Brookfield Asset Management to Invest $10 Billion in AI Data Center in Sweden

Brookfield to Invest $10 Billion Building AI Hub in Sweden

Brookfield Asset Management plans to invest up to 95 billion kronor ($9.9 billion) developing artificial intelligence infrastructure in Sweden that will take 10 to 15 years to construct. The New York-based asset manager plans to purchase additional land at a site in Strangnas -- some 55 miles west of Stockholm -- that will eventually house a 750-megawatt data center, more than doubling its previous plan, according to a statement on Wednesday. The so-called AI factory will be the first of its kind in the Nordic nation, Brookfield said.

Brookfield Asset Management plans $10 bln data centre for AI in Sweden

STOCKHOLM, June 4 (Reuters) - Brookfield Asset Management (BAM.TO), opens new tab (BAM) plans to invest up to 95 billion Swedish crowns ($9.91 billion) to build a data centre for artificial intelligence in Sweden, the Canadian company said in a statement on Wednesday. BAM said the site in the Swedish city of Strangnas west of Stockholm will create more than 1,000 permanent jobs and around 2,000 jobs during a 10-15 year construction process. "This investment represents one of Brookfield's largest AI investments in Europe and extends the partnership with the Swedish government, its public authorities, academia and businesses in the region," the company said in the statement. Swedish Prime Minister Ulf Kristersson welcomed the announcement, he said on social media X. U.S. tech group Nvidia (NVDA.O), opens new tab last month announced that it will provide its latest generation AI data centre platform to a group of Swedish companies, including telecoms gear maker Ericsson (ERICb.ST), opens new tab and drug developer AstraZeneca (AZN.L), opens new tab. ($1 = 9.5845 Swedish crowns) Reporting by Supantha Mukherjee in Stockholm, writing by Louise Breusch Rasmussen, editing by Terje Solsvik Our Standards: The Thomson Reuters Trust Principles., opens new tab Suggested Topics:Artificial Intelligence

Brookfield Asset Management plans $10 billion data centre for AI in Sweden

BAM said the site in the Swedish city of Strangnas west of Stockholm will create more than 1,000 permanent jobs and around 2,000 jobs during a 10-15 year construction process. "This investment represents one of Brookfield's largest AI investments in Europe and extends the partnership with the Swedish government, its public authorities, academia and businesses in the region," the company said in the statement.Brookfield Asset Management (BAM) plans to invest up to 95 billion Swedish crowns ($9.91 billion) to build a data centre for artificial intelligence in Sweden, the Canadian company said in a statement on Wednesday. BAM said the site in the Swedish city of Strangnas west of Stockholm will create more than 1,000 permanent jobs and around 2,000 jobs during a 10-15 year construction process. "This investment represents one of Brookfield's largest AI investments in Europe and extends the partnership with the Swedish government, its public authorities, academia and businesses in the region," the company said in the statement. Swedish Prime Minister Ulf Kristersson welcomed the announcement, he said on social media X. US tech group Nvidia last month announced that it will provide its latest generation AI data centre platform to a group of Swedish companies, including telecoms gear maker Ericsson and drug developer AstraZeneca.

Brookfield plans $10 billion AI data centre in Sweden

STOCKHOLM (Reuters) -Brookfield Asset Management plans to invest up to 95 billion Swedish crowns ($9.9 billion) to build a data centre for artificial intelligence in Sweden, the Canadian company said in a statement on Wednesday. Increased use of AI and requirements to host data within Europe have led to a boom in data centres on the continent, with companies such as Microsoft, Meta and Alphabet choosing Sweden for their sites due to its reliable electricity supplies, connectivity and infrastructure. BAM has been investing heavily in Europe and earlier this year laid out plans to invest 20 billion euros to develop AI projects in France, making it Europe's largest AI infrastructure cluster. "To compete in the development of AI and realize its economic productivity, it is important to invest at scale in the infrastructure underpinning this technology," said Sikander Rashid, head of Europe at BAM. BAM said its data centre in the Swedish city of Strangnas, west of Stockholm, would create more than 1,000 permanent jobs and around 2,000 jobs during a 10-15 year construction process. "I find it especially exciting that it is in my hometown," Swedish Prime Minister Ulf Kristersson said on X, welcoming the announcement. The site is not only close to the capital Stockholm, but also other university towns such as Eskilstuna, Västerås, Linköping and Uppsala. BAM already owns a property at the site and is looking to sign a land allocation agreement with the municipality to plan for two years to build the AI centre. If the conditions for an AI centre are in place, the municipality will sell the land to BAM for 525 million crowns, but in the event of unmet conditions, the land will return to the municipality, Strangnas municipality said. Beyond building data centres, chipmaker Nvidia said last month it would provide its latest generation AI data centre platform to a group of Swedish companies to develop AI infrastructure in Sweden. ($1 = 9.5845 Swedish crowns) (Reporting by Supantha Mukherjee in Stockholm. Writing by Louise Breusch Rasmussen. Editing by Terje Solsvik and Mark Potter)

Brookfield Asset Management plans $10 billion data centre for AI in Sweden

STOCKHOLM (Reuters) -Brookfield Asset Management (BAM) plans to invest up to 95 billion Swedish crowns ($9.91 billion) to build a data centre for artificial intelligence in Sweden, the Canadian company said in a statement on Wednesday. BAM said the site in the Swedish city of Strangnas west of Stockholm will create more than 1,000 permanent jobs and around 2,000 jobs during a 10-15 year construction process. "This investment represents one of Brookfield's largest AI investments in Europe and extends the partnership with the Swedish government, its public authorities, academia and businesses in the region," the company said in the statement. Swedish Prime Minister Ulf Kristersson welcomed the announcement, he said on social media X. U.S. tech group Nvidia last month announced that it will provide its latest generation AI data centre platform to a group of Swedish companies, including telecoms gear maker Ericsson and drug developer AstraZeneca. (Reporting by Supantha Mukherjee in Stockholm, writing by Louise Breusch Rasmussen, editing by Terje Solsvik)

Brookfield Pledges Up to $10 Billion for AI Data Center in Sweden

Brookfield Asset Management said it would invest up to 95 billion Swedish kronor ($9.87 billion) into an artificial-intelligence data center in Sweden, doubling down on efforts to secure the infrastructure needed to power the technology. The New York-based asset manager said the AI investment, one of its largest in Europe, would go toward a large data center in Strangnas, some 50 miles west of Stockholm. Brookfield agreed to sign an agreement for roughly 3.77 million square feet of land to host the facility, for which construction will take 10 to 15 years. "To compete in the development of AI and realize its economic productivity, it is important to invest at scale in the infrastructure underpinning this technology," Sikander Rashid, Brookfield's head of Europe, said. Swedish Prime Minister Ulf Kristersson welcomed the move in a post on X, saying the data center would be one of the largest of its kind in Europe. The investment pledge comes months after the company outlined an infrastructure investment program in France to the tune of 20 billion euros ($22.74 billion), including 10 billion euros for an AI factory in the country. Brookfield's growing spending commitments underscore efforts from the asset manager to secure key infrastructure needed to power AI and not fall behind tech giants that have been pouring billions of dollars into data centers since the debut of OpenAI's ChatGPT ushered in a spending bonanza. Microsoft in October unveiled plans to spend about $4.75 billion over the next two years in cloud and AI infrastructure in Italy. Amazon.com said in June that it was planning to invest 17.8 billion euros through 2040 to expand its logistics network and cloud infrastructure in Germany. The e-commerce giant also laid out plans to invest 15.7 billion euros over the next decade to expand its cloud services in Spain.