Though the coronavirus has thrown the oil markets into disarray, the pandemic is ultimately a temporary anomaly in the longer-term trends in energy sector. The breakthrough of renewable energy, climate change and sustainability requirements haven’t gone anywhere, and they continue to fundamentally impact the entire sector.
1.6.2020
The Energy Sector Transformation Will Stop for No Pandemic
Samuli Tarkiainen
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Energy projects continue to interest many financiers, investors and buyers despite the current crisis. This is very good news, as the continuity of financing is important in any transformation.
Responsibility goals are a cornerstone of sustainable business. Customer demand for low-emission and energy-efficient services and products is continually increasing. Energy touches every level of society, and energy sector companies can have a global impact through responsible business practices.
Alongside customer expectations, international regulation is also speeding this transformation. The European Commission published its proposal for climate legislation in March. This legislation would set a binding target for the EU to achieve carbon neutrality by 2050. However, energy sector actors cannot afford to wait for regulation and political decisions – it is vital to move forward with transforming their businesses today. If anything, the coronavirus looks set to increase the speed of change: EU decisionmakers have already mentioned accelerating the Green Deal investment programme.
Global energy sector projects and transactions call for international operating models and contractual practices. They provide certainty to the implementation of investments and, thus, play a role in moving the global economy into a more sustainable future.
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Latest references
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
DNA – 10-year power purchase agreement with Statkraft
We assisted DNA with their 10-year power purchase agreement (PPA) with Statkraft. The PPA enables DNA to buy 85 gigawatt-hours of clean energy per year from the new Palokangas wind farm, owned by investment firm Exilion Tuuli. The project, which will come online in late 2024, will generate 80% of DNA’s power needs. The Palokangas wind farm will be located in the Ostrobothnia region and equipped with 12 turbines.
Case published 15.8.2023
Oomi – Assistance with electricity market matters
We are advising Oomi Oy in questions relating to electricity market legislation, consumer protection and marketing law. Oomi is one of the largest electricity sales companies in Finland. The company sells electricity contracts, solar power systems and electric car charging solutions to consumers and businesses.
Case published 19.6.2023
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