Latest news with #SikanderRashid
Yahoo
3 days ago
- Business
- Yahoo
Brookfield Asset Management to invest $10bn in Sweden's AI Infrastructure
Brookfield Asset Management has announced an investment of up to Skr95bn ($10bn) to develop AI infrastructure development in Sweden. The investment will focus on a new AI centre in Strängnäs, Sweden, designed to support the country's national AI strategy. Brookfield has secured a land allocation agreement for approximately 350,000m², enabling the data centre site to expand its capacity from 300MW to 750MW. Brookfield described the facility as the first of its kind in Sweden and among the first in Europe. Brookfield Europe head Sikander Rashid said: 'We are pleased to extend our partnership with Sweden and support their ambitions to become a leading AI hub in Europe. 'To compete in the development of AI and realise its economic productivity, it is important to invest at scale in the infrastructure underpinning this technology.' Since entering the Swedish market in 2018, Brookfield has invested in telecom towers, renewable energy, social infrastructure, and logistics. Brookfield has allocated more than €100bn ($113.9bn) to digital infrastructure, renewable power, and semiconductor manufacturing worldwide. Earlier this year, the firm announced a €20bn ($22.7bn) infrastructure investment programme in France, including a €10bn ($11.3bn) commitment to the country's first AI factory, which will provide 1GW of new capacity and become Europe's largest AI infrastructure cluster. The investment, confirmed by a La Tribune Dimanche and news agency AFP, will primarily fund the construction of AI-focused data centres. The announcement forms part of a series of investments as world leaders and tech executives prepare for the Artificial Intelligence Action Summit in Paris, France. Brookfield Asset Management, headquartered in New York, manages $1tn in assets across renewable power and transition, infrastructure, private equity, real estate, and credit. "Brookfield Asset Management to invest $10bn in Sweden's AI Infrastructure" was originally created and published by Verdict, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Associated Press
4 days ago
- Business
- Associated Press
Brookfield To Advance AI Infrastructure in Sweden Through SEK 95 Billion Investment
NEW YORK and STOCKHOLM, June 04, 2025 (GLOBE NEWSWIRE) -- Brookfield Asset Management ('Brookfield') today announced up to SEK 95 billion ($10 billion) of investment to support the development of artificial intelligence ('AI') infrastructure in Sweden. This investment represents one of Brookfield's largest AI investments in Europe and extends the partnership with the Swedish government, its public authorities, academia and businesses in the region. The Brookfield investment will be centered on a new large AI center in Strängnäs, Sweden, creating a strategic infrastructure asset to support the country's national AI strategy. Brookfield will sign a land allocation agreement for c.350,000 sqm of additional land, enabling the data center site to more than double its capacity from 300MW to 750MW. The new site will create over 1,000 new permanent jobs and add another 2,000 jobs to support the 10-15 year construction process. The facility will be the first of its kind in Sweden and one of the first in Europe. Sikander Rashid, Head of Europe, Brookfield, added, 'We are pleased to extend our partnership with Sweden and support their ambitions to become a leading AI hub in Europe. To compete in the development of AI and realize its economic productivity, it is important to invest at scale in the infrastructure underpinning this technology. This extends beyond data centers and into data transfer, chip storage and energy generation – today marks another important step for boosting sovereign compute capabilities for both public services and private enterprises in Europe.' Brookfield is one of the world's largest investors in the AI value chain, with more than €100 billion invested across digital infrastructure, renewable power and semiconductor manufacturing worldwide. Earlier this year, Brookfield announced a €20 billion infrastructure investment program in France, which includes a €10 billion investment into the first AI factory in the country. This site will create 1GW of new capacity, making it Europe's largest AI infrastructure cluster. Brookfield has been actively investing in Sweden since 2018 and has extensive operations across the country, including investments in telecom towers, renewable power, social infrastructure and logistics assets. About Brookfield Asset Management Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager, headquartered in New York, with over $1 trillion of assets under management across renewable power and transition, infrastructure, private equity, real estate, and credit. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. We draw on Brookfield's heritage as an owner and operator to invest for value and generate strong returns for our clients, across economic cycles. For more information, please visit our website at Media: Brookfield: Simon Maine Tel: +44 739 890 9278 Email: [email protected] Sweden: Maria Grimberg Tel: +46-708 96 12 88 Email: [email protected] Notice to Readers This news release contains 'forward-looking information' within the meaning of Canadian provincial securities laws and 'forward-looking statements' within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations (collectively, 'forward-looking statements'). Forward-looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management's current estimates, beliefs and assumptions, and which are in turn based on our experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. The estimates, beliefs and assumptions of Brookfield are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Forward-looking statements are typically identified by words such as 'expect', 'anticipate', 'believe', 'foresee', 'could', 'estimate', 'goal', 'intend', 'plan', 'seek', 'strive', 'will', 'may' and 'should' and similar expressions. In particular, the forward-looking statements contained in this news release include statements referring to the expected impacts and timing of Brookfield's investment in Sweden's AI infrastructure. Although Brookfield believes that such forward-looking statements are based upon reasonable estimates, beliefs and assumptions, certain factors, risks and uncertainties, which are described from time to time in our documents filed with the securities regulators in Canada and the United States, not presently known to Brookfield or that Brookfield currently believes are not material, could cause actual results or events to differ materially from those contemplated or implied by forward-looking statements.
Mint
4 days ago
- Business
- Mint
Brookfield to Invest $10 Billion Building AI Hub in Sweden
(Bloomberg) -- Brookfield Asset Management plans to invest up to 95 billion kronor ($9.9 billion) developing artificial intelligence infrastructure in Sweden that will take 10 to 15 years to construct. The New York-based asset manager plans to purchase additional land at a site in Strangnas — some 55 miles west of Stockholm — that will eventually house a 750-megawatt data center, more than doubling its previous plan, according to a statement on Wednesday. The so-called AI factory will be the first of its kind in the Nordic nation, Brookfield said. 'Building AI hubs in Europe will ensure the continent can compete on a global scale, supporting continued innovation and providing necessary compute to both businesses and individuals,' Brookfield's head of Europe, Sikander Rashid, said in emailed comments. Securing enough power will be a crucial goal for the project in a country already facing a swathe of electrification needs and capacity challenges in its electricity grid. 'We are making progress with the regional grid owner and the national grid operator, which is normal for these types of larger scale projects,' Rashid told Bloomberg. The investment decision comes after Brookfield announced in February a €20 billion ($23 billion) plan to develop AI centers in France — a move hailed by French President Emmanuel Macron at the time. In Sweden, the race to build out AI infrastructure recently won the backing Nvidia Corp. and a group of companies controlled by the country's influential Wallenberg family. Together, they are planning to develop a supercomputer and AI technology center that will in turn benefit the businesses involved in the venture, such as defense company Saab AB. Prime Minister Ulf Kristersson said in emailed comments that the project by Brookfield marked one of the largest investments in AI infrastructure in Sweden, reflecting also the government's AI strategy. 'I find it particularly fun that it is in my hometown,' Kristersson added. --With assistance from Jonas Ekblom. (Adds comments from Sweden's prime minister in final two paragraphs.) More stories like this are available on
Mint
4 days ago
- Business
- Mint
Brookfield Plans to Spend $10 Billion Building AI Hub in Sweden
(Bloomberg) -- Brookfield Asset Management plans to invest up to 95 billion kronor ($9.9 billion) developing artificial intelligence infrastructure in Sweden that will take 10 to 15 years to construct. The New York-based asset manager plans to purchase additional land at a site in Strangnas — some 55 miles west of Stockholm — that will eventually house a 750-megawatt data center, more than doubling its previous plan, according to a statement on Wednesday. The so-called AI factory will be the first of its kind in the Nordic nation, Brookfield said. 'Building AI hubs in Europe will ensure the continent can compete on a global scale, supporting continued innovation and providing necessary compute to both businesses and individuals,' Brookfield's head of Europe, Sikander Rashid, said in emailed comments. Securing enough power will be a crucial goal for the project in a country already facing a swathe of electrification needs and capacity challenges in its electricity grid. 'We are making progress with the regional grid owner and the national grid operator, which is normal for these types of larger scale projects,' Rashid told Bloomberg. The investment decision comes after Brookfield announced in February a €20 billion ($23 billion) plan to develop AI centers in France — a move hailed by French President Emmanuel Macron at the time. In Sweden, the race to build out AI infrastructure recently won the backing Nvidia Corp. and a group of companies controlled by the country's influential Wallenberg family. Together, they are planning to develop a supercomputer and AI technology center that will in turn benefit the businesses involved in the venture, such as defense company Saab AB. More stories like this are available on
CNA
4 days ago
- Business
- CNA
Brookfield plans $10 billion AI data centre in Sweden
STOCKHOLM :Brookfield Asset Management plans to invest up to 95 billion Swedish crowns ($9.9 billion) to build a data centre for artificial intelligence in Sweden, the Canadian company said in a statement on Wednesday. Increased use of AI and requirements to host data within Europe have led to a boom in data centres on the continent, with companies such as Microsoft, Meta and Alphabet choosing Sweden for their sites due to its reliable electricity supplies, connectivity and infrastructure. BAM has been investing heavily in Europe and earlier this year laid out plans to invest 20 billion euros to develop AI projects in France, making it Europe's largest AI infrastructure cluster. "To compete in the development of AI and realize its economic productivity, it is important to invest at scale in the infrastructure underpinning this technology," said Sikander Rashid, head of Europe at BAM. BAM said its data centre in the Swedish city of Strangnas, west of Stockholm, would create more than 1,000 permanent jobs and around 2,000 jobs during a 10-15 year construction process. "I find it especially exciting that it is in my hometown," Swedish Prime Minister Ulf Kristersson said on X, welcoming the announcement. The site is not only close to the capital Stockholm, but also other university towns such as Eskilstuna, Västerås, Linköping and Uppsala. BAM already owns a property at the site and is looking to sign a land allocation agreement with the municipality to plan for two years to build the AI centre. If the conditions for an AI centre are in place, the municipality will sell the land to BAM for 525 million crowns, but in the event of unmet conditions, the land will return to the municipality, Strangnas municipality said. Beyond building data centres, chipmaker Nvidia said last month it would provide its latest generation AI data centre platform to a group of Swedish companies to develop AI infrastructure in Sweden.
