Linklaters has advised Caruna, Finland’s largest distribution system operator, on three transactions, which achieved financial settlement and successful close on 18 June 2021:

Update of Transmission Finance DAC’s €10,000,000,000 Multicurrency programme prospectus to include Green Bonds with proceeds to be lent to Caruna Networks Oy, after Caruna established its Green Finance Framework which has a Second Party Opinion issued by CICERO;

Issue of €300,000,000 0.375 per cent. Series 11 Green Bonds due 2028 under the programme; and

Tender Offer of up to €300,000,000 of €500,000,000 1.500 per cent. Series 9 Bonds due 2023.

Caruna distributes electricity and maintains, repairs and builds a weatherproof electricity network for its over 700,000 customers in South, Southwest and West Finland, as well as in the city of Joensuu, the sub-region of Koillismaa and Satakunta. Its electrical network is over 88,000 kilometres long.