Nordea upgrades Fortum to hold after 22-yr Google PPA for Finnish AI data centers

Nordea upgraded Fortum from sell to hold after Google signed a 22-year PPA for power from Fortum's Finnish assets, tied to Google's AI infrastructure investment in Finland. The deal secures long-term revenue visibility for Fortum, though the upgrade is modest and reflects limited upside. The PPA underscores growing electricity demand from AI data centers in the Nordics.