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 are assisting Verne Global Ltd, the leading provider of sustainably powered HPC data centers in the Nordics, in developing a data center in Mäntsälä, Finland. We advised Verne in acquiring the real estate company managing the Mäntsälä site, as well as in the subsequent acquisition of the site itself. Our assistance extends beyond real estate transactions to include permitting and tax-related matters. Additionally, we advise Verne on grid connection and electricity supply matters. The acquisition of the project site in Mäntsälä marks Verne’s fourth data center in Finland, reinforcing its position as a leader in sustainable and scalable data center solutions. The Mäntsälä campus, spanning 10 hectares and located just a 40-minute drive from Helsinki-Vantaa International Airport, will initially offer a capacity of 70 MW. The facility is designed to support data-intensive enterprises and AI innovators running HPC, machine learning, and other high-intensity workloads, all while operating exclusively on renewable energy. Verne’s new facility will adhere to the company’s best practice design principles, focusing on maximizing efficiency and minimizing environmental impact. The campus will be powered entirely by renewable energy sources, and waste heat generated by the data center will be utilized for local community heating projects. The company is working closely with the Mäntsälä Municipality to ensure the new facility benefits the local area, including plans to harness waste heat for district heating. Construction of Verne’s Mäntsälä data center is set to begin in mid-2025 and is expected to take two years to complete. This expansion is a strategic move in Verne’s long-term plan to build out its sustainably powered data center platform, which was acquired by Ardian, a world-leading private investment house, in early 2024. Ardian has already invested over EUR 1.6 billion in the Nordics, focusing on energy transition and digital infrastructure projects, and is working with Verne to drive sustainable growth across the region.  Read Verne Global’s press release.
Case published 20.2.2025
We are assisting Verne Global Ltd, the leading provider of sustainably powered HPC data centers in the Nordics, in expanding a data center in Helsinki region, Finland. In the autumn of 2024, we acted as Verne’s advisor in acquiring the land at its existing Helsinki data center campus, securing room for future expansion. In addition to real estate development, our advice covers permitting and construction related legal matters. The expansion marks another milestone in Verne’s ambitious growth strategy for the Nordics, following the recent announcement of its new facility to be built in Mäntsälä, Finland. The land was acquired from Onvest, a family-owned company with a long history in the region. The site’s strategic location provides excellent connectivity to power and fibre networks, proximity to Helsinki Airport, and easy access to the city centre – making it ideal for organisations across industries looking for reliable, accessible, and well-connected facilities. Verne plans to develop the site further, leveraging its 70MW capacity to meet the increasing demand for sustainable, high-performance compute infrastructure. Designed with high-density compute in mind, the planned expansion will include two new buildings fully equipped to meet the technical requirements of AI, HPC, and other intensive workloads. Verne remains committed to sustainability, with the Helsinki campus running on 100% renewable energy. Waste heat generated by the data center is repurposed through a direct connection to the local district heating network. All new facilities will be built to support liquid cooling, enabling efficient management of the high heat levels generated by AI and other intensive compute workloads. Additionally, Verne uses renewable diesel for its backup power generators in Finland, reducing greenhouse gas emissions from the generators by an average of 90%. News: Verne expands Helsinki data center campus with strategic site acquisition. Read Verne Global’s press release.
Case published 20.2.2025
Castrén & Snellman is acting as the legal advisor to the City of Pori and Pori Energia Oy in the finance arrangement whereby debt facilities in the total amount of EUR 292 million are secured for the purpose of refinancing the existing liabilities and fuelling the future growth of Pori Energia. Pori Energia and its financiers signed a Finnish law governed facilities agreement for this purpose on 13 January 2025. Pori Energia, a multi-utility company, operates in various sectors including district heating, electricity distribution, and electricity generation through CHP and renewable sources. The company also provides wind power services and industrial energy solutions in the Satakunta region where it has c. 60,000 customers.
Case published 6.2.2025
Castrén & Snellman is acting as the legal advisor to the City of Pori in its sale of a 49% stake in Pori Energia to Polhem Infra. Pori Energia, a multi-utility company, operates in various sectors including district heating, electricity distribution, and electricity generation through CHP and renewable sources. The company also provides wind power services and industrial energy solutions in the Satakunta region. This strategic partnership between the City of Pori and Polhem Infra aims to enhance Pori Energia’s financial stability and investment capabilities, enabling the company to further its efforts in the energy transition and continue delivering high-quality energy services to its customers. Polhem Infra, owned by Swedish state pension funds, focuses on investments in critical infrastructure, including renewable electricity generation, energy storage, energy distribution, digital infrastructure, and transport infrastructure. The transaction values Pori Energia at EUR 905 million. 
Case published 31.1.2025