Marius af Schultén

Partner, Member of the Finnish Bar

Services

  1. Environment, Energy & Green Transition

Contact details

I head Castrén & Snellman’s Environment, Energy and Green Transition team. My key areas of expertise include land use planning and permitting of large-scale infrastructure projects.

I have gained extensive experience as strategic advisor to domestic and international energy and infrastructure project developers, investors, funds, and financial institutions on their investments in Finland. This has included advice on green field project development, M&A transactions involving project companies or project assets, various types of co-operation agreements between developers and administrative court proceedings related to various permits and land use plans. My key focus sector is renewable energy, notably the onshore and offshore wind power, photovoltaics, battery storage, and hydrogen sectors, among others. In addition, I have been involved in various mining, forestry, chemicals, and aquaculture projects. Chambers Europe ranks me as one of the leading legal experts in Finland in the category of Energy and Natural Resources.

Regardless of the nature of the assignment – whether project development, transactions, or court proceedings – understanding the client’s business is the key to high quality legal advice. Our job as lawyers is to help our clients in navigating through the legal jungle, thereby ensuring the successful realisation of their projects. This is only possible by focusing on finding solutions, not just searching for problems. This is the mindset that I strive to keep in everything I do.

Latest references

Pharmaca Health Intelligence – Acquisition of PODIUM Connect and PODIUM Visits businesses
We assisted Pharmaca Health Intelligence in its acquisition of Mediaattori Ltd’s PODIUM Connect® and PODIUM Visits businesses. Through the acquisition, Pharmaca Health Intelligence strengthens its extensive service offerings in medical information, data-driven management, and education for both healthcare and pharmaceutical companies. Pharmaca Health Intelligence is a pioneer in digital medical information and a reliable partner for wellbeing services counties, the private healthcare sector and pharmacies. The company invests in the development of technology and service solutions related to pharmaceutical information, also on an international scale.
Case published 5.12.2024
Gasum – Acquisition of Hærup Biogas
We advised Gasum Oy in its acquisition of 100% of the shares in Hærup Biogas ApS, which owns and operates a biogas plant in the northern part of mainland Denmark. This acquisition marks Gasum’s first biogas plant in Denmark, expanding its biogas production portfolio. Gasum’s strategic goal is to bring seven terawatt hours of renewable gas to the Nordic market yearly by 2027. The acquisition is one step towards achieving the strategic goal. Gasum is a Nordic gas sector and energy market expert. Gasum offers cleaner energy and energy market expert services for industry and for combined heat and power production as well as cleaner fuel solutions for road and maritime transport. The company helps its customers to reduce their own carbon footprint as well as that of their customers. 
Case published 3.12.2024
Helkama-Autokauppa – Acquisition of Škoda Dealerships in Helsinki and Tampere
We are advising Helkama-Autokauppa Oy in the acquisition of the Škoda dealerships in Helsinki and Tampere from Hedin Automotive Finland. The transaction is subject to regulatory approval. Helkama-Autokauppa Oy operates as an independent dealer in the dealer network of Helkama-Auto Oy, the Finnish importer of Škoda cars, spare parts and accessories.
Case published 3.12.2024
Huhtamaki – EUR 450 million sustainability-linked syndicated revolving credit facility
We advised Huhtamaki Oyj in relation to a EUR 450 million sustainability-linked syndicated multi-currency revolving credit facility loan agreement (“RCF”) with a maturity of five years. The RCF refinances an existing EUR 400 million sustainability-linked syndicated revolving credit facility signed in January 2021 and will be used for general corporate purposes of the Group. The RCF has two one-year extension options at the discretion of the lenders. The Mandated Lead Arrangers and Bookrunners of the RCF are Citi, Nordea Bank Abp, Skandinaviska Enskilda Banken AB (publ), BNP Paribas, Commerzbank Aktiengesellschaft, Danske Bank A/S, DBS Bank Ltd., London Branch, J.P. Morgan SE, Landesbank Hessen-Thüringen Girozentrale, OP Corporate Bank plc, Raiffeisen Bank International AG and Standard Chartered Bank AG.
Case published 28.11.2024
A large Finnish group – Construction contract dispute
We represented a mutual real estate company belonging to a large Finnish group in arbitration proceedings against a construction company. The arbitral tribunal rejected the construction company’s claims in their entirety and ordered the construction company to reimburse our client for the costs of the arbitration proceedings in full. The dispute concerned the contract price under the construction contract, which was agreed to be determined on the basis of our client’s yield requirement and the rent under the lease agreement for the building in question. The parties disagreed on the indexation clause applicable to the rent adjustment and its impact on the contract price.
Case published 22.11.2024
VR-Group – Sale of road logistics business to investment company Mutares
We are acting as legal advisor to VR-Group Plc in their strategic decision to sell their road logistics business to the investment company Mutares. This transaction supports VR’s focus on rail transport in freight traffic. The road logistics business, which generated a revenue of approximately EUR 80 million in 2023, will be transferred to a newly established company under Mutares. The business unit employs around 75 people who will transition to the new company. The completion of the transaction is subject to approval by the Finnish Competition and Consumer Authority.
Case published 18.11.2024
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 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
Nrep – Residential construction project at Arabia Shopping Centre
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

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