Vilma Setälä

Associate, Master of Laws

Services

  1. International Construction & Projects

Contact details

I advise our clients in assignments related to international construction and projects. Prior to joining Castrén & Snellman, I worked for a federation focusing on real estate brokerage and on issues related to both residential and real property law. In addition to this, I have worked in the Government of Åland and in another law firm.

In my current role, I am particularly inspired by the wide range of assignments in various areas of law. I enjoy an enhancing work environment that combines an international mindset with challenging assignments and an efficient work flow.

I hold a Master of Laws degree from the University of Eastern Finland. During my studies, I also studied at the Uppsala University in Sweden and participated in the Willem C. Vis International Commercial Arbitration Moot which focuses on international commercial law and arbitration for resolution of international business disputes.

I’m on secondment at a client company until March 2025.

Latest references

Excelerate Energy – Chartering an FSRU to Finland
We advised Excelerate Energy on the conclusion of a lease agreement with Gasgrid Finland Oy for the Floating Storage and Regasification Unit (FSRU) Exemplar. The Inkoo LNG terminal project will have a significant impact on securing the supply of gas to Finland and Estonia as imports of pipeline gas from Russia cease. The Exemplar is the first FSRU in Finland and the Inkoo LNG terminal project is legally unique. Moreover, the project, which is critical for Finland’s and the Baltics’ gas supply, was completed in an exceptionally short timeframe. Our experts assisted the company in a wide range of areas including contracts, energy legislation, licensing, labour law, taxation and structuring.
Case published 9.6.2023
Nevel – Acquisition of Veitsiluoto’s Energy Infrastructure, and Utility Supply for Infinited Fiber Company
We are advising Nevel Oy in the implementation of energy infrastructure services in Veitsiluoto in Kemi, northern Finland. Nevel will purchase the area’s district heating business from Stora Enso. The acquisition will ensure the continuity of the service for the local households and real estate. Nevel has signed a contract to supply the energy to the Stora Enso Veitsiluoto sawmill and plans to invest in a new 11 MW biofuel boiler plant and flue gas condenser at the Veitsiluoto sawmill, which will reduce emissions from heat production. Nevel has also agreed to supply renewable textile and fashion technology company Infinited Fiber Company with energy and water utilities for their new processing plant at the Veitsiluoto site. Infinited Fiber Company is planning to convert a paper factory previously operated by Stora Enso on the site into a textile fiber production plant. This will be the company’s first commercial-scale plant. The fiber production processes require steam energy and water purification. Among other services, Nevel is set to supply Infinited Fiber Company with energy and water utilities. Energy provided will be renewable, reducing emissions from heat production. Nevel is a utility infrastructure company offering advanced industrial and municipal infrastructure solutions that are fit-for-purpose and future-proof. Nevel operates more than 130 energy production sites and manages over 40 district heating networks. The company has an annual turnover of EUR 100 M, and employs 150 experts in Finland, Sweden, and Estonia. Infinited Fiber Company is a fashion and textile technology company. Its breakthrough innovation turns cellulose-rich materials – like worn-out clothes – into InfinnaTM, a premium textile fiber.
Case published 23.6.2022
Metsäliitto Cooperative – A EUR 200 million sustainability-linked revolving credit facility agreement
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
NoHo Partners – A MEUR 119 Financing Package
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
CapMan Buyout – Divestment of Renoa Group
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
eQ Community Properties Fund – Acquisition of a property portfolio
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
Finnish manufacturing company – Arbitration proceedings under the SCC rules
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
Korkia Oy – Renewable energy loan agreement
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

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