The Act on the Taxation of Business Income and the Value Added Tax Act were amended at the start of 2018 to expand the scope of application of public private partnership projects both with respect to the parties that can apply the PPP provisions as well as the types of projects the provisions cover.
In PPP projects, the public sector acquires, for example, a piece of infrastructure through a service agreement with a private actor. The private actor is responsible for the design, construction, and maintenance of the project as well as for acquiring the necessary financing. The public client pays a service fee the amount of which usually depends on the use or usability of the object.
This model makes it possible to implements large and long-term projects as a single whole, which includes outside financing tendered by the private actor. Four road projects have been implemented using the PPP model in Finland to date: the Lahti motorway and three sections of the E18 motorway. The experiences from these projects have predominantly been good with respect to timetable, costs and quality.
With the new amendments, PPP projects will no longer be limited to the state, but will also be available to municipalities and other clients. Furthermore, the scope of application has been expanded to cover design, construction, financing and maintenance services for roads, railroads, buildings or permanent structures as well as movable property directly related thereto.
The amendments also make it possible to use the PPP model in entirely new types of projects. The provisions now also cover, for example, private company projects, such as office buildings, manufacturing facilities, hospitals and day-care centres as well as refurbishments in addition to newbuilds.
There is now a solid foundation for an increase in the number of PPP projects. According to the Government bill on the amendments, municipalities invest approximately 2 billion euros in premises and 1.5 billion euros in infrastructure annually. According to estimates, municipal PPP projects could be put into planning in the first five years at a rate of 50–500 million euros worth of signed contracts per year.
As the only Finnish law firm to have been involved in all of the PPP road projects mentioned above, Castrén & Snellman has unique expertise and experience in comprehensively handling PPP and other large-scale projects.
Latest news
Latest references
Jolt Capital and Tesi – Investment in VEV
We advised Jolt Capital and Tesi in connection with their investment in VEV, a leading provider of commercial fleet electrification solutions. The investment, led by Jolt Capital with Tesi as co-investor, will support VEV’s next phase of growth and expansion across Europe. As part of the transaction, VEV became an independent company following the acquisition of Vitol’s stake in the business. Founded by Vitol, VEV provides integrated fleet electrification solutions combining fleet strategy, charging infrastructure, energy supply and operational services. Through its VEV IQ platform, the company supports more than 6,000 commercial electric vehicles across Europe and has been deployed across more than 600 sites spanning the transport, logistics and waste sectors. Jolt Capital is a private equity firm focused on growth investments in European deeptech companies. Tesi is a Finnish state-owned investment company that promotes Finnish business and economic growth through investments. We advised Jolt Capital and Tesi on the equity financing and structuring aspects of the transaction. International law firm Goodwin advised the investors on the acquisition of VEV.
Case published 10.9.2026
VR Group – Intellectual property matters
VR-Group Plc is a transport and logistics group owned by the Finnish State, operating passenger and freight rail transport in Finland with activities also in the Swedish market. VR Group provides passenger, logistics and maintenance services with over 160 years’ experience in developing responsible transport of the future. We advise VR Group in intellectual property matters as part of the company’s wider brand protection efforts. Our assignments have included advice on copyright, design rights and trademarks, focusing on the protection of the company’s visual identity – including its distinctive green colour – in connection with transport services as part of a comprehensive IP protection strategy. VR Group’s consistent brand building has also received recognition, including the Finland Chamber of Commerce’s Brand of the Year award in 2026. In the competition, brands were viewed comprehensively from various perspectives, including their story, strategic role, brand renewal ability and intellectual property protection. The jury found that VR had understood the importance of the protection of its brand as part of a comprehensive business strategy.
Case published 9.9.2026
NoHo Partners – EUR 50 million secured notes and EUR 97 million senior secured facilities agreement
We advised NoHo Partners Plc on the issuance of EUR 50 million senior secured floating rate notes. The notes have a tenor of four years and mature on 10 September 2030. The notes bear interest at a rate of three-month EURIBOR plus a margin of 4.375 per cent. per annum. The notes were allocated to a mix of domestic and international investors. We also advised NoHo Partners on the negotiation of its new senior facilities agreement. The facilities agreement comprises a EUR 60,000,000 term loan facility, a EUR 10,000,000 capex facility and a EUR 27,000,000 revolving credit facility. “We are delighted by the interest investors have shown in the company’s Notes, which reflects confidence in our strategy. The successful issuance of the Notes, together with the new loan agreement, extends the maturity profile of our financing and enables the company to continue executing its growth strategy going forward. I would like to thank all investors for their participation, as well as our partner bank for the excellent execution of the Notes issuance”, says Jarno Suominen, CEO of NoHo Partners. OP Corporate Bank plc acted as the sole lead manager and bookrunner for the issue of the notes. NoHo Partners Plc is a Finnish group established in 1996, and it specialises in restaurant services being the creative innovator of the Northern European restaurant market. The company was listed in Nasdaq Helsinki in 2013 becoming the first Finnish listed restaurant company, and it has continued to grow strongly throughout its history. NoHo Partners’ vision is to be the leading restaurant operator in Northern Europe.
Case published 4.9.2026
Topfoods – Acquisition of Delice Plus
We advised Topfoods Oy, a Triton-backed Geia Group company, on its acquisition of Oy Delice Plus Ab, a Finnish supplier of cakes and pastries. Through the acquisition, Topfoods strengthens its retail business and further reinforces its position in the cakes and pastries segment. Founded in 2008, Topfoods supplies selected food products to professional kitchens, the retail sector, and the food industry.
Case published 4.9.2026