NIB and Rīgas Siltums continue cooperation for efficient heating

NIB and the heating utility Rīgas Siltums have signed a EUR 18 million loan to finance the company’s investments in network infrastructure upgrades.

The fifteen-year loan supports the company’s investment programme in district heating network expansion and renovation during 2023–2024. The programme’s total investment costs amount to EUR 24 million.

“We are pleased that our transformation aimed at improving and developing the city’s centralised energy infrastructure is backed by strong support from the Nordic Investment Bank. This funding will contribute to the transition by utilising the potential of smart energy solutions in network development and expansion, creating a positive push towards achieving Latvia’s climate neutrality goals,” says Rīgas Siltums’ Board member Vineta Kutkēviča.

The expansion will provide new clients with cost-effective district heating services. Every year, Rīgas Siltums connects around 50 to 60 new buildings to its network.

The renovation entails the replacement of around 10 km of old heating networks, as well as building 3.5 km of new heating networks to connect new heat energy consumers to centralized heat supply.

The network digitalisation will increase the efficiency of diagnostics and planning. The greater use of digital solutions will allow a quicker and more precise service, thereby reducing the need for costly and troublesome repair works.

NIB also supported the company’s previous investment programme for network upgrades and biomass energy generation capacity expansion. Both financed programmes are part of Rīgas Siltums’ strategic shift towards sustainable and efficient district heating.

Rīgas Siltums AS is a regulated district heating utility owned by the City of Riga (49%), the State of Latvia (48.995%), “Enerģijas risinājumi.RIX” Ltd (2%), and Latvenergo (0.005%). The company is responsible for producing and supplying district heating to Riga, with 76% of the heating consumers in the Latvian capital connected to Rigas Siltums’ network.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact:
Kaspars Pīlādzis, Senior Banker, Country Lead for Latvia, at +358 10 618 0391, kaspars.piladzis@nib.int
Vytautas Brazaitis, Senior Communications Officer, at +358 10 618 0235, vytautas.brazaitis@nib.int