Noora Ahonen

Senior Associate, Member of the Finnish Bar, M.Sc. (Econ.)

I advise our clients on a wide array of domestic and international tax matters. I joined Castrén & Snellman in 2021. Before joining Castrén & Snellman, I worked, among other things, as a tax specialist in the Finnish Tax Administration, as a judge of the administrative court, as tax consultant for a major auditing firm and as a lawyer at another Finnish law firm. I have, therefore, worked with a wide range of tax matters concerning both private persons as well as domestic and international organisations and gained valuable experience in handling tax matters in the Finnish Tax Administration and in the administrative courts.

In addition to my law degree, I hold a Master of Science in Economics. I have also completed court training, i.e. I have appointed as a lawyer trained on the bench.

I am currently on family leave.

Latest references

We advised Jefferies as the sole arranger and lead manager in a transaction in which Finnfund, a Finnish development financier and impact investor, issued a EUR 100 million green bond. The 10-year bond bears interest at the rate of 3.5% per annum. The bond offering was placed to international investors, including a portion of dedicated green bond investors/portfolios. The bond represents Finnfund’s first ever green transaction and second issuance under its Sustainability Bond Framework established in September 2022. The proceeds from the issue will be used in accordance with the green project categories of Finnfund’s Sustainability Bond Framework to finance and/or refinance eligible green lending, equity investments, and mezzanine financing mainly targeting, for example, the objective of climate change mitigation and adaptation and/or environmentally sustainable management of living natural resources. Net proceeds will be allocated to eligible projects with the objective to mobilise debt capital to support Finnfund’s mission to generate lasting impact by investing in businesses that solve global development challenges. In addition, it contributes to Finnfund’s goal to foster sustainable development by providing investment opportunities for private investors. In its strategy, adopted in January 2022, Finnfund sets one of its targets to fund 50% of its investments with private capital by 2030. Mobilising private capital is key to achieving the UN Sustainable Development Goals (SDGs) in developing countries, given that the UN estimates the financing gap at USD 2.5 trillion per year. Jaakko Kangasniemi, Managing Director, CEO at Finnfund said: “Sustainable, innovative businesses and investors play an integral role in solving both global and local challenges, such as climate change mitigation and adaptation, and biodiversity loss. Capital markets are also vital in the transition away from fossil fuels. We are glad to have such a strong support for our impact investing activity and our mission to foster sustainable development and green transition.” Andrey Medvedev, Senior Vice President at Jefferies said: “We are delighted to have assisted Finnfund issuing its longest private placement to date and showcasing its innovative green projects. This deal demonstrates Finnfund’s appeal to a diversified international investor base and cements its position as a leading development financing agency.”
Case published 26.1.2024
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.
Case published 20.1.2025
We advised Metsäliitto Cooperative in relation to a new EUR 200 million sustainability-linked revolving credit facility with a syndicate of eight banks. This new credit facility refinances the existing EUR 200 million facility signed in December 2018 and will be used for general corporate purposes. The facility has a tenor of five years and includes two one-year extension options. The pricing mechanism of the revolving credit facility is linked to two of Metsä Group’s ambitious sustainability targets: Target 1: Zero tonnes of fossil carbon dioxide emissions, Scope 1 and 2, by 2030. Target 2: Share of certified wood in wood supply 100% by 2030. ‘Incorporating sustainability criteria into our financing further demonstrates the company’s strong commitment to actions that reduce our carbon footprint and mitigate climate change,’ says Vesa-Pekka Takala, EVP, CFO of Metsä Group.
Case published 16.1.2025
We advised NoHo Partners Plc on a 119-million-euro financing arrangement. The financing arrangement frees up a significant part of the cash flow for the business and enables the implementation of an acquisition-driven growth strategy also in the future.
Case published 16.1.2025
We advised CapMan Buyout in the exit of Renoa Group. Renoa Group management together with Korpi Capital and other investors have acquired the group. Renoa Group is a Finnish established expert in the building technology sector specializing in detached houses in Finland and Sweden. Renoa is a major provider of turnkey domestic water & heating, sewer system and electricity network renovations, with significant operations also in Sweden. The Group reported sales of €35 million and employed c. 300 personnel across its 10 offices in Finland and 6 in Sweden. Korpi Capital is a Finnish investment company with holdings in 29 companies. 
Case published 14.1.2025
We advised eQ Community Properties Fund in its acquisition of a property portfolio comprising a health centre in Espoo, a daycare property in Vantaa, an elementary school in Helsinki, and a parking facility property in Helsinki from Ilmarinen Mutual Pension Insurance Company. The lettable area of the first three properties is approximately 13,900 sq.m., while the parking facility offers 120 parking spaces. The portfolio’s tenants include the City of Helsinki, the City of Vantaa, the Western Uusimaa Wellbeing Services County, and Aimo Park Oy. In connection with the transaction, Ilmarinen invested in eQ Community Properties fund as per 31 December 2024.
Case published 9.1.2025
We successfully represented a Finnish manufacturing company in arbitration proceedings under the SCC rules against a global construction company. The dispute was governed by Finnish law and the seat of arbitration was Stockholm, Sweden. The dispute mainly concerned the termination of an erection contract and the right to compensation for delays of the project and for cost increases due to Russia’s invasion of Ukraine. The main questions in dispute were the lawfulness of the termination of the erection contract as well as the consequences of the termination such as the right to costs to complete the project after termination, the right to liquidated damages for delay of the project and adjustment of contract price due to cost increases. The total value of the dispute exceeded EUR 15 million.
Case published 8.1.2025
We advised Korkia Oy in its loan agreement with Nordic Environment Finance Corporation. The financing will support the development and international scale-up of Korkia’s pipeline of solar energy, battery energy storage system (BESS) and onshore wind projects. Korkia is a dedicated investor in renewable energy operating in nine countries. It has a robust development pipeline of over 20 GW in renewable energy and energy storage projects.
Case published 7.1.2025