Data centers have rapidly emerged as one of Finland’s most significant investment themes. New projects are being announced across the country, and Finland continues to attract international investors thanks to its clean electricity, stable society, cool climate, and strong power grid.
At the same time, debate around the benefits and drawbacks of data centers has intensified. Are data centers a new source of economic growth for Finland, or do they place additional strain on the power system while much of the value created flows elsewhere?
These questions were explored at a panel discussion held during SuomiAreena in Pori, where experts examined the topic from the perspectives of the economy, the power system, construction, regional development, and technological sovereignty.
Investments Create New Growth
A key theme throughout the discussion was that data centers represent a significant opportunity for Finland. They are not merely individual construction projects but part of a broader wave of investment that could strengthen Finland’s position in the ongoing digital and industrial transformation.
Mikko Toivanen, Chairman of the Board at Polarnode, pointed out that Finland is not the only country competing for data center investments. The Nordic countries in particular are all attracting interest from the same investors. For Finland, the essential question is how to ensure that these investments are realized here and how to build additional value creation around them.
According to Toivanen, every investment made in Finland adds another piece to a broader value chain. Data centers can provide a foundation for new business opportunities, expertise, and higher-value services. The first step is to secure the investments themselves; once they are in place, additional activities and ecosystems can be built around them.
Member of Parliament Ville Merinen also emphasized the importance of investments for Finland’s economy. In his view, data centers should be considered as part of a broader growth strategy rather than as isolated projects.
Merinen noted that Finland’s economic growth has been modest for a long time and that attracting new investments is essential for future prosperity. He encouraged policymakers and the public to consider the opportunity cost: what benefit would Finland gain if these investments were instead made in Sweden or elsewhere?
He also highlighted Finland’s international reputation as an investment destination. For major technology companies, a predictable operating environment, stable regulation, and long-term policy consistency are critical factors in investment decisions.
“If we can provide a stable and predictable environment over the long term, it will significantly improve Finland’s attractiveness. Investors closely monitor how consistent policies are and how reliable Finland is perceived to be as a place to invest,” Merinen said.
Who Captures the Value?
One of the central themes of the discussion concerned who ultimately benefits from the economic value generated by data centers.
Karoliina Partanen, CEO of AI Finland, expressed concern that most data center investments currently come from foreign technology companies. While Finland benefits from construction activity and ongoing operations, the greatest value creation often comes from selling computing capacity and digital services.
According to Partanen, Finland and Europe should strengthen their own AI, cloud, and data economy companies. Data centers are a key component of technological sovereignty: without domestic computing capacity, Europe becomes dependent on technologies and decisions made elsewhere.
Finland needs both international investment and a stronger domestic and European ecosystem built around those investments.
Electricity Is a Competitive Advantage – But Not an Unlimited Resource
Electricity is the most important production input for data centers. As a result, grid capacity, electricity prices, and the development of new generation capacity played a central role in the discussion.
Asta Sihvonen-Punkka, President and CEO of Fingrid, noted that Finland is an exceptionally attractive location for data centers thanks to its clean electricity, competitive prices, and strong transmission network. However, interest is currently so high that not every project can be connected to the grid immediately or in its preferred location.
Fingrid is currently investing more than five billion euros in strengthening Finland’s transmission grid. These investments are intended to ensure that new electricity consumption can be integrated into the system in a controlled and reliable manner.
Toivanen added that public discussions about electricity availability are often driven more by emotion than by facts. The announcement of a data center project does not mean that the investment has been completed or that electricity consumption will increase overnight. Large projects are built in phases, and their power demand grows gradually over time.
In his view, Finland can continue expanding renewable energy production, battery storage, and other flexibility solutions at the same pace as electricity demand increases. New consumption can also create the conditions for new production investments.
Location Matters
The panel emphasized that the impact of data centers on the electricity system depends heavily on where they are located. From a grid perspective, data centers should ideally be built where connection capacity is available and where electricity generation is close to consumption.
Sihvonen-Punkka pointed out that capacity varies significantly across different parts of the grid. Choosing the right location can accelerate grid connections and reduce the need for additional transmission investments.
Toivanen added that while access to electricity is a critical factor in site selection, it is not the only one. A modern data center cannot be built in a location that lacks skilled labor or supporting infrastructure.
Construction Benefits Immediately
The benefits of data center investments are often felt first in the construction sector.
Tuomas Särkilahti, CEO of Skanska Finland, described data center projects as a major boost for the industry at a time when many other segments of construction have been facing significant challenges.
Data centers create demand for builders, designers, technical specialists, prefabrication manufacturers, engineering workshops, and material suppliers. Their impact continues long after construction is completed through maintenance, upgrades, and ongoing technical services.
Särkilahti emphasized that construction remains a highly local activity. International clients frequently seek to utilize Finnish supply chains, and a substantial share of labor and subcontracting can be sourced domestically.
Local Acceptance Is Built on Local Benefits
Data centers are often located in smaller municipalities, where their economic impact can be considerable. Construction brings jobs and demand for local services, while long-term operations generate employment, tax revenue, and economic activity.
At the same time, local acceptance requires that environmental impacts, land use issues, and community concerns are addressed seriously.
Toivanen cited Lappeenranta as an example, where discussions around a planned project have included environmental considerations, local economic impacts, and long-term employment opportunities. According to him, successful projects require active dialogue with local communities and tangible benefits for the surrounding region.
Data Centers as Part of a Broader Industrial Transformation
The panel did not view data centers as a standalone phenomenon, but rather as part of a wider transformation linking electricity, industry, artificial intelligence, and digital infrastructure.
Merinen argued that data centers could become an important source of economic growth for Finland at a time when new growth drivers are urgently needed. He emphasized that one of the key responsibilities of policymakers is to create a stable and predictable investment environment.
The discussion also touched on the potential use of waste heat from data centers. In the best cases, excess heat can be fed into district heating networks, although this requires suitable locations and economically viable technical solutions.
An Opportunity That Requires Active Choices
The panel’s overall conclusion was that data centers can bring significant investments, jobs, and growth to Finland. However, these benefits will not materialize automatically.
Finland must continue developing its electricity network, maintaining a predictable investment environment, ensuring local acceptance, and building domestic and European expertise around the sector.
In addition, competition for investments is global. The key question is not whether data centers will be built, but whether they will be built in Finland or somewhere else.
Watch the full discussion here!
Data centers are critical infrastructure for the digital age, powering artificial intelligence, cloud services, and the digital tools we rely on every day. Finland is currently experiencing record levels of data center investment, driven by clean energy, a stable society, and a cool climate.
But who ultimately benefits? Will Finland gain new expertise, jobs, and export industries, or will the greatest returns remain beyond our reach? Can waste heat become part of the solution for urban heating? And under what conditions can investments create value for the communities that host them?
The panel brought together perspectives from economics, energy, technology, and regional policy to explore how data centers can become a genuine Finnish success story—and on whose terms.
The discussion was moderated by Antti “Jogi” Poikola, Managing Director of the Finnish Data Center Association (FDCA). Panelists included Mikko Toivanen, Chairman of the Board at Polar Node; Asta Sihvonen-Punkka, President and CEO of Fingrid; Member of Parliament Ville Merinen (SDP); Tuomas Särkilahti, CEO of Skanska Finland; and Karoliina Partanen, CEO of AI Finland.