16.2.2023

The Nordic energy transition goes on despite the energy shock

Energy lawyers are truly at the centre of action. Europe’s energy shock, set off by the war in Ukraine, flung energy markets to the centre of the attention of citizens, policymakers and the media. At the same time, the global climate crisis is calling for an urgent transformation of the energy system all over the world. Nora Steiner-Forsberg, General Counsel and member of the Executive Management team at the Nordic energy company Fortum, and Partner Samuli Tarkiainen from our Energy service discussed the energy transition in the Nordic countries and the role of lawyers.

‘The energy transition is the best solution to the current crisis. It is a way to reduce our carbon footprint and the dependency of Europe on the import of fossil fuels,’ says Nora.

The Nordic energy system has shown resilience to the energy shock, thanks to favourable natural conditions, a balanced mix of energy sources and good transfer connections between the countries. Power production in the Nordics has been almost fully decarbonised, with hydro and nuclear as the backbone and wind power growing fast.

What’s more, decarbonisation is well on its way in heating. District heating, which is the dominant technology, is undergoing a fuel switch from fossil fuels to forest biomass and recovered waste heat streams.

However, for entire societies to become carbon neutral, industry and transport need to be decarbonised as well. This will require even more emissions-free power and fuels. New capacity must be accompanied by modifications to the market model. Smart regulation can help bring these changes about.

‘You need to have different layers of regulation,’ Nora says. Right now, we are in the middle of the energy shock, and lawmakers must respond. Governments are intervening in the energy markets to cut power bills, and energy companies are bringing back coal power plants to secure the supply of energy.

Despite this setback, European regulators must not be diverted from the path towards carbon neutrality. In the medium and long term, it requires not only building more renewable capacity but also investing in power grids, developing the import infrastructure and transforming the demand side of the energy market.

In regulation, the USA is ahead of the pack with the Inflation Reduction Act. European lawmakers should also grasp the moment to transform the energy system.

‘I hope that the EU can manage the classifications in hydrogen so that we can really be in par with the US, because there will be a lot of competition,’ Samuli says.

Energy lawyers can play their part in shaping regulation. Firstly, lawyers can spread knowledge on the types of rules that would work best for the energy transition. Secondly, lawyers put the rules to practice and impact the efficiency of the regulatory system. Finally, since the energy transition must happen quickly, Nora stresses the importance of cooperation:

‘It is really important to keep good contact with your stakeholders, whether it is regulators, municipalities or other stakeholders. This will make processes faster and smoother. Of course, you need to be able to earn trust first, with accountability, transparency and working together to achieve the joint goals.’

Listen to Nora and Samuli’s talk on Legal500’s Global Green Hub for views on facilitating the energy transition with regulation and the elements of a balanced decarbonised energy system for Finland.

Latest references

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 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
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
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