Category: Estonia

Cobalt has advised the Enery group in obtaining funding from Swedbank for the construction of a new solar park.

Enery is an Austrian renewable energy company founded in 2019 that operates in Central and Eastern Europe and focuses on the acquisition, development, construction, and operation of large-scale renewable energy plants.

Swedbank describes itself as the largest bank in Estonia, with more than 850,000 private and 130,000 business customers. Its parent group, Swedbank AB, is a Nordic-Baltic banking group based in Stockholm, Sweden.

The Cobalt team included Partner Marina Kotkas and Associate Christine Magi.

Cobalt has advised Mirova Energy Transition in obtaining construction funding from Swedbank for the development of new solar parks in Estonia.

According to Cobalt, “Mirova is a French investment company committed to sustainable investing, and its goal is to invest in innovations that deliver solutions with high environmental and social impact.”

Swedbank describes itself as the largest bank in Estonia, with more than 850,000 private and 130,000 business customers. Its parent group, Swedbank AB, is a Nordic-Baltic banking group based in Stockholm, Sweden.

Back in December 2022, Cobalt had also advised Mirova Energy Transition on signing an agreement with Evecon to develop solar plants in the Laaneranna, Pohja-Sakala, and Jarva municipalities in Estonia (as reported by CEE Legal Matters on December 19, 2022).

The Cobalt team included Partner Marina Kotkas and Associate Christine Magi.

Cobalt, working with Allen & Overy’s London office, has advised the Luminor Bank on the update of its EUR 5 billion euro medium-term note and covered bond program along with a EUR 600 million tender offer for existing notes and a EUR 300 million issuance of new restricted senior preferred notes. The London office of Clifford Chance advised the dealers.

According to Cobalt, Luminor is the third-largest financial services provider in the Baltics with 940,000 customers and 2,500 employees.

Back in 2020, Cobalt had also advised the Luminor Bank on its inaugural issue of covered bonds, with an aggregate nominal value of EUR 500 million (as reported by CEE Legal Matters on March 17, 2020).

The Cobalt team included Partner Marina Kotkas, Associate Christine Magi, and Junior Associate Maarja Tambet.

PwC Legal Estonia has advised the Wolf Group on the acquisition of the assets of its Libace business partner.

The Wolf Group is a European manufacturer and vendor of construction chemicals and materials.

Libace is a manufacturer and packager of aerosol products operating in Parnu County, Estonia. 

The PwC Legal team included Partners Karin Marosov and Indrek Ergma and Attorney at Law Ingeri-Helena Kakko.

PwC Legal did not respond to our inquiry on the matter.

Cobalt has advised SmartCap on its investment in Tartu-based start-up eAgronom in a EUR 5 million financing round joined by Icos Capital and Soulmates Ventures.

eAgronom is a start-up that helps farmers to adopt more sustainable farming methods with digital tools and technology-based strategies.

SmartCap is a small fund manager that provides investments for private fund managers.

According to Cobalt, “the company raised EUR 5 million from investors. In addition to SmartCap, the Dutch climate technology venture capital fund Icos Capital and Czech venture capital investor Soulmates Ventures participated in the financing round. With the money raised from investors, eAgronom plans to continue expanding to European and African markets.”

Back in 2022, Cobalt also advised SmartCap on the launch of its green technology investment program (as reported by CEE Legal Matters on November 21, 2022).

The Cobalt team included Partner Kristel Raidla-Talur, Specialist Counsel Greete-Kristiine Kuru, Associate Johanna Lumiste, and Assistant Lawyer Marit Raatma.

Cobalt did not respond to our inquiry on the matter.

Cobalt has successfully represented Estonian citizen Ivan Turogin before the Supreme Court on the admissibility of electronic surveillance as an alternative to arrest for defendants during extradition proceedings.

According to the firm, the background of the case related to its client “providing cryptocurrency mining services and [being] now sought by the US for extradition. US authorities allege that the Estonian businessman, along with his business partner, had cheated out USD 575 million from customers. At the request of the US, the court has arrested USD 145 million worth of property and the businessmen have been taken into custody until the end of extradition proceedings with the permission of the court.”

“According to the case law of the Supreme Court that has been in force for ten years, there was no other lenient alternative to the arrest of the person whose extradition is sought,” Cobalt reported, highlighting that the court’s new decision “changes the current case law.”

According to Cobalt, in this case “the court took the position that it is in accordance with the constitution, the European Convention on Human Rights, and the practice of the European Court of Human Rights, [and] the Estonian court can apply other measures that are less restrictive to the fundamental rights of individuals (electronic surveillance, bail) instead of arrest. The Supreme Court found that the continuation of the current situation could be in violation of the requirement of proportionality laid down in the Constitution.”

Finally, the firm announced that “the recent Supreme Court ruling also has wider implications because, according to previous case law, [defense counsels] formally moved along with the proceedings without having the opportunity to effectively protect the client from arrest. The Supreme Court now emphasizes that, just like the prosecution, [defense counsels] must have the same opportunity to present evidence that refutes the prosecution’s claims about the necessity of the arrest. The recent judicial decision thus significantly improves the right to effective judicial protection.”

The Cobalt team included Senior Associates Karl Kask and Artur Knjazev and Assistant Lawyer Alina Laansoo.

Pohla & Hallmagi has advised Restate Property Development on its acquisition of development land in Saku Parish from Mannilatv Kapital.

According to Pohla & Hallmagi, the transaction involved 6.4 hectares of commercial development green land.

Pohla & Hallmagi had previously advised Restate Property Development on its sale of a shopping center and commercial property to BRCKS in 2021 (as reported by CEE Legal Matters on June 21, 2021) and, in 2022, on the sale of Tallinn commercial real estate to Infortar (as reported by CEE Legal Matters on May 20, 2022).

The Pohla & Hallmagi team included Partner Toivo Viilup.

Pohla & Hallmagi has advised the minority shareholders of the Mobire Group on the sale of part of their shareholding in the company to InBank. Ellex advised InBank.

The Mobire Group is a vehicle rental service based in Tallinn.

InBank is a community bank offering loans, credit cards, and more.

Back in 2020, Pohla & Hallmagi advised Mobire on the sale of a 53% stake to Inbank (as reported by CEE Legal Matters on December 18, 2020).

The Pohla & Hallmagi team was led by Partner Toivo Viilup.

The Ellex team included Senior Associate Alla Kuznetsova.

TGS Baltic has successfully represented Swedbank before Estonia’s Supreme Court against a EUR 1.75 million claim brought in a dispute with the bankruptcy trustee of Alberta Trade, a former Swedbank client.

The dispute began in 2017. According to TGS Baltic, the “Supreme Court declined to hear the opposing party’s cassation in May 2023, bringing the case to a successful finish.”

“The dispute was complex and involved substantial volumes of evidence as [it] required analysis concerning metal goods with an approximate value of USD 18 million, that were given as a warranty to Swedbank,” the firm reported. Additionally, the case also “required Estonian courts to give a thorough legal assessment of the concept of security ownership transfer agreements, which are not explicitly regulated by the law.”

The TGS Baltic team was led by Partner Martin Tamme and Senior Associate Silvia Urgas.

Cobalt has advised Indutrade on its acquisition of Labema.

Indutrade is an international technology and industrial business group.

Labema, which has subsidiaries in Estonia, Latvia, and Lithuania, imports, promotes, and delivers laboratory products, diagnostic equipment, and supplies for microbiology, molecular biology, and clinical chemistry laboratories.

The Cobalt team included Managing Associate Jesse Kivisaari and Senior Associates Heili Haabu, Diana Zepa, and Zygintas Voronavicius.

Cobalt did not respond to our inquiry on the matter.