15.2.2024

Castrén & Snellman joins Finland Chamber of Commerce as a partner of Climate and Energy Day

Castrén & Snellman is a partner of the 2024 Climate and Energy Day. This event, organised by Finland Chamber of Commerce, includes talks and panel discussions on the green transition and its prospects.

‘Finland has strong potential to continue as one of the leading countries in the energy transition. Companies are at the forefront of developing projects and innovations for the energy transition, and as lawyers, we also participate in making this transition possible. It is a great pleasure to discuss the energy transition and its future at the event,’ says C&S Partner Samuli Tarkiainen, energy and industry specialist.

The themes of this year’s Climate and Energy Day include Finland’s energy and climate goals and its new industry policy, increasing international competition for green investments and the direction of the EU climate policy. Samuli Tarkiainen is joined by Neste’s Outi Ervasti, Vice President, Renewable Hydrogen, in discussing energy-related regulation, particularly the changes in the regulatory environment and companies’ expectations towards legislation.

‘The green transition has long been visible in EU legislation, and legislative work is increasingly active. It is important for companies that regulation is developed predictably with a long-term vision. Unwise regulation can cause challenges to investments, operations and implementing new forms of energy,’ says Samuli.

To read more on the event (in Finnish), visit the Finland Chamber of Commerce website.

Latest references

We advised Neste as it signed a EUR 150 million bilateral green term loan agreement with Danske Bank A/S, Finland Branch. The proceeds of the loan will be used to finance eligible assets and projects in accordance with Neste’s Green Finance Framework. The loan has a tenor of 24 months with one 12-months extension option of 12 months. Neste published a renewed Green Finance Framework in February 2024 to align future financing activities with market best practices and standards. In addition to renewable and circular solutions, Neste’s renewed framework includes renewable energy as an investment category. Longer term actions on ourNeste’s climate roadmap include scaling up new technologies and innovations, with focus on renewable hydrogen. Renewable hydrogen and other new technologies are estimated to have a reduction potential of 20% or more of the 2019 scope 1 &and 2 emission baseline by 2030. 
Case published 4.11.2024
We assisted Nrep in the development of a residential building that will be built adjacent to the Arabia Shopping Centre in north-eastern Helsinki. Our assignment included assisting in a financing arrangement for the residential building, together with corporate and real estate arrangements related to the project. This involved restructuring through share transactions and a demerger, a zoning change, a change of plot division, a joint arrangement, and a management division agreement. The new 16-storey residential building will consist of 188 Juli Living rental apartments and additional business premises on the street level. Once completed, the building will be one of the most energy-efficient residential buildings in Finland. The financing arrangement complies with Nrep’s sustainability targets. LEED Platinum certification will be applied for the project, while the previous two LEED Platinum certificates for residential buildings have been awarded to Nrep’s Herttoniemi and Friisilä sites.
Case published 28.10.2024
We acted as Finnish counsel to Pernod Ricard in the sale of a portfolio of local Nordic brands to Oy Hartwall Ab, an affiliate of the Danish group Royal Unibrew. Pernod Ricard is a worldwide leader in the spirits and wine industry. The local portfolio of brands includes spirits, liqueurs and Finnish wine brands, the best-known being the liqueur Minttu, along with their related production assets based in Turku, Finland. The closing of the transaction remains subject to customary conditions.
Case published 21.10.2024
We advised Neste as it signed a EUR 200 million bilateral green term loan agreement with UniCredit Bank Austria AG. The proceeds of the loan will be used to finance eligible assets and projects in accordance with Neste’s Green Finance Framework. The loan has a tenor of six years. Neste published a renewed Green Finance Framework in February 2024 to align future financing activities with market best practices and standards. In addition to renewable and circular solutions, Neste’s renewed framework includes renewable energy as an investment category. Longer term actions on Neste’s climate roadmap include scaling up new technologies and innovations, with focus on renewable hydrogen. Renewable hydrogen and other new technologies are estimated to have a reduction potential of 20% or more of the 2019 scope 1 and 2 emission baseline by 2030. 
Case published 21.10.2024