20.12.2022

Turn on the lights

Times are changing. It seems that we are now collectively becoming concerned for the most basic things in our lives: our homes, our families, our society and our businesses. At the same time we in Finland are grateful for our freedom: the merits of free democracy are clearer than ever, and we are comforted by even the slightest signals of it holding up when things get tough.

There are no easy matters on the management’s agenda: the war in Ukraine, recessionary fears, soaring inflation and the energy and climate crises have an impact on the economy and business activity. The increasing protectionism in the USA is also worrying from the European point of view.

It would be easy to join those who complain. Yet every crisis has its silver lining and gives rise to new opportunities that are creatively leveraged by some. If you have the courage to act, you can outshine your competitors even on rainy days. To find impressive and inspiring success stories, just take a look at Finnish unicorns.

The one thing we should not do is stay huddled in our own homes. We should venture out into the world with open minds and brave hearts to grow and learn. And when we come back with a bag full of new experiences and ideas, it is time to greet our home again, to turn on the lights and see things with fresh eyes.

We should also remember to cherish our partnerships. Our job at Castrén & Snellman is to help our clients make the right decisions and succeed in good times and bad.

Right now, the list of things to tackle might seem long. However, our belief in sustainable success stories remains strong, and we will continue to build them together with you also in the coming year.

We wish to thank our clients and business partners for your trust and great cooperation this year!

Latest references

We advised Neste as it signed a EUR 150 million bilateral green term loan agreement with Danske Bank A/S, Finland Branch. The proceeds of the loan will be used to finance eligible assets and projects in accordance with Neste’s Green Finance Framework. The loan has a tenor of 24 months with one 12-months extension option of 12 months. Neste published a renewed Green Finance Framework in February 2024 to align future financing activities with market best practices and standards. In addition to renewable and circular solutions, Neste’s renewed framework includes renewable energy as an investment category. Longer term actions on ourNeste’s climate roadmap include scaling up new technologies and innovations, with focus on renewable hydrogen. Renewable hydrogen and other new technologies are estimated to have a reduction potential of 20% or more of the 2019 scope 1 &and 2 emission baseline by 2030. 
Case published 4.11.2024
We assisted Nrep in the development of a residential building that will be built adjacent to the Arabia Shopping Centre in north-eastern Helsinki. Our assignment included assisting in a financing arrangement for the residential building, together with corporate and real estate arrangements related to the project. This involved restructuring through share transactions and a demerger, a zoning change, a change of plot division, a joint arrangement, and a management division agreement. The new 16-storey residential building will consist of 188 Juli Living rental apartments and additional business premises on the street level. Once completed, the building will be one of the most energy-efficient residential buildings in Finland. The financing arrangement complies with Nrep’s sustainability targets. LEED Platinum certification will be applied for the project, while the previous two LEED Platinum certificates for residential buildings have been awarded to Nrep’s Herttoniemi and Friisilä sites.
Case published 28.10.2024
We acted as Finnish counsel to Pernod Ricard in the sale of a portfolio of local Nordic brands to Oy Hartwall Ab, an affiliate of the Danish group Royal Unibrew. Pernod Ricard is a worldwide leader in the spirits and wine industry. The local portfolio of brands includes spirits, liqueurs and Finnish wine brands, the best-known being the liqueur Minttu, along with their related production assets based in Turku, Finland. The closing of the transaction remains subject to customary conditions.
Case published 21.10.2024
We advised Neste as it signed a EUR 200 million bilateral green term loan agreement with UniCredit Bank Austria AG. The proceeds of the loan will be used to finance eligible assets and projects in accordance with Neste’s Green Finance Framework. The loan has a tenor of six years. Neste published a renewed Green Finance Framework in February 2024 to align future financing activities with market best practices and standards. In addition to renewable and circular solutions, Neste’s renewed framework includes renewable energy as an investment category. Longer term actions on Neste’s climate roadmap include scaling up new technologies and innovations, with focus on renewable hydrogen. Renewable hydrogen and other new technologies are estimated to have a reduction potential of 20% or more of the 2019 scope 1 and 2 emission baseline by 2030. 
Case published 21.10.2024