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.

Latest references

We advised UK-based investment company Downing in its acquisition of the entire share capital of Tornionlaakson Voima Oy. Tornionlaakson Voima owns three hydropower plants in the Tengeliönjoki river system – the Portimokoski power plants in Ylitornio, the Jolmankoski power plants in Raanujärvi and the Kaaranneskoski power plants in Sirkkakoski. The power plants produce a total of approx. 45 gigawatt-hours of electricity per year. Tornionlaakson Voima’s daily operations will continue normally, and the transaction will not affect customers. The consummation of the transaction is subject to the approval of the Ministry of Economic Affairs and Employment. Downing has over 35 years’ experience in providing a wide range of investment solutions to the needs of institutional investors, advisers and retail investors. The company manages over £2 billion in assets in both the private and public markets and its current hydro power portfolio includes approx. 50 hydro power plants in the Nordics. 
Case published 27.3.2026
We are acting as the joint legal advisor to Oomi Oy and Lumme Energia Oy in a transaction whereby Lumme Energia will merge with Oomi. As from the completion of the merger, the combined entity will be the largest electricity retail and service company in the Finnish market. In 2024, Oomi reported a turnover of EUR 373.9 million and had approximately 110 employees. Lumme Energia’s turnover for the same year was approximately EUR 314.6 million and it had approximately 50 employees. The transaction is primarily driven by the recent developments in the electricity market and the strategic goal to develop competitive products and services. Another key objective is to further enhance the customer experience, which is a shared value between the two companies. As a result of the merger, Lumme Energia’s customers will transfer to Oomi, and Lumme Energia will become one of Oomi’s shareholders. The completion of the transaction is subject to an approval by the Finnish Competition and Consumer Authority.
Case published 29.8.2025
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 acted as Finnish law legal adviser to the lenders and the export credit agencies in connection with the EUR 514.4 million green project financing for the development and construction of Easpring Finland New Materials Oy’s cathode active material (CAM) manufacturing plant in Kotka, Finland. The borrower, Easpring Finland New Materials Oy, is a joint venture owned by Beijing Easpring Material Technology, Finnish Minerals Group and LG Energy Solution. The financing was provided by six international commercial banks, with Société Générale acting as financial adviser and mandated lead arranger together with Natixis as co-mandated lead arranger, and DNB, ICBC, ING and Standard Chartered participating as lenders, with support from the export credit agencies Finnvera and Sinosure. The project represents a significant milestone for Finland and the European battery value chain by strengthening Europe’s domestic supply of cathode active materials, a key component in lithium-ion batteries for electric vehicles and energy storage applications. Once the first phase of the project is operational, the Kotka facility is expected to produce approximately 60,000 tonnes of cathode active material annually, making it one of the largest CAM production plants in Europe and supplying leading battery manufacturers across Europe. 
Case published 21.7.2026
We acted as Finnish legal advisor to Delta Capacity in connection with its acquisition of the ready-to-build Karppio battery energy storage system (BESS) project from Helios Nordic Energy. The acquisition was made and the project will be implemented together with Strioga Family Foundation. The Karppio BESS project is located in Teuva, Finland, and has a capacity of 125 MW / 300 MWh. Delta Capacity will lead the remaining development of the project through to commissioning, planned for 2027, and will serve as long-term asset manager. Delta Capacity is a Swiss-based developer of utility scale battery storage systems. The acquisition adds to Delta Capacity’s growing Nordic portfolio. 
Case published 20.7.2026
We advised Swedbank AB (publ) on the refinancing of a large Finnish retail real estate portfolio owned by Trophi’s Finnish subsidiaries. Trophi is the leading Nordic real estate company focusing on grocery anchored retail properties, with 278 properties across Sweden and Finland. Finland is a market that continues to develop and is also strategically important for Trophi, accounting for approximately 30% of Trophi’s letting and property value.
Case published 17.7.2026
We are acting as Finnish legal advisor to HANZA in connection with its acquisition of Fortaco Finland’s heavy mechanics and assembly business. The transaction is structured as a combined asset and share acquisition and includes Fortaco Finland’s heavy mechanics and assembly operations in Finland, as well as shares in two Estonian and two Polish subsidiaries. The transaction is expected to close during the fourth quarter of 2026, subject to customary closing conditions, including regulatory approvals. Founded in 2008, HANZA is a Swedish mechanical engineering and electronics contract manufacturing company listed on the Nasdaq Stockholm main list. HANZA has approximately 5,000 employees and annual sales of SEK 10 billion. We advise HANZA on this transaction in collaboration with the Swedish law firm Lindahl.
Case published 15.7.2026
We acted as Finnish counsel to RVRC Holding AB (RevolutionRace) in its acquisition of 90.1% of the shares in ICANIWILL AB (ICIW). Mannheimer Swartling (Sweden) acted as lead counsel for RevolutionRace. ICIW, founded in Sweden in 2012, is a Swedish training apparel brand.  RevolutionRace is a fast-growing Swedish outdoor brand offering multifunctional products to people with an active lifestyle. The company operates with a digital D2C business model reaching customers in approximately 40 countries. The company is listed on Nasdaq Stockholm since 2021. 
Case published 14.7.2026