The Revolving Fund of Riga

Establishement of the Revolving Fund in Riga is an important measure that will allow adding sustainability to the process of multiappartment house renovation. After analysing experience of other cities having established similar funds, having developed the financial innovative solution, Revolving Fund in Riga is to be established in 2016.

With the availability of the planned funds, the Revolving Fund will be able to start systemic renovation in Riga at 12 houses per year. Although initial number of houses should be five in order to pilot the project. After the Revolving Fund will prove its sustainability more funds should be attracted in order to achieve the aim of renovating 6000 buildings in the near future.  

Revolving Fund of Riga was established within the Infinite Solutions (INnovative FINancIng for Local SusTainable Energy Solutions) is a project launched in the beginning of 2014 under the IEE programme.

Local authorities involved in the INFINITE Solutions project are located in countries which will benefit from the EU Cohesion Policy 2014-2020 and which will need to implement the new Energy Efficiency Directive.

These policies will support energy efficiency and renewable energy projects and in particular energy-efficiency upgrades in public and private buildings via innovative financing instruments rather than grants. This will require strong technical, financial, legal and coordination skills and expertise which are currently missing, thus hindering policy implementation.

About Riga energy agency

Riga Energy Agency (REA) was legally established on 23 January 2007, under the legal form of municipal agency.

REA functions include:

1. To elaborate and update the Development Concept of Riga District Heating System;

2. To elaborate the Program for Increase of Energy Efficiency; to organize implementation of Program and related projects;

3. To prepare an annual report on the current situation and the progress made in area of energy efficiency in Riga city;

4. To establish the unit within Agency called Energy Efficiency Information Center;

5. To liaise with foreign and international institutions and organizations according to the area of authority of the Agency

6. To provide service of energy auditors;

7. To publish information materials and to provide information to mass media in the area of authority of the Agency 
8. To cooperate with governmental and municipal institution, non-governmental organizations, other legal as well as physical entities, etc.