Approximately 70% of the Latvian population lives in housing blocks built in the Soviet period until the Year 1992. Average lifespan of these buildings is coming to an end and technical conditions of multifamily buildings are rapidly deteriorating because of the lack of proper maintenance. In many occasions it happens due to the apartment residents’ lack of awareness about property management and financing opportunities for larger construction works of the apartment building.
In Latvia, 18 projects of the deep renovation of multifamily buildings have been finished. All projects included energy efficiency guarantees, 16 of renovation projects has been performed by RenEsco Ltd. and two by the municipality “Salaspils siltums” Ltd.
The “LATVIAN BALTIC ENERGY EFFICIENCY FACILITY” or LABEEF was created by investment control enterprise Funding for Future B.V. (F3). It is a fund which aims to facilitate long-term investments necessary for multifamily building and public building renovation projects. In 2018, LABEEF financed the first six multifamily building deep renovation projects in Cesis, Sigulda, and Riga. In 2019 new projects are planned.