The European Investment Bank (EIB) has signed an €18 million loan agreement with the Latvian National Promotional Institution Altum to finance energy efficiency projects by Latvian companies. The financing is complemented by a €3m guarantee under the ‘Private Finance for Energy Efficiency‘ instrument, provided by the European Union under the LIFE programme.
With Latvia already one of the leading countries in the use of renewable energy, this EU-backed financing agreement will allow Latvian companies to use this energy even more efficiently. The project will support energy efficiency and small-scale renewable energy investments in centralized heating systems, insulation of buildings, replacement of windows and doors, as well as small-scale renewable energy projects and energy management systems.
Executive Vice President Valdis Dombrovskis said: “For Europe to transition to a climate-neutral economy, there is a huge need to invest in energy-efficiency projects. With the financial support the EU is providing to Altum, Latvian companies of all sizes can take advantage of the opportunity to replace their existing infrastructure with greener alternatives to reduce energy consumption. Every initiative of this kind brings us a step closer to meeting our target of a climate-neutral Europe by 2050.”