Jenny Shahnovskij

CapMan Infra’s portfolio company Koiviston Auto Group – EUR 300 million refinancing

We advised CapMan Infra’s portfolio company Koiviston Auto Group, Finland’s largest bus operator, in a finance arrangement in which it completed an approximately EUR 300 million refinancing. The transaction consists of the refinancing of the Group’s existing senior debt and secures long-term growth financing to support the Group’s continued investments in its rapidly expanding electric bus fleet. The financing package has been provided by a group of lenders consisting of Nord/LB, ABN AMRO, Edmond de Rothschild, LBP AM and Siemens. The transaction strengthens Koiviston Auto’s funding base and provides significant flexibility to execute the company’s growth strategy focused on sustainable public transportation. CapMan Nordic Infrastructure I acquired Koiviston Auto in December 2021 to support its expansion and operational development. The Group now serves communities nationwide and is at the forefront of the transition to zero-emission public transport in Finland. It operates approximately 300 electric buses, with more than 50 additional electric buses expected to be deployed into traffic during 2026, further accelerating the electrification of its fleet. “The successful completion of this refinancing marks an important milestone for Koiviston Auto Group,” says Henrik Mikkola, CEO of Koiviston Auto Group. “The strong support from a diversified group of high-quality lenders underlines the robustness of our business and our long-term strategy. This financing allows us to continue investing in electric mobility and to provide reliable, sustainable and high-quality public transport services across Finland.” “Koiviston Auto Group plays a key role in the green transition of public transportation in Finland,” comments Ville Poukka, Managing Partner at CapMan Infra. “This refinancing significantly strengthens the company’s financial platform and enables continued investments into electric buses at scale. We are pleased to see strong lender confidence in the company’s strategy, operational performance and long-term growth prospects.”

25.3.2026

Urban Partners – Financing of EUR 100 million construction project in Herttoniemi, Helsinki

We advised the real estate investor and developer Urban Partners in the financing of a EUR 100 million construction project in Helsinki, which combines build-to-rent housing and care homes within one scheme. A fund managed by Urban Partners (NSF V) purchased the plot of land in Herttoniemi, Helsinki and subsequently secured planning consent to deliver a hybrid living scheme. The modern complex will offer high-quality housing and care facilities for the elderly alongside rental accommodation. A total of 425 apartments and 108 care homes will be delivered across four buildings on the site. The project will be implemented in accordance with Urban Partners’ sustainability targets. All buildings will be constructed to energy class A, and the project will aim for the highest Platinum level of the international LEED environmental certification and will be implemented in accordance with the EU taxonomy criteria.

5.1.2026

Neste – EUR 500 million refinancing arrangement

We advised Neste Corporation on the refinancing of its EUR 500 million term facility by way of two EUR 250 million bilateral term facilities provided by OP Corporate Bank plc and Danske Bank A/S, Finland Branch. Each term facility has a maturity of three years with extension options.

25.11.2025

Rabobank – Financing arrangement for Olana Energy

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.

18.11.2025

Suomen Aurinkovoima – Financing arrangement to build solar parks

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.

22.10.2025

Funders – EUR 665 million refinancing arrangement for Nevel

We acted as the Finnish legal counsel for the funders to Nevel Oy in a EUR 665 million refinancing arrangement through a mix of multicurrency bank loans and private placement notes. Nevel is a utility infrastructure company offering advanced industrial and real estate infrastructure solutions that are fit-for-purpose and future-proof. The transaction supports Nevel’s growth strategy and its goal to help customers to achieve climate goals.

20.8.2025

Nordea Bank – EUR 150 million new green financing

We advised Nordea Bank Abp in the EUR 150 million new green financing for Lahti Energia Oy to support investments promoting a clean transition and to refinance existing loans. Lahti Energia Oy’s green loan investments focus on solutions that reduce fossil carbon dioxide emissions and support sustainable development. Planned projects include electric boilers, district heating storage facilities, and investments in the development of energy networks.

1.7.2025

Neste – EUR 200 million Green Term Loan

We advised Neste as it signed a EUR 200 million bilateral green term loan agreement with Skandinaviska Enskilda Banken AB (publ). 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 five 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.

21.2.2025

City of Pori – Sale of 49% stake in Pori Energia to Polhem Infra

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.

31.1.2025

Swiss Life Asset Managers Nordic – Acquisition of a prime logistics property from a fund managed by Savills Investment Management

We advised a fund managed by Swiss Life Asset Managers Nordic in its acquisition of a logistics property in Hyvinkää from a fund managed by Savills Investment Management. In addition to advising on the transactional aspects, we also advised on the financing of the acquisition as well as in designing an appropriate international acquisition structure and addressing relevant tax implications. The property serves as the central warehouse in Finland for Ahlsell, a leading Nordic technical wholesaler, which has been leasing the property since its construction. The state-of-the-art logistics centre was originally built in 2002 and has undergone several improvement projects over the years. The latest extension, completed in 2024, added around 11,000 square meters of new storage area to the property, bringing the total lettable area to 47,000 square meters. The property has been developed with a strong emphasis on energy efficiency with on-site solar power and renewable district heating. The sustainability features of the property were also further optimised and the asset just received BREEAM Excellent certifications in both BREEAM New Construction and BREEAM In-Use.

20.1.2025

Neste – EUR 150 million Green Term Loan

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 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.

4.11.2024

Neste – EUR 200 million Green Term Loan

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.

21.10.2024

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