EIB lends Altum €70 million for apartment block renovation as applications reopen on 17 December

The European Investment Bank (EIB) has lent €70 million to Altum, Latvia’s state development finance institution, to make apartment blocks across the country more energy efficient, Altum said on Friday, 13 November. The loan covers half the cost of €140 million worth of projects and is expected to support about 3,900 households.

The money will go to projects already under way and help Altum run future energy-efficiency programmes. It covers wall insulation, facade and roof repairs, new windows and doors, and upgraded heating and ventilation. Altum estimates the projects will save about 23,500 MWh of energy a year and cut households’ energy use and costs by 40% on average.

“With this financing, we are helping Latvian families live in warmer, more comfortable and more affordable homes,” said Ioannis Tsakiris, the EIB’s vice-president. Reinis Bērziņš, chairman of Altum’s management board, said demand for energy-efficiency investment in Latvia showed that access to long-term financing was still essential. It is the EIB’s third deal with Altum.

How to apply

Residents do not apply for EIB money directly. Renovations are funded through Altum’s programmes, and the application is filed by the building’s association of flat owners, usually with help from the building manager. On 2 September Altum suspended new applications for full renovation projects under its 2021–2027 apartment building energy-efficiency programme, known as DME 3, after reaching the funding limit available at the time.

• Applications for full renovation projects reopen on 17 December at 12:00, within the funding available.
• Buildings with a valid preliminary opinion reserving a capital discount will have it extended by the period when applications were closed.
• Applications remain open for facade renovation with factory-made timber-frame panels and for energy-efficiency projects in the Latgale region that save 10–29% of primary energy.
• A new Altum price list took effect on 12 November, changing the terms of Altum loans for full renovation projects, so owners should vote on the current terms.

A new programme starts on 4 January 2027, in which Altum will cover part of the interest on a bank loan instead of paying grants. Buildings with at least two flats can apply if the project saves at least 30% of primary energy. Altum answers questions on +371 67774010 and at altum@altum.lv on weekdays from 08:30 to 17:00.