Brookfield Asset Management (BAM) is primed to invest up to $9.9 billion to build an AI data center for artificial intelligence in Sweden.
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European Demand
The move will continue Brookfield’s European investment building on plans earlier this year to spend €20 billion to develop AI projects in France.
BAM is looking to meet the increased use of AI and subsequent need to host data by opening data centers on the continent. Companies such as Microsoft (MSFT), Meta Platforms (META) and Alphabet (GOOGL) have chosen Sweden for their sites due to its reliable electricity supplies, connectivity and infrastructure.
Last month a Swedish business consortium including AstraZeneca (AZN) and Ericsson unveiled plans to build new AI infrastructure with NVIDIA (NVDA) in Sweden and prepare the country’s leading industries for the age of AI.
Invest at Scale
Europe is also trying to develop greater technological independence in AI and other areas given changes in geopolitics under the new Trump administration.
“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 over 1,000 full-time jobs and around 2,000 jobs during construction over a 10 to 15 year timeline. However, it must sign a land allocation agreement first with the local municipality.
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