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Our tax partner Mr Jouni Weckström represented successfully a company engaged in wind farming industry and issued Feed-in Tariff by the Finnish Energy Authority. In the claim made by the Finnish Tax Recipients’ Legal Services Unit it was insisted that the company had in fact committed to produce electricity against the State contributed Feed-in Tariff and therefore the Feed-in Tariff was to be seen as a counterpart to the sale of such service (to the Finnish Energy Authority). It was further claimed that the Feed-in Tariff received by the company should be considered a subsidy directly linked to the price of the electricity sold by the company. The subsidy should thereby, according to the claim, be treated as a consideration to be added to the VAT base of the sales by the company. The claim was dismissed yet the decision of the Helsinki Administrative Court can be appealed to the Supreme Administrative Court. The final decision will have definitive impact widely in the renewable energy sector and it will make an important precedent in outlining the scope of the VAT Act and the VAT Directive.
Waselius & Wist advised Firesteel Resources Inc. (TSX-V: FTR) (“Firesteel”) in entering into a joint venture with Nordic Mines AB, giving Firesteel a controlling stake in Nordic Mines Marknad AB. The joint venture included related financing arrangements where Firesteel received USD 20,6 million in funds under a Prepaid Forward Gold Purchase Agreement with PFL Raahe Holdings LP, an investment vehicle controlled by Pandion Mine Finance, LP.
Firesteel will operate the Laiva gold mine in Finland which is estimated to hold one of the largest gold deposits in the Nordic region.
Waselius & Wist represented the arranger and the dealers as well as certain financial institutions as lenders in the Finnish law aspects of the EUR 1.93 billion refinancing of the Caruna Group. The refinancing consists of, inter alia, senior facilities in the amount of EUR 825 million and borrowings of EUR 1.105 billion derived from a EUR 10 billion multicurrency programme for the issuance of bonds. The Caruna Group’s electricity distribution business is the largest in Finland by share of electricity distributed.
Waselius & Wist advised BASF, the chemical company, on Finnish law aspects in connection with the divestment of its slurry production sites in Rauma and Kotka to Chemec.
Waselius & Wist advised NV Nordisk Vindkraft AB in all aspects of establishing a joint venture with Tornator Oyj for the development of wind power in Finland. The initial portfolio comprises six projects with a potential of around 200 wind turbines located mainly on Tornator Oyj’s land. NV Nordisk Vindkraft AB is a leading wind power company in the Nordic region with a track record of over 380 MW of constructed wind power capacity.
Waselius & Wist acted for SCA in the incorporation of a joint venture energy company Nokianvirran Energia Oy, owned by SCA, Nokian Tyres and Leppäkosken Sähkö. Nokianvirran Energia Oy has signed a letter of intent with Valmet for a delivery of a biomass-fired boiler plant in conjunction to an existing power plant in Nokia, Finland, the aggregate amount of the investment being approximately 45 million euros.
Waselius & Wist advised Esse Elektro-Kraft Oy, a Finnish energy company, in its acquisition of Hanhikoski hydroelectric power plant from the municipality of Evijärvi.
Value: EUR 5,170,000
Waselius & Wist advised Yaskawa Electric Corporation, a world leader in motion control and robotics, in its acquisition of The Switch Engineering Oy, a leading supplier of megawatt-class permanent magnet generator and full-power converter packages for wind power and other renewable energy applications.
Acquisition by FSI, Borealis and Finnish pension funds of Fortum Corporation’s electricity distribution business in Finland
Waselius & Wist advised Suomi Power Networks Oy, a consortium of infrastructure funds First State Investments of Australia and Borealis Infrastructure of Canada (each 40%) together with Finnish pension funds Keva (12.5%) and LocalTapiola Pension (7.5%), in the acquisition of Fortum Corporation’s electricity distribution business in Finland, and the related financing arrangements.
Value: Total consideration EUR 2.55 billion
Waselius & Wist advised E.ON in the sale by E.ON to Kajaso Oy of its 50,5 % holding in E.ON Kainuu Oy, and 100 % holdings in Karhu Voima Oy and E.ON Suomi Oy.
Value: Enterprise value some EUR 220,000,000