The Canadian asset manager Brookfield Asset Management announced plans to invest $10 billion for building a significant artificial intelligence data center in Sweden on Wednesday. The Canadian asset manager plans to establish the new data center facility in Strangnas which is located west of Stockholm because of Sweden’s dependable power grid and advanced digital network infrastructure. The data center project will establish more than 1,000 permanent positions while requiring approximately 2,000 workers throughout its 10-15 year construction timeline.
Data center projects are increasing rapidly throughout Europe because Microsoft, Meta and Google together with other global tech giants build new facilities to fulfill European data hosting requirements and rising AI demands. Brookfield announced in the first part of 2024 that it would dedicate 20 billion euros to construct AI infrastructure throughout France.
Sikander Rashid from Brookfield Europe states that major investments serve as essential drivers for AI economic development. The Swedish Prime Minister Ulf Kristersson expressed his support for the news through X while highlighting the economic advantages for his hometown and Sweden’s growing position in European technology.
The company currently possesses ownership rights to the site while it works to finalize a land deal with local municipal authorities. The company plans to acquire the land for approximately $50 million if everything progresses as expected. The land ownership will return to the city if the specified conditions fail to materialize. The strategic location of the project near Stockholm and university towns demonstrates why Sweden has become a preferred destination for European AI and data center operations.
