FINLAND Law and Practice Contributed by: Christoffer Waselius and Niko Markkanen, Waselius
1. Market Trends 1.1 Energy and Infrastructure M&A Market The energy and infrastructure M&A market is still experiencing a slowdown that follows the general trend in M&A. Lower energy prices have resulted in energy assets being less attractive even if interest rates have stabilised. On the other hand, a surge in energy-intense infrastructure, such as data centres, is poised to lead to a gradual market recovery. Fur- ther development of energy technologies and energy services is also expected to have a positive effect on the market. 1.2 Energy and Infrastructure Trends Over the past year, Finland’s energy and infrastructure sector has seen a shift driven by regulatory reform and the green transition agenda. Legislative initiatives have focused on accelerating permitting processes for renewables and implementing – eg, the new Offshore Wind Power Act (937/2024, as amended) and updates to the Building Act (751/2023, as amended) (see 6.1 Significant Court Decisions or Legal Developments ). 1.3 Access to the Energy and Infrastructure M&A Market In Finland, investors are accessing the energy and infrastructure M&A market through a mix of strate- gic acquisitions, continuation vehicles, and minority investments. Finnish law permits flexible structuring of such deals, including share and asset purchases, joint ventures, and private equity-backed transactions. Regulatory oversight is handled by, for example, the Finnish Competition and Consumer Authority (FCCA) and sector-specific regulators, with foreign investment screening applicable in sensitive sectors. Key investor types include private equity funds, stra- tegic corporates, and governmental and municipal investors. Finnish law supports efficient deal execution with clear frameworks for due diligence, director duties, and foreign direct investment review. Labour rights, environmental and regulatory compliance, finance and real estate are key diligence areas in infrastruc- ture transactions.
1.4 Energy and Infrastructure Projects The current pipeline of major energy and infrastruc- ture projects is heavily weighted toward renewables. Finland has published planned onshore wind power projects exceeding 60,800 megawatts (MW) and off- shore projects exceeding 45,800 MW. Wind energy also supports the rapidly growing data centre sector. Conventional energy is mainly limited to nuclear, with small modular reactors (SMRs) under consideration. No new fossil fuel power plants are planned. Finland is also investing heavily in the hydrogen economy, aiming for a 10% share of the EU’s clean hydrogen production and at least the same share in hydrogen utilisation. Over 40 hydrogen projects are in development. In transport infrastructure, two major rail projects are in advanced planning. The Helsinki–Turku high-speed rail will improve regional connectivity, while the Len- torata underground rail link will link Helsinki Airport directly to the national rail network. Significant data centre investments are currently being made in Finland, with a total value of several billion euros, as demonstrated by projects from Microsoft and Google. These investments bring employment and economic potential through, for example, the uti- lisation of waste heat and stabilisation of the electricity grid. According to statistics of the Confederation of Finnish Industries, the already confirmed investments exceed EUR12 billion. 2. Establishing and Exiting Early- Stage Companies in the Energy and Infrastructure Industry 2.1 Establishing and Financing a New Company The incorporation of a Finnish limited liability com- pany is a fairly straightforward procedure. The reg- istration of the Finnish limited liability company with the Finnish Trade Register can take anything from a day (a minimum requirement company) to a couple of months, depending on the complexity of the articles of association, composition of the board of directors,
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