack a final investment decision. Fortum has stated clearly that without these investments, the plant would not be able to continue producing fossil-free electricity beyond 2030.

“Without significant investments in its lifetime extension, the plant would not be able to continue producing fossil-free electricity after 2030,” Fortum said. “Keeping it in operation for the coming decades will help stabilise electricity prices and support the long-term resilience of the Finnish electricity grid.”

Google’s EUR 13 Billion Finland Investment

The nuclear power deal comes alongside Google’s announcement of plans to invest EUR 13 billion (approximately USD 15 billion) in data centres and supporting infrastructure across Finland over the next two years, spanning 2027 and 2028. The investment includes partnerships in Hamina, Muhos, Vaala, and Kajaani.

Fortum CEO Markus Rauramo commented on the broader significance of the agreement: “Finland has a unique opportunity to build the next wave of sustainable growth and industrialisation from its low-carbon and reliable electricity system. A key enabler for this growth are long-term partnerships, such as the one we have sealed today between Fortum and Google. The importance of partnerships is highlighted in the current uncertain market environment, characterised by low visibility and highly volatile electricity prices. They bring the predictability required for investments in new, low-carbon electricity generation capacity, strengthening energy security, and digital and industrial infrastructure, and create jobs, innovation and prosperity for Finland. In addition, our collaboration with Google creates a strong foundation for the continued development and reliable operation of our Loviisa power plant in the coming decades.”

Google’s Position on Clean Energy in Finland

Google confirmed its commitment to supporting the plant’s continued role in Finland’s energy landscape: “Keeping this clean energy asset online will help to safeguard access to reliable, affordable electricity for Finland’s households, businesses, and industrial users alike. We’ll also work with Fortum to identify potential opportunities to develop new nuclear reactors at Loviisa.”

Aris Karcanias, Head of Energy, EMEA at Google, elaborated on the company’s approach: “We are proud to have called Finland home for the past 15 years. As we expand our operations in Finland, it is critical that we work with local energy partners like Fortum to increase our understanding of what the grid needs and invest in energy solutions that deliver long-term resilience and affordability for all electricity users. By supporting the extension of the Loviisa power plant’s lifespan, we are doing our part to preserve a critical energy source in the electricity grid. The plant is located close to our Hamina data centre, where we established roots when we came to Finland. As we grow, we are working with Fortum and other partners to bring new renewable energy generation capacity and flexible solutions to the Finnish electricity system. Our goal is to be a pioneer in how AI is responsibly integrated into European energy systems.”

Beyond the power purchase agreement, Google and Fortum have also signed a Memorandum of Understanding (MoU) to deepen collaboration in support of the growth of both companies in Finland and to bring additional electricity generation capacity to the country. The MoU focuses on the development of new nuclear power, renewable energy, and flexible energy solutions. Its stated aim is to ensure that as demand for AI services grows, new low-carbon generation is deployed to support the long-term electricity supply of Finnish consumers and businesses.

In a further step, the two companies have signed a Letter of Intent to promote new power generation and flexible capacity within Finland. As an initial measure under this arrangement, Fortum has signed an agreement with Google to optimise the battery storage system to be installed at Google’s Kajaani data centre. The new battery system carries a capacity of 94 MW, and Google has agreed to deliver it through a subcontractor.

New Nuclear Development Under Consideration

Fortum noted in its study on new nuclear power that potential investments in new nuclear capacity and long-term financial viability require strong customer demand secured by power purchase agreements, strategic investors and partners, an efficient financing and risk-sharing model, and robust project implementation.

“Google and Fortum are investigating business models that could improve the competitiveness of the new nuclear power project in Loviisa. In addition, the companies are investigating the suitability of Fortum’s land areas with network connections for Google’s future data centre needs,” Fortum said.

This clean energy Finland partnership represents a convergence of growing digital infrastructure demands and the need for reliable, low-carbon electricity generation, with the Fortum Loviisa facility positioned at the centre of that alignment.

The SHARE Virtual Power Plant initiative brings together an expansive coalition of industry partners including Rewiring America, Google, Carrier Global Corporation, Tesla, Sunrun, Renew Home, Demand Side Analytics, encoord, and others to deploy a coordinated network of home batteries, smart devices, and battery-enabled heat pumps. This network is built to reduce energy use during periods of high demand, create additional grid capacity, and help put downward pressure on energy rates — while participating households benefit through smarter energy management and next-generation home technology.

A New Approach to Meeting Rising Electric Demand

Electric demand is rising across the country as more businesses, vehicles, homes, and buildings rely on electricity. PG&E continues to build and modernize the electric system to meet long-term growth needs, including critical transmission and distribution investments.

SHARE adds a complementary, near-term pathway: investing directly in homes located where energy demand is growing. This proof-of-concept program is designed to demonstrate how targeted investments in residential properties can improve reliability and lower costs by making better use of flexible home energy resources alongside continued grid investment, expand capacity during periods of high demand, and support new and growing energy users more quickly.

“This is about delivering power at the speed our economy demands — while improving affordability and reliability for the people we serve,” said Chelle Izzi, Chief Commercial Officer at PG&E. “SHARE shows how investing in customers can unlock grid capacity, support growth, and bring real benefits back to communities.”

Enrolling Existing Devices and Deploying New Technologies

PG&E is working with Tesla, Sunrun, and Renew Home to enroll nearly 21,000 existing flexible energy devices into the SHARE program. Participating households will gain new ways to manage their energy costs and earn rewards for smart features they already use, while demand is shifted during peak periods to make better use of existing infrastructure — benefiting customers across the broader region. The resource is expected to begin supporting the grid as early as fall 2026.

“Home energy devices hold enormous, untapped capacity that can meaningfully improve affordability and reliability for all Californians,” said Mary Powell, Chief Executive Officer of Sunrun. “This initiative unlocks that potential while giving customers an opportunity to share in the economic benefits of helping improve their local grid.”

Carrier as Launch Partner for New Deployments

Carrier is the initiative’s launch partner for new technology deployments, providing its battery-enabled heat pump solution — including the Carrier Performance™ Series Variable-Speed Heat Pump with EnerSync™ — which automatically stores and shifts energy use to help lower costs for customers, maintain comfort, and support grid reliability during periods of peak demand.

“As energy demand grows, SHARE demonstrates how Carrier can help deliver distributed capacity with the firmness to scale as a fast and reliable grid resource,” said Hakan Yilmaz, President of Carrier Energy and Chief Sustainability Officer. “Carrier’s battery-enabled HVAC technology brings together our trusted comfort, market presence and dealer scale to help deliver homeowner value and reliable grid flexibility.”

Eligible customers in Santa Clara and Alameda counties will have the opportunity to receive new Carrier high-efficiency, battery-enabled heat pumps, lower monthly energy bills through smarter energy management, and greater comfort alongside improved home resilience.

Google Fully Funds the Program

SHARE is structured so that existing customers benefit from growing grid capacity needs and will be fully funded by Google to support customer incentives, technology deployment, and program delivery.

“As demand scales, our current electricity grid can bridge the gap — if we optimize it correctly,” said Amanda Peterson Corio, Global Head of Energy and Power at Google. “This program unlocks the potential of local distributed energy resources to strengthen grid capacity and resiliency while delivering meaningful benefits for local communities.”

The demonstration also marked the first successful WhatsApp Direct-to-Cell call in Madagascar. SpaceX Direct-to-Cell is designed to strengthen telecommunications access in isolated geographic locations and preserve the continuity of services when terrestrial infrastructure is temporarily unavailable. Airtel said the capability could offer an important communications resilience layer during emergencies and in hard-to-reach areas.

Regulatory assessment and satellite-network access

The trial was held in Sadabe in the presence of Madagascar’s Minister of Digital Development, Posts and Telecommunications, representatives from the National Bureau for Risk and Disaster Management (BNGRC), and officials from the Communications Technologies Regulatory Authority (ARTEC).

According to Airtel Madagascar, the test supports the SpaceX and Airtel Africa partnership to bring satellite connectivity to African markets. The company is also preparing for a potential commercial rollout of SpaceX Direct-to-Cell, subject to the successful completion of ARTEC’s regulatory evaluation.

Participants demonstrated the service using a standard 4G smartphone connected seamlessly to the satellite network. The connection supported SMS, WhatsApp messaging, WhatsApp voice and video calls, access to streaming platforms, and social media services including YouTube and Facebook.

Supporting resilience, public services and inclusion

Airtel Madagascar said the technology addresses the country’s geographic challenges, particularly in remote regions that can be difficult to reach through conventional mobile infrastructure. Beyond extending connectivity, the solution could maintain telecommunications services during disruptions to terrestrial networks, especially during natural disasters.

This could facilitate communication between communities, authorities, emergency services and field teams. The company also identified potential support for economic activities, public services and field operations requiring reliable communications outside the reach of traditional terrestrial mobile coverage. SpaceX Direct-to-Cell could therefore contribute to greater digital inclusion in Madagascar.

Next steps toward commercial deployment

The demonstration represents an important stage in assessing SpaceX Direct-to-Cell within the Malagasy market. Airtel Madagascar will work with SpaceX and ARTEC to evaluate potential use cases and deployment conditions, while gathering insights to inform decisions about a future commercial launch.

Airtel added that the initiative supports Madagascar’s digital transformation, the expansion of resilient telecommunications infrastructure and the development of a more inclusive digital ecosystem.

Repurposing Existing Infrastructure for Clean Energy

The submission seeks to integrate established reactor technology with existing grid infrastructure to support the country’s expanding energy ambitions. By utilizing the site’s current connections, the Cottam nuclear project aims to minimize the requirement for new transmission infrastructure while delivering reliable power. EDF will provide its extensive operational experience within the British energy sector, while Holtec contributes its SMR-300 reactor technology and manufacturing capability. Simone Rossi, EDF UK Chief Executive, stated: “We are delighted to be working with Holtec International on the development of small modular reactors in the UK. The Cottam project supports the UK government’s ambition to expand nuclear capacity and will facilitate significant re-development of a region that has given so much to the UK through its coal heritage.”

Strategic Deployment and Regulatory Progress

The planned development in Nottinghamshire is intended as a second-of-a-kind deployment, following the Pioneer units currently under review by the U.S. Nuclear Regulatory Commission in Michigan. Holtec has indicated that insights gained from the American project will inform the UK program. The SMR-300 design has already successfully concluded the UK’s Generic Design Assessment, a rigorous regulatory process that evaluates the safety, security, and environmental impacts of nuclear reactor designs. This ensures the technology is prepared for the next stages of development as the project seeks to deliver safe and carbon-free power through the utilization of existing grid infrastructure.

Collaborative Joint Venture for Future Planning

To facilitate the next phases of planning and development, Holtec and EDF have signed Heads of Terms to form a joint venture. This partnership builds upon three decades of collaboration between the two organizations and leverages private investment to advance the deployment of modular units. The regulatory process will continue to guide the project as it moves toward formal approval. Dr. Rick Springman, President of Holtec International, noted: “Our long-standing partnership with EDF, combined with the opportunity created by the UK’s Advanced Nuclear Framework, provides a strong foundation for advancing SMR-300 deployment at Cottam. This submission represents an important milestone for the project and for advanced nuclear energy in Great Britain.” The Cottam nuclear project stands as a testament to the potential of combining manufacturing capability with historical energy sites to meet future demands.

Investment in Specialized Skills and Training

The manufacturing development at the Derby site is expected to create and sustain approximately 40 long-term, highly skilled positions. These roles will encompass various disciplines, including advanced engineering, precision assembly, welding, and specialized testing. Furthermore, the site will serve as the company’s inaugural training centre, focusing on the cultivation of a specialized workforce capable of supporting global reactor production. Ruth Todd CBE, Operations and Supply Chain Director at Rolls-Royce SMR, emphasized the strategic importance of the site, stating: “Pioneer Works will be at the centre of our ambition to transform the way nuclear projects are delivered, creating highly skilled jobs, supporting the wider supply chain and harnessing British engineering know-how to drive forward the next generation of nuclear power.” She further noted, “I’m also incredibly proud that this facility will act as our first training centre to create a future workforce which will help build Rolls-Royce SMR’s ‘factory-built’ nuclear power plants around the world.”

Strategic Expansion and International Momentum

This new Rolls-Royce SMR facility will work in conjunction with the existing EXPERI facility at the University of Sheffield’s Advanced Manufacturing Research Centre to bridge the gap between prototype design and full-scale modular assembly. The announcement follows several critical milestones, including a contract with Great British Energy – Nuclear for site-specific work at Wylfa and an early works agreement with the Czech utility ČEZ. Local officials have praised the move, with Catherine Atkinson MP noting, “Derby is winning investment because we have the skills, engineering expertise and supply chain to deliver work of national importance.” Baggy Shanker MP added that the project provides essential career and apprenticeship opportunities for the local community. By integrating advanced engineering with nuclear power requirements, Pioneer Works will support the company’s growing international orders, including a recent landmark agreement to provide three units for Sweden’s first new nuclear project in four decades. This expansion ensures the company remains equipped to deliver modular reactor technology on a global scale.

The move comes as data centers continue to drive electricity consumption to unprecedented levels, creating challenges for power systems in multiple regions. According to FERC, the objective is to establish clearer procedures for connecting major energy users and ensuring that the infrastructure required to serve them is funded appropriately. The regulator said the review is intended to support faster deployment of facilities tied to artificial intelligence development while reducing risks to grid stability. FERC Chairman Laura Swett described the issue as a national priority, stating, “This is the biggest priority our country is facing at the moment.” Referring to efforts to expand AI-related infrastructure, she added, “This is a race against time, and we are going to win.”

Under the orders, grid operators and transmission owners have 60 days to explain why their current approaches remain appropriate or outline potential revisions across five key areas. These include creating transparent procedures for connecting large electricity users and determining how infrastructure expenses should be allocated. The review of Data Center Power Rules also encourages grid operators to consider frameworks that allow large customers to develop dedicated power sources, including their own generation facilities, and to deploy advanced technologies that improve the efficiency of existing networks.

Industry stakeholders broadly welcomed the initiative. Robert Montejo, a partner at Duane Morris representing data center developers and power companies, said, “The grid and ⁠prior policy were not built for the pace and scale of demand we’re seeing from AI infrastructure, and FERC is signaling that standing still is no longer an option.” Environmental groups also responded positively. The Sierra Club stated, “We are energized that there is a clear path forward to adopt responsible large load interconnection policies that safeguard reliability, improve transparency, and embed affordability and ratepayer protections for American households.” Alongside the review of Data Center Power Rules, FERC said it would no longer automatically assess cumulative environmental impacts in rulemaking conducted under the National Environmental Policy Act. Swett said, “We are no longer going to waste valuable staff and applicant time and money doing an analysis that is not necessary under the law.”

All four projects are currently in the development stage. The first among them are expected to reach ready-to-build status in 2028, contingent upon obtaining all necessary permits. Should the entire portfolio be fully developed and constructed, it is projected to represent an investment volume exceeding €700 million. Once operational, the projects are expected to deliver approximately 900 GWh of renewable electricity annually to the Norwegian power system, bolstering renewable generation capacity within the NO1 price area. The sheer scale of this solar storage partnership underscores both parties’ commitment to advancing clean energy infrastructure across the Nordic region.

Through this expanded collaboration, Landinfra and Eiffel intend to combine their complementary strengths. Landinfra brings deep project origination and development capabilities across the Nordics, while Eiffel contributes its extensive track record in financing and supporting renewable energy infrastructure development throughout Europe. The partnership leverages these combined resources to address growing demand for new sources of renewable energy in Norway.

Marcus Landelin, CEO and Co-Founder of Landinfra, commented: “We are pleased to expand our partnership with Eiffel to include a portfolio of large scale solar power projects with co-located battery energy storage in Norway. Eiffel is a leading European asset manager with extensive experience from development partnerships and infrastructure financing. Together, we bring the capabilities, experience, and financial strength required to develop new and much-needed renewable electricity generation in NO1.”

Laurent Coubret, Investment Director and Fund Manager at Eiffel, added: “Norway represents a compelling opportunity for renewable energy development, and this portfolio is a strong addition to our growing Nordic presence. We are delighted to deepen our partnership with Landinfra, which has proven being an ideal partner in the Nordics. Expanding our collaboration with them into Norway is a natural next step. This transaction reflects Eiffel’s conviction in the long-term value of utility scale solar and battery storage across Europe, and our commitment to supporting the energy transition with both capital and operational know-how.”

The agreement positions both Landinfra and Eiffel as key contributors to Norway’s evolving renewable energy landscape. With nearly 900 GWh of projected annual clean electricity output, the portfolio would make a meaningful contribution to the country’s solar power capacity. The focus on co-located battery storage also reflects a broader industry trend toward pairing generation assets with storage solutions to enhance grid stability and energy dispatch flexibility. As the energy transition gains momentum across Europe, this expanded Nordic partnership between Landinfra and Eiffel signals a strong and growing appetite for utility scale solar and battery storage development in the region.

Among the newly confirmed wind energy orders is a 35 MW project for the Rheine-Catenhorn community wind farm in North Rhine-Westphalia. Nordex will supply and install five N163/6.X turbines at a hub height of 164 metres for this project. The order was placed in cooperation with project developer BBWind and will be developed as a community wind project, underlining the growing relevance of local participation models in advancing wind energy Germany-wide.

Community wind farms allow municipalities and local residents to participate directly in the revenues generated by the installations while also benefiting from modern turbine technology. Karsten Brüggemann, Vice President Region Central of the Nordex Group, commented on the significance of this segment: “Community wind farms play a central role in Germany’s energy transition. They combine economic benefits with local acceptance and enable people in the vicinity to participate directly in the energy transition. We are very pleased to implement another project together with BBWind in this important segment and thus further advance the expansion of wind energy.”

Michael Schlüß, Managing Director of BBWind, added: “For us as specialists in community wind projects, Nordex is an important and experienced partner within our manufacturer network.”

The working relationship between Nordex and BBWind dates back to 2014, with the two companies having already connected 26 Nordex turbines from the Delta and Delta4000 series to the grid in North Rhine-Westphalia, representing over 100 MW of installed capacity. In recent months, Nordex has also received further orders from BBWind totalling 78 MW, all exclusively for community wind farms in the region.

The identities of the remaining customers and wind farm locations are not being disclosed at this time. Construction and commissioning of all wind energy projects under these wind energy orders are scheduled between summer 2027 and spring 2028.

At full operation, the BigBeau facility generates enough electricity to serve up to 64,000 typical households across California. The project is expected to avoid more than 315,000t of carbon dioxide emissions annually, an amount comparable to the yearly emissions produced by 67,000 passenger vehicles. The development forms part of a wider partnership between EDF and Masdar that includes seven renewable energy projects across the US with a combined capacity of 1.1GW. Over more than 35 years, EDF power solutions North America has developed 26GW of wind, solar and energy storage projects, spanning utility-scale renewable developments and electric vehicle charging infrastructure.

EDF power solutions North America origination and power marketing associate director Jacqueline de Fresart said: “We are very pleased to support Southern California Edison’s clean energy goals and provide reliable and efficient energy to its customers from our operating BigBeau project.

“We are excited to partner with SCE again and look forward to more opportunities together.”

Masdar, which has been active in the US since 2019 and has invested several billion dollars in the country, is targeting the development of up to 25GW of projects across the US over the next decade. Masdar Americas director asset management Dustin Priemer said: “This agreement forms a part of Masdar’s growing portfolio in the US, reflecting our focus on scaling reliable, utility-scale clean power.

“We are appreciative of our growing partnership with Southern California Edison and our shared commitment to investing in new generation capacity to meet growing energy demand in California.”

The transaction involves the assumption of $750 million in senior secured project debt along with $250 million in equity. To fund the cash component of the deal, TransAlta has launched a concurrent C$350 million bought deal common share offering, which involves the issuance of 18.2 million common shares priced at C$19.20 per share. The equity offering is being underwritten by CIBC Capital Markets and RBC Capital Markets, with closing expected on or around 9 June 2026, subject to customary approvals.

TransAlta projects that the Colorado gas plants acquisition will contribute approximately $80 million in adjusted earnings before interest, taxes, depreciation and amortisation on an annual basis, along with free cash flow of around $33 million per year. The company also noted the potential for further increases through availability incentive payments. The deal is expected to deliver immediate low-to-mid single-digit accretion to free cash flow per share.

Mountain Peak Power has been operational since September 2025, while Canyon Peak Power is expected to reach commercial service in the third quarter of 2026. Both Colorado gas plants are secured under long-term tolling agreements with investment-grade customers for more than 25 years, with full pass-through provisions covering fuel, operations and maintenance, and capital costs a structure that significantly reduces operational risk for TransAlta.

TransAlta president and CEO Joel Hunter commented on the deal, stating: “This acquisition adds new, high-quality, low-risk assets in a core market for us. It strengthens our business risk profile, is immediately accretive to our free cash flow per share and establishes a strategic foothold in Colorado, a state we believe has accelerating growth potential.”

Hunter further noted: “These assets will generate long-term contracted cash flows for redeployment into other growth prospects such as Centralia and Alberta data centres, and I am pleased with the continued meaningful progress on both projects.”

Completion of the natural gas acquisition remains contingent on Canyon Peak Power achieving commercial operation status and on receiving customary regulatory approvals. TransAlta expects to close the purchase early in the fourth quarter of 2026.