French AI infrastructure group Sesterce has announced plans to invest more than 10 billion euros, or about 11.2 billion dollars, in a massive data centre project in Finland.

The project will be built in Jamsa in central Finland, on the site of a former paper mill that closed in 2021. Phase one will deliver 200 megawatts of capacity, with construction works starting this year, followed by a 600-megawatt second phase. The long-term plan exceeds one gigawatt.

The company said it has signed an anchor customer for the site, though it did not name the client. Finland’s cold climate and clean power make it attractive for energy-hungry AI workloads.

The announcement is the latest in a wave of European AI infrastructure spending, as hyperscalers and specialist builders race to secure power and land for data centres. Nordic countries have been particular beneficiaries of the trend.

Sesterce’s project ranks among the largest private AI infrastructure investments announced in Europe this year.