We are living in exceptional times in Finland. Our economy is struggling, and we desperately need to find ways to create growth. In addition, our relations with Russia have severely changed and the border between Finland and Russia is closed. We are facing challenges we were not expecting and have come to realise that Finland may no longer be the safe haven it used to be. When the world changes with tectonic force, as a small country we are not always the ones in control. Instead, we must react to global events in a right and timely manner and make the best possible decisions for our country.
22.12.2023
Towards the new
Sakari Lukinmaa
Our resolution and ability to stay cool under pressure are put to the test once again. Now is the time to decide how to shape Finnish society and economy so that we may leave them to future generations in a better condition. We must be able to renew and invest in the future, not least because it is good security policy.
While we cannot be overly optimistic about the coming year, it would be a mistake to succumb to pessimism. Inflation is slowing down, and economists predict that the general interest rates will start to decline. This will hopefully unlock and encourage investments. Furthermore, decreasing costs and increasing profitability and appetite for investments will boost the major energy transition.
December marks the end to Castrén & Snellman’s 135th anniversary, which has been a welcome respite amid the world’s turbulence. We, too, at C&S are tasked with finding ways to increase efficiency and to provide smarter and more sustainable solutions to our clients. AI and its many applications are important tools in achieving this.
Finland has a long history of overcoming challenges, and I have no doubt it can do so once again. Creating growth and productivity is down to all of us. We at Castrén & Snellman wish to be involved in shaping our society and to do our part by helping our clients succeed in the changing world.
I’d like to thank our clients, stakeholders and employees for the past year and wish you courage and success for 2024!
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Latest references
Ugly Duckling Ventures – EUR 6.5 million funding round of Skyfora
We advised lead investor Ugly Duckling Ventures on the EUR 6.5 million funding round of Skyfora. The round also included Eviny Ventures, LUMO Labs and EIC Fund, alongside non-dilutive funding from Business Finland. The investment will support the commercial scale-up of Skyfora’s weather intelligence solutions, the expansion of partnerships with telecom operators, forecasting providers and meteorological institutions, and the continued growth of the team. Skyfora is a Finnish company developing high-resolution weather data solutions using patented technology that extracts atmospheric data from GNSS receivers embedded in existing infrastructure, such as telecom networks. By unlocking previously untapped data sources, Skyfora enables the next generation of AI-driven weather forecasting and supports improved decision-making across weather-sensitive industries. Ugly Duckling Ventures is a Copenhagen-based venture capital firm focused on early-stage Nordic B2B technology companies, with an emphasis on medtech, resilience tech and business services.
Case published 10.6.2026
General Atlantic – ICEYE’s EUR 1 Billion Series F Funding Round
We advised General Atlantic as the lead investor on ICEYE’s EUR 1 billion series F funding round, valuing the company at over EUR 10 billion. ICEYE raised EUR 450 million (USD 520 million) in a primary Series F funding round led by General Atlantic. Additional investors included Solidium, Tesi, Varma, Ilmarinen, Lifeline Ventures, Nokia, Qatar Investment Authority (QIA) and TCV. Together with a secondary placement, the total fundraising exceeds EUR 1 billion. ICEYE is the world leader in sovereign intelligence from space, providing continuous monitoring capabilities to detect and respond to changes in any location on Earth. The company operates the world’s largest and most advanced Synthetic Aperture Radar satellite constellation. General Atlantic is a leading global investor with more than four and a half decades of experience providing capital and strategic support for over 885 companies throughout its history. As of March 31, 2026, General Atlantic manages approximately USD 126 billion in assets across its investment strategies. We advised General Atlantic on this transaction in collaboration with the international law firm Paul, Weiss, Rifkind, Wharton & Garrison.
Case published 9.6.2026
Oomi Solar – Sale of a Solar Power Plant and Battery Energy Storage Project
We advised Oomi Solar Oy on the sale of a solar power park and battery energy storage project to Tuulipolar Oy. The transaction concerned a 24 MWp solar power plant and a 36 MW / 70 MWh battery energy storage system (BESS) to be constructed in Tornio. Tuulipolar Oy will act as the owner and operator of the plant, while Oomi Solar Oy will be responsible for its design and construction. The project will form the world’s northernmost industrial hybrid power plant, contributing to Finland’s green energy transition by increasing renewable energy production and electricity storage capacity in Northern Finland. The hybrid solution enables optimization of production as well as active participation in electricity markets and reserve services, improving the project’s profitability and supporting the balance of the electricity system year-round. Electricity production from the hybrid plant is expected to begin in 2028. Oomi Solar Oy is a Finnish renewable energy expert with experience from nearly 200 MW of installed solar capacity. The company helps businesses and communities accelerate the green transition by offering comprehensive solutions, including solar power plants, energy storage systems, and related lifecycle services from project development to maintenance. Oomi Solar Oy employs more than 20 energy professionals and delivers solar power projects across Finland. The company’s vision is to be Finland’s most desired partner for solar energy and energy solutions.
Case published 5.6.2026
United Bankers – Sale of three care properties
We advised United Bankers on the sale of three care properties to Kinland AS. The buildings were completed between 2021 and 2022 and meet high technical and environmental standards. All three properties are fully leased. The portfolio has a weighted average unexpired lease term of 13 years.
Case published 1.6.2026