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Energy renovation funding for 6,000 houses in Riga municipality

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6,000 houses from Riga should benefit from funding for energy renovation


The municipality of Riga has created a revolving fund linked to a soft loan scheme which will provide loans at a low interest rate destined for citizens and non-profit organizations in order to increase energy efficiency and the use of renewable energy and to reduce energy consumption.


The fund will provide 34.5 millions of Euros: 4 M of the fund should be a contribution from the Riga Municipality and the rest will be provided by a project within the European Investment Bank.


A market study at Riga revealed that the main barriers to energy renovation are the lack of investment and the communication with owners in multi-apartments dwellings. Thus, the municipal company managing service for residential buildings, ‘Riga Namu Parvaldnieks’, will play an important role as an intermediary with the owners.


The plan may be approved by the City Council within the 3rd quarter of 2016, and the first projects batch is expected to be launched by April 2017.


For further information please check  The Revolving Fund of Riga web page [link in english].