In Latvia most of the multifamily buildings were built during Soviet occupation era from 1941-1992 and now about 95% of them require deep renovation due to low energy efficiency and insufficient maintenance measures over the past decades. Only deep renovation can fix this situation, since it is not enough to make small fixes to the buildings – you need to give them a new life.
The Latvian Baltic Energy Efficiency Facility (LABEEF) was the first investment facility developed specifically to address this issue i.e. a growing building crisis, but also to address energy poverty and climate change. Founded in 2016 with the aim to support renovation service providers by ensuring convenient and innovative financing solution, LABEEF frees up capital for developers to allow a continuous cycle of project pipeline.
In 2018 The European Bank for Reconstruction and Development (EBRD) provided funding to LABEEF for financing of building renovation. It was EBRD’s first project where the counterparty risk was not a legal entity.
Since LABEEF is first of its kind investment facility, which has been proven to be great solution in financing building renovation, it has received numerous recognitions:
Ernst & Young, 2020 recognized LABEEF as one of the main seven green projects in EU for targeting building sector
BUILD UP, 2020 recognized that though project Sunshine LABEEF proved that its mechanism could significantly contribute towards the European renovation wave
Member of the Board:
Nicholas Stancioff
Members of the Council:
Gunta Cekule
Fawkes Steven Derrick
Jūlija Bistrova
Company Details
Name: LATVIAN BUILDING ENERGY EFFICIENCY FACILITY, AS
Reg. no.: 40103960646
Address: Aleksandra Čaka street 52-37, LV-1011, Riga, Latvia
