French artificial intelligence (AI) infrastructure company Sesterce announced on Thursday that it plans to develop a data center project in Finland costing more than 10 billion euros (approximately US$11.21 billion), the latest in a series of investments by foreign technology companies in the Nordic country.

Sesterce said in a statement that the first phase of the project is scheduled to break ground in 2026 with a capacity of 200 megawatts (MW), while the second phase is expected to increase capacity to 600 MW.

The company said it has already secured its first anchor customer for the project, which will be located in Jamsa in central Finland, on the site of a paper mill that closed in 2021.

The company said that in the long term, it aims to build AI computing facilities with a total capacity of more than 1 gigawatt (GW) on existing industrial sites in Finland, in line with market demand.