31.1.2024

Investments in the green transition require courage and cooperation

Something unique has been developing in Finland in the past few years: we have a large number of companies that have leveraged scientific research and high-level technical expertise to search for solutions to the energy transition and green transition. The companies have been in an experimental phase and built pilot facilities and factories. 

Right now, they are ready to commercialise their operations and start production in an industrial scale, but the transition to larger markets requires considerable investments. Individual projects may need hundreds of millions of euros, and in order to get the funding, the companies have to look to domestic investors, the state as well as international investors.

So far the companies have managed to raise overall funding for their start-up phase operations by leveraging public funding as national and international development financiers have supported the companies’ innovations. The state’s private equity investing is streamlined and concentrated during the term of this Government. Despite the changes, it would be important for the Government to keep the energy transition and green transition on its list of priorities and to be willing to invest in scaling innovations.

Finland has every chance of attracting international investments and to become a leader in new energy solutions. The energy transition concerns and benefits many industries, and we are already close to being self-sufficient in electricity production. The security of electricity supply is at a high level, and the average price is moderate. In addition, the permitting process for green transition projects is being streamlined and the Government aims for a one-stop shop permitting system.

It is time to roll up our sleeves and to take Finnish energy solutions and green transition projects to the next level. Companies should be raising funding prominently in the international investment market as well. Attracting international funding can, however, require catalysis from the state, and these opportunities should now be seized efficiently and prudently.

Latest references

We advised a leading global investment firm Brookfield, alongside a global sovereign wealth investor, on the Finnish law aspects of a EUR 1 billion holdco financing for DayOne Data Centers, a Singapore-headquartered developer and operator of hyperscale data centres. Structured as a seven-year secured holdco financing facility of €500 million, expandable to €1 billion – and secured by DayOne’s Finland platform – the financing will support the rollout of hyperscale developments in Lahti and Kouvola, providing nearly 300MW of planned capacity across Finland. The proceeds will also support DayOne’s global expansion across the EU and APAC, with flexibility to allocate to other key growth markets as required.
Case published 29.1.2026
Castrén & Snellman acted as legal advisor to Coöperatieve Rabobank U.A. in its capacity as sole lender and hedging bank providing senior financing to Olana Energy for a Battery Energy Storage Systems (BESS) portfolio in Finland. Our advice included preparing a legal due diligence report on the projects as well as advising on the negotiation of the various finance and project agreements. Olana Energy is a management-owned fast-growing independent power producer with an international pipeline of over 1 GW. The diversified portfolio of assets ranging from 5 to 30 MW reinforces the Finnish grid at a granular level.
Case published 18.11.2025
Castrén & Snellman was commissioned by the Ministry of the Environment to carry out a study on how the Circular Economy Act could be used to promote circular economy aspects in public procurement. Our report provides valuable information to the working group tasked with preparing the new Circular Economy Act. The report includes an overview of relevant strategies, action programmes and policies, a look at relevant legislation and case law, an assessment of the current state of circular economy procurement and examples of integrating circular economy aspects into public procurement from around the world. We end the report with concrete conclusions and a proposal for a new circular economy provision with justification. The proposal aims to maximise the regulation’s effectiveness and minimise any adverse side effects. The final report is available on the Circular Economy Act project’s Gateway to Information (in Finnish). The study was carried out by Anna Kuusniemi-Laine, Sanna Aalto-Setälä, Lotta Huhtamäki, Marja Ollila, Laura Vuorinen, Paavo Heinonen and Anna Ylitalo.
Case published 11.11.2025
Castrén & Snellman acted as legal advisor to Suomen Aurinkovoima Oy and its owners in a financing tender process and a financing arrangement implemented with Danske Bank to secure financing for the company’s future solar park projects. Suomen Aurinkovoima, established by Oulun Seudun Sähkö, Oulun Energia, Vantaan Energia and Savon Voima, is a company focused on increasing domestic solar power. The company manages solar park projects from planning to implementation and maintenance, and its goal is to build dozens of new solar parks across Finland by 2030.
Case published 22.10.2025