Photo credit: RENESCO

This was the first energy services company set up in Latvia and it came about from a collaboration between the local government, state bodies and a number of key institutions, namely the European Investment Bank, the European Bank for Reconstruction and Development and the Dutch International Guarantee Fund for Housing in order to improve and transform the residential building fund.

The first tranche of projects was carried out in the period from 2009 to 2014, during which time 15 multi-family apartment blocks were energy renovated.  In the process, RENESCO combines the legal and technical expertise of both local and international actors in the fields of energy efficiency, project financing, project management and renewable energy sources.  RENESCO fully appreciated that the best way to achieve good results was by combining a wide range of technologies in the buildings, including works to reduce heat loss and installation of controls to better manage energy demand.

All projects were first audited for their existing condition and energy saving potential before the range of measures to be applied was decided on.  In each case the proposals had to be accepted by a majority of the occupants in the buildings.  After the works, monitoring of the buildings continued over time to ensure that promised savings were being achieved.  The average across the projects illustrated in this exhibition is in excess of 54% for an average investment of around €90 per m²


Principal Characteristics of the Financing Programme:

Type of programme: Energy services company
Year of initiation: 2009
Number of buildings: 15 large multi-family apartment blocks in the first 5 years
Measures implemented: Structural stabilisation (where needed), insulation of roofs and walls, replacement of windows and doors, new heating systems, heat recovery ventilation systems, use of ground-sourced heat pumps and bio-mass boilers, installation of a building energy management systems enabling remote monitoring, operation and data collection
Results: Energy savings after works reached an average of 54%
Cost of works: An average of €105 per m²
Architect: Varied
Technical consultants: RENESCO internal expertise

Presentation on RENESCO renovation of apartment buildings in Latvia, by Eric Berman from RENESCO, file hosted by BPIE website:

Blogpost from Abracadabra site: Newsletter#3 – January 2019: “ESCO financed projects with forfaiting”

Blogpost from BuildUp entitled ‘Financing and realizing the modernization of mass housing stock through energy conservation’, from 04/02/2014: