Economics, Financial Services, Funds, Latvia, Real Estate

Economics Minister Janis Vitenbergs (KPV LV) said at a press conference after the government meeting today that the additional EUR 35 mln would make it possible to renovate another 150 apartment buildings.

Support measures for increasing energy efficiency of private homes have also been prepared, said Vitenbergs, adding that he hoped the measures would be approved at the next meeting of the Cabinet of Ministers.

Due to the high demand, on January 11 this year Development Finance Institution Altum stopped accepting applications for improving apartment buildings' energy efficiency of apartment buildings. A total of 821 project applications were submitted for a provisional amount of EUR 375 mln.

In the opinion of the Economics Ministry, these measures have promoted economic activity in the regions and ensured efficient implementation of the projects, as the projects completed so far show a significant reduction in buildings' energy consumption. Before the renovation, an apartment building on the average consumed 165 kilowatt hours per square meter (kWh/m2) annually, while after the renovation energy consumption was 67 percent lower or 54 kWh/m2 per year, which also means a significant reduction in residents' costs.