The Finnish summer is showing its best and there is an air of cautious anticipation. The war in Ukraine continues for the second year, market development is difficult to foresee and the rising interest rates hit both companies and households hard. On a brighter side, the energy transition is carrying Europe towards an emission-free era, bringing along new growth opportunities or those ready to seize the opportunity. The Finnish political field also shows clear signs of purposeful changes to a more business-friendly direction and the beginning of a new era.
7.7.2023
It takes courage and determination to make a change
Sakari Lukinmaa
The only constant in life is change, and amid all the changes, we need to focus on the things we can control. Right now, we can control how we adapt to the changing world. We will need courage and determination to help us forward even through difficult times. Despite hardships, now it’s the time to sow the seeds for future growth and focus on green transition investments and support them on all levels of decision-making as well as promote green innovations. There is good reason to believe that the energy transition will create enormous opportunities and can help turn this decade into a decade of growth in Finland.
We at Castrén & Snellman have also drawn from our courage and determination. This summer, we celebrate our 135-year-long journey that we have travelled through the changing society in an independent Finland, enabling the success our clients. The trust shown by our clients has turned the small boutique firm established by two men into an international forerunner of business law, employing more than 300 experts. We want to hold on to our standard of exceeding expectations at all times.
As a forerunner, we embrace our responsibility at the dawn of a new era. Finland is a pioneer in the energy transition, and Castrén & Snellman is advising in the most important renewable energy projects in Finland. I believe that the prelude of yet another success story has been played and that it is up to us to decide how the story continues.
Our warmest thanks to our clients, stakeholders and employees! We wish you a happy summer!
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Latest references
Nala Renewables – Development, acquisition and financing of battery energy storage system (BESS) project
We advised Nala Renewables on the Finnish law aspects of the development, acquisition and financing of its battery energy storage system (BESS) project in Vuolijoki, Finland. The project comprises a 125 MW / 250 MWh battery energy storage system. Our advice extended beyond financing to the transaction’s legal due diligence and the acquisition of the project company. We also advised on key project contracts and financing documentation for the project finance facilities provided by Coöperatieve Rabobank U.A. The project is part of Nala Renewables’ growing portfolio of battery storage assets in Finland and the wider Nordic region, supporting the integration of renewable energy and contributing to the flexibility and stability of the Finnish electricity grid.
Case published 3.11.2026
Foundation Clinic – Funding Round
We advised Foundation Clinic in connection with its funding round backed by a group of prominent Finnish technology entrepreneurs and investors, including founders behind Supercell and Wolt. Foundation Clinic is a Finnish healthcare company developing a new approach to private healthcare focused on preventive, data-driven and continuous care. The company aims to combine comprehensive health data with ongoing medical care to identify and address health risks at an early stage.
Case published 29.10.2026
Delta Capacity – Project financing of two battery energy storage systems (BESS)
We advised Delta Capacity AG in a project financing of two battery energy storage systems (BESS). The financed projects are among the largest BESS developments in Finland to enter construction with 250 MW / 600 MWh combined capacity. The financing was provided by Société Générale with support from Finnvera. Construction of both projects, located in Lapinlahti and Teuva, has already begun and the commercial operations are targeted to commence in late 2027 with partial tolling agreements already in place for both assets. The project in Lapinlahti is executed in partnership with Covenergo, while the project in Teuva is executed in partnership with Strioga Family Foundation. Delta Capacity is a Swiss developer of utility-scale battery storage systems. The projects strengthen Delta Capacity’s growing Nordic portfolio and support the flexibility of Finland’s electricity system by adding energy storage capacity, enabling production optimization as well as participation in electricity markets and reserve services.
Case published 28.10.2026
Martela Corporation – Directed share issue and combination of share series
We acted as legal adviser to Martela Corporation in its directed share issue, through which Martela raised gross proceeds of approximately EUR 7.2 million to strengthen the company’s financial position and liquidity and to create headroom for continuing the necessary development and efficiency measures. In connection with the directed share issue, Martela’s unlisted series K shares, which carried greater voting rights, were combined with its listed series A shares. Following the combination, the company has only one share series, which is traded on the regulated market maintained by Nasdaq Helsinki Ltd, with each share carrying one vote and otherwise identical rights. Martela is a Nordic leader specialising in user-centric working and learning environments. With over 80 years of experience, Martela creates the best places to work and offers its customers the Martela Lifecycle solutions which combine furniture and related services into a seamless whole.
Case published 27.10.2026