On April 2, 2025, the Ministry of Economics and ALTUM launched a new #EUfunds support program for improving the energy efficiency of multi-apartment buildings. The total funding for the program is €173 million, and by the end of 2029, it is planned to renovate more than 400 multi-apartment residential buildings across Latvia. ALTUM will start accepting applications on April 3, 2025, at 11:00 AM.

Minister of Economics, Viktors Valainis:

"The new program offers significant improvements that will enhance the accessibility of energy efficiency projects throughout Latvia. We will particularly support modern insulation solutions and the renewal of residential quarters to create a more orderly and sustainable environment. More favorable conditions have been created for the Latgale region, where the renovation pace has so far been slower. This is an important step toward a more energy-efficient and modern housing stock overall."

Residents can receive support for building renovation in the form of a capital discount. The capital discount is granted after the renovation project is completed and is calculated as a percentage of the eligible loan amount, including VAT, which is directed towards reducing the loan principal:

• 50%, if at least 30% total primary energy savings are achieved and factory-produced wooden frame panels are installed on the entire façade;

• 50%, if at least 30% total primary energy savings are achieved and ALTUM approves support for at least 3 buildings in the same quarter;

• 45%, if at least 30% total primary energy savings are achieved and a ventilated façade is installed on the entire building;

• 40%, if at least 30% total primary energy savings are achieved;

• 40% (up to €80,000), if 10–29% total primary energy savings are achieved and the building is located in the Latgale planning region.

The 30% savings condition applies to buildings throughout Latvia, while the 10–29% savings condition applies only in the Latgale region, allowing smaller-scale projects to also qualify for support.

The renovation loan can be obtained from ALTUM or a commercial bank that has a cooperation agreement with ALTUM. After the project is implemented, the capital discount is used to partially reduce the loan principal.

Reinis Bērziņš, Chairman of the Board of ALTUM:

“Our main task is to provide residents with financing so that apartment building renovation becomes an easily accessible reality. ALTUM's total support for the improvement of outdated apartment buildings already exceeds €450 million, helping to create more quality housing in this segment.

In addition to the funding that allows residents to write off part of the renovation loan principal, we are pleased to announce that, for the first time, residents will also have access to an ALTUM grant for the preparation of technical documentation for apartment buildings.

The grant will cover 90% of these costs, which for a five-story building with 30 apartments can amount to around €20,000, meaning apartment owners would only need to cover 10% themselves.

Both the capital discount and the grant significantly reduce residents' renovation costs, and I encourage everyone to take advantage of these opportunities without delay.”

Support is available to apartment owners via an authorized representative (legal entity), as well as to legal entities that own multi-apartment buildings. Support is intended for buildings with at least 3 apartments, regardless of whether they are formally divided into individual units or how many owners there are. Applications can be submitted by an authorized person – building manager, maintenance company, or energy service company (ESCO).

The new program offers two ways to apply for capital discount reservation:

1. With full documentation already prepared for project implementation;

2. Simplified, by submitting only the energy certificate and cost summary, with the remaining documentation prepared after submission.

The new support program for improving energy efficiency in multi-apartment buildings will be implemented with support from the European Regional Development Fund (ERDF).

Meanwhile, the technical documentation preparation grant covers, for example, costs related to building technical inspection reports, energy audits, and design documentation. This support is made possible through an agreement between ALTUM and the European Investment Bank under the InvestEU Advisory Hub program, with total available funding of €4.25 million, which will allow support for the preparation of approximately 200 buildings for renovation.

Applications for the grant will open in April and will be submitted separately from the main energy efficiency program. Important: after preparing documentation with grant support, the building must proceed with project implementation under the energy efficiency program.