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.