Juha-Pekka Mutanen

Head of Finance & Capital Markets

Juha-Pekka Mutanen

Head of Finance & Capital Markets

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Responsive, and experienced.

The Legal 500 2018, Banking and finance

Recognized since 2013 in The Best Lawyers in Finland for work in: Banking and Finance Law.

Best Lawyers

Very good performance and legal skills.

IFLR1000 2016, Financial and corporate

Excellent service. Commercial approach for a complicated real estate portfolio financing.

IFLR1000 2017, Financial and corporate

Responsive, experienced and efficient.

Chambers Global & Europe 2018, Banking & Finance

He is very concise in his advice, never too verbose or technical, and wraps everything up in a commercial way.

Chambers Global & Europe 2017, Banking & Finance

Nice to work with, efficient and practical. He helps you to close the deal.

IFLR1000 2019, Financial and corporate

Helpful, commercial and responsive.

The Legal 500 2017, Banking and finance

Very good, responsive, sensible, with a commercial outlook.

Chambers Global & Europe 2016, Banking & Finance

Looks for practical solutions.

The Legal 500 2016, Banking and finance
Dittmar & Indrenius > People > Juha-Pekka Mutanen

Focus on complex finance and capital market transactions, M&A and corporate law.

Juha-Pekka Mutanen is known for advising lenders and borrowers in financing arrangements, market participants in securities law issues and public and private companies in M&A transactions.

He acts as Lead Partner in complex banking and finance arrangements, including project finance, and advises on transactional, regulatory and securities law matters. He has advised clients in a number of industries including banking and insurance, energy and infrastructure, mining, health care and transportation.

He has previously worked with Cleary, Gottlieb, Steen & Hamilton in Brussels.


University of Turku (LL.M., 1996)

Åbo Akademi University (M.Sc., 1998)

University of Cambridge (LL.M., 1999)

Admitted: Finnish Bar Association


Finnish, Swedish, English and German


Latest Insights

In Search of the New Normal
18 Jun 2018 Despite market actors' and central banks' valiant efforts to divine the future trends of interest rates, the only key discovery still remains that past rules governing their behaviour no longer apply. With new rules still unwritten and the future legal and economic environment shrouded in uncertainty, businesses deciding upon their financing structures have been presented with an extraordinary conundrum. These are the key takeaways from the seminar on the future of interest rates organised by D&I on 14 February 2018. With an aim to presenting an audience of industry and business figures with a concise view of present macroeconomic trends, insight was provided by Mr Olli Rehn, former European Commissioner for Economic and Monetary Affairs and current member of the Board of the Bank of Finland, as well as by Mr Risto Murto, President and Chief Executive Officer of Varma Mutual Pension Insurance Company. A primer on the future deductibility of interest expenses was also provided by Mr Kai Holkeri, Partner and Head of Tax & Structuring at D&I. Economizing the Economy With inflation in the Eurozone having remained conspicuously low for several years even after the peak of the financial crisis, the ECB has continued to pursue a policy of record-low interest rates and quantitative easing in the form of asset purchases. While the central bank's active role is to be credited in the recent recovery of the financial system and the overall economic uptick, it is still all but clear whether – and if, when – the economy at large can be trusted to keep inflation at target levels without the ECB's intervention. None of this, however, is to say that the economy has not recovered on a sound basis. Given that the recent Finnish recovery – current estimates indicate growth of three per cent in the year 2017 – is largely based on reliable investment expenditures and export demand while Eurozone lending to both households and businesses has seen a healthy acceleration without reaching pre-crisis levels, it can be said with confidence that the market has finally begun to find its feet again. Nevertheless, until such time that European business and finance have hit their stride without need for the crutch of cut-rate money from the central bank, market participants will need to continue paying close attention to the ECB's monthly intentions. Deducted Interest in Interest Deductions Presented with this scenario of both cheap cash abound and potential economic boom in the horizon, one would assume that businesses would be quick to join the growing ranks of borrowers hungry to finance their investments. European regulation, however, has found itself a sizeable spanner in these future works, as the European Union's Anti-Tax Avoidance Directive (ATAD) is to obligate the Union's Member States to limit the deductibility of interest expenses. Provisions in the ATAD extend far beyond the initial goal of curbing tax base erosion and profit shifting (BEPS) in multinational corporations, mandating Member States to also reduce the deductibility of interest expenses even to third parties. "The winning formula may just be to make the very best of the abnormal." The rationale of regulating such external debt without any tax planning aims has been called into question, and rightly so. Alas, businesses navigating the present uncharted economic waters amid simultaneous legislative turmoil have no choice but to get used to perpetually rethinking their financing conventions and business models. With signs of the new normal still awaiting discovery, the winning formula may just be to make the very best of the abnormal.  
Ban on Coal, What Next?
23 Apr 2018 Finnish Government Plans to Ban Coal and Redirect State Aid for Renewable Energy The Finnish government plans to ban coal in energy production in 2029. The government prepares a EUR 90 million incentive package for energy producers to voluntarily commit to phase-out of coal by 2025. The incentives package would be financed by lowering the annual production level proposed for the planned tendering scheme for renewable electricity from 2 TWh to 1.4 TWh. The tendering processes are expected to be tough also due to large amount of partly developed projects. Ban on Coal and Compensation for Energy Producers The Ministry of Economic Affairs and Employment pronounced on 10 April 2018 that the use of coal in energy production will be prohibited by law in 2029, a year earlier than stated in the energy and climate strategy. In connection with the ban the government would introduce an incentives package designed for cities to phase out coal already by 2025 to support investments in energy technologies to replace coal. Half of the package would be reserved for renewable heat and power (CHP) and the other half for other technologies needed in the conversion from coal. The government supports renewable CHP also in order to ensure the security of supply in peak load conditions. The planned ban is part of Finnish government's efforts to reduce greenhouse gas emissions to mitigate climate change. According to Minister Tiilikainen, phasing out coal-based energy production would enable Finland to significantly reduce the emissions from heating. The ban and the incentives package have already raised criticism of inefficient climate policy, as the use of coal is expected to phase out during the early 2030s without government intervention. Industry representatives have demanded that the government should focus its efforts to ensure efficient operation of the emissions trading scheme (ETS). Prices of district heating are expected to rise in cities where coal is used for heating (mainly metropolitan area and Vaasa and Turku). This may further lead to increased demand of alternative heating solutions, such as heat pumps.  Furthermore, prices of alternative fuels (such as wood and gas) may rise. The ban must comply with the requirements of protection of private property and the incentives package must comply with the EU state aid rules. The incentives package could be seen as a way for the government to decrease the likelihood of compensation processes or the potential amounts payable. Further details concerning the ban and the incentives package are expected during the autumn. Support for Renewable Energy Is Redirected from Electricity to Heat The incentives package will be financed by lowering the required annual production level proposed for the tendering scheme for renewable electricity, from 2 TWh to 1.4 TWh. According to Minister Tiilikainen, "Redirecting support from renewable electricity to renewable heating is justified on the grounds that while nearly 80 per cent of electricity production is already emission-free, only 36 per cent of district heating uses renewable energy sources.” The planned temporary support scheme for the production of renewable energy is expected to move forward. Production aid would be granted for 1.4 TWh of new renewable production in technology-neutral auctions to be held during 2019 and 2020. The temporary scheme has been considered a transition to a subsidy-free system. After the scheme has been approved in the Parliament, it must be notified to the EU Commission to check compliance under the EU state aid rules. The expected aggregate amount of the proposed new production aid for renewable electricity is 100 million euros in 10 years whereas the current costs of the feed-in tariff scheme is approximately 245 million euros annually. Although being technology-neutral, we expect that the new scheme will attract mostly wind power projects and especially larger wind farms. There are already partly-developed wind power projects available with necessary land use planning completed or construction permits granted by municipalities corresponding to an annual production capacity of approximately 7.3 TWh. Investors should carefully review the legal validity of the plans and permits relating to a particular project. The large number of potential projects means that the competitive bidding process will be tough. Investment Aid for Biofuel and New Technology In addition to the production subsidies, discretionary energy investment aid would continue to be granted. Investment aid would be paid primarily for projects commercializing new energy technology such as electricity storage, integration of variable production into the electricity system and arctic offshore wind power. Investment aid would also be granted to new biofuel production facilities. The government strives to cut the import of oil to half from the current level by increasing the local production of biofuels which would require investments of approximately 1.5 billion euros to new production facilities. The investments depend heavily on the final wording of the EU renewable energy directive (RED II) currently under negotiation.

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