Velkakirjahankkein

Velkakirjahankkein is a Finnish financial term referring to funding arrangements that use velkakirja (promissory notes) to finance specific projects (hankkeet). The phrase is commonly used in Finnish-language discussions of project finance and debt-based funding.

In a typical velkakirjahanke, an issuer—often a special purpose vehicle or a project company—issues promissory notes to investors to raise capital for a project. The project’s cash flows or guarantees provided by sponsors serve as repayment sources under defined maturities and interest terms. Notes may be secured by project assets or other collateral, but can also be unsecured; terms may vary from short- to medium-term, with repayment at maturity or through structured schedules.

Usage and scope: These schemes are used in infrastructure, energy, real estate developments, and other capital-intensive projects. They allow isolating project risk within a dedicated entity while accessing debt markets for financing.

Regulatory context: In Finland, velkakirjahankkein fall under national securities market legislation and EU frameworks when offered to investors publicly; issuers must comply with disclosure, investor protection, and corporate governance requirements. The use of SPVs and cross-border investors is common.

Relation to related terms: Velkakirja refers to the debt instrument itself; joukkovelkakirja to bonds; projektirahoitus is project financing. The term velkakirjahankkein captures a family of financing arrangements that relies on promissory notes to fund a project, with structure and risk aligned to the specific project and its financing needs.