Brookfield Asset Management announced its plan to spend $10 billion on building a new artificial intelligence data center in Sweden during a Wednesday announcement. The Strangnas data center west of Stockholm will establish 1,000 permanent positions and generate 2,000 construction jobs throughout a 10 to 15-year period.
The growing AI infrastructure across Europe is driven by both rising AI adoption and national data protection requirements. Sikander Rashid who leads Europe at BAM emphasized that large-scale investments are necessary to compete in AI development and achieve economic productivity.
Brookfield possesses existing property at the site while it will establish a land agreement with the local municipality. The city will transfer the land to Brookfield for 525 million crowns when the data center conditions are fulfilled but the land will return to municipal ownership if these conditions are not met.
The Swedish government expressed support for this development because it brings economic advantages and strategic location near other major university centers. The region’s dependable power supply and state-of-the-art infrastructure have attracted major tech companies including Microsoft, Meta and Google.
The European expansion of Brookfield continues through its recent $20 billion AI project investment in France. The company seeks to establish itself as a dominant force in the European AI infrastructure competition.
The Swedish data center will leverage the area’s excellent power network and communication systems which are vital for processing AI data. The move positions Sweden to become a top digital economy leader in Europe.
