Brookfield Asset Management has announced plans to invest up to US$10 billion to develop an artificial-intelligence data-centre project in Sweden.

The initiative represents one of the Canadian company’s largest AI investments in Europe and will support Sweden’s national AI strategy.

The investment will focus on a new AI hub in Strängnäs, where Brookfield will sign a land-allocation agreement for approximately 3.8 million square feet. This deal will allow the site’s capacity to expand from 300 megawatts to 750MW. The development is expected to generate more than 1,000 permanent jobs and an additional 2,000 construction-related positions over the next 10 to 15 years.

The Strängnäs facility will be the first of its kind in Sweden and among the earliest large-scale AI centres in Europe, according to the the company. Brookfield aims to build critical infrastructure that extends beyond data centres to support data transfer, chip storage, and energy generation.

Brookfield is one of the largest global investors in the AI value chain, with more than €100 billion invested in digital infrastructure, renewable power, and semiconductor manufacturing. Earlier this year, the firm announced a €20-billion AI infrastructure initiative in France, including a €10 billion AI factory that will create 1 gigawatt of new capacity.