With the support of the Development Financial Institution ALTUM, the first energy efficiency renovation project for a multi-apartment building in Lielvārde has been completed. The project, realized within the framework of the European Union Recovery Fund program, amounts to €546,000.

The building, consisting of 18 apartments, is located at Edgara Kauliņa Alley 9 in Lielvārde. The project was implemented by the association "Lāčplēša nams 9" in collaboration with project manager SIA "SNL." The total cost of the project is €546,000, of which €443,800 are eligible expenses, and €95,000 are non-eligible. A capital discount of €217,500 was granted, and the loan repayment term is 20 years. The planned annual energy savings are 54.5%.

Ieva Jansone-Buka, a member of the ALTUM Management Board, remarked:
"Each completed project significantly improves the quality of life for residents of the building and helps to achieve substantial savings on energy resources. Property value also increases, providing high-quality living conditions. Moreover, the granted capital discount has allowed the payment per square meter for eligible expenses to be reduced from €2.47 to €1.26."

Zane Petre, Head of the European Commission Representation in Latvia, added:
"The Recovery Fund, part of the robust European Union NextGenerationEU initiative, was established to help Europe recover from the crisis and become greener, more digital, and sustainable. Latvia is allocated €1.96 billion from this fund as non-refundable investments for reforms and projects to be completed by autumn 2026. We are delighted with every investment made to improve the quality of life and well-being of residents. The energy efficiency renovation project in Lielvārde is an excellent example of how to invest EU support effectively."

Selīna Vancāne, Director of the Energy Financial Instruments Department at the Ministry of Economics, stated:
"This first project among the current 166 under this program demonstrates that successful collaboration among residents for a common goal pays off! Residents will not only save energy and improve comfort but also significantly enhance the building's value and sustainability. Such examples set a precedent for others—I encourage everyone to start preparing applications for support under the new EU fund program now!"

Sarma Novicāne Lazdāne, the project manager, noted:
"As the first energy efficiency renovation project for a multi-apartment building implemented under the EU Recovery Fund program, this required additional courage and trust among all participants—apartment owners, the association, construction contractors, and project managers. We are thrilled that the initial calculations for monthly payments have proven correct, the documentation is in order, and the capital discount from ALTUM has been granted."

Renovation Works

The building underwent comprehensive improvements, including:

• Waterproofing and insulating the foundation and plinth;
• Insulating the façade and window niches, replacing windows in apartments and stairwells;
• Insulating and restoring the roof, along with installing roof hatches;
• Insulating the basement ceiling and partitions on the first floor;
• Modernizing the entire heating system, including equipping radiators with allocators and thermostats and installing towel dryers;
• Cleaning ventilation ducts and equipping windows with air vents;
• Cosmetic renovations to the stairwell and installation of a new perimeter plinth for the foundation.

Program Overview

Since the EU Recovery Fund program was launched in December 2022, 168 projects have been submitted, amounting to €88 million. The highest number of applications is from the Riga region (52%), followed by Kurzeme (21%), Vidzeme (16%), Zemgale (6%), and Latgale (5%). The average planned energy savings for insulated buildings within the program is 39%.

About ALTUM
ALTUM, a state-owned development finance institution in Latvia, provides support to specific target groups through financial instruments such as loans, guarantees, and venture capital fund investments, complemented by non-financial assistance like consultations and mentoring. ALTUM received a Baa1 long-term credit rating from Moody's in 2017, confirming its stable financial position.

For more information:
Sandra Eglīte
Head of Public Relations, ALTUM
T: 26577810
E: sandra.eglite@altum.lv