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Latvia to invest EUR 8 million of EU funding into energy efficiency of businesses

Photo: pixabay.com.
Central Finance and Contracting Agency has organized yet another evaluation of projects submitted for approval in the EU fund programme for support of increased energy efficiency of manufacturing enterprises. 32 projects have received approval for Cohesion Fund financing worth EUR 8 million, as confirmed by the agency.

All 32 approved projects now have to meet requirements: perform calculations and comply with set conditions in order to receive funding.

‘52% of investments from the Cohesion Fund are intended to finance replacement of manufacturing equipment (EUR 4 million) without measures to increase lighting systems’ or buildings’ own energy efficiency. 13% of funding (EUR 1 million) is planned to be invested in energy efficiency of buildings. 1% will be used to raise the energy efficiency of lighting systems,’ the agency explains.

CFCA also notes that this was the second phase of the energy efficiency programme. A total of 41 projects were submitted for approval. Compared to the first phase, four more projects were submitted in the second phase (37 in 1st and 41 in 2nd). The funding requested from Cohesion Fund is also EUR 2 million larger (EUR 9 million in 1st and EUR 11 million in 2nd).

EU fund support to help raise energy efficiency of companies working in processing sector is intended for projects in which investments are planned in order to secure efficient use of energy resources, reduce energy consumption and motivate transition to use of renewable energy resources in production.

The funding from Cohesion Fund available for applicants is EUR 1 million each. Maximum permitted support intensity is 30% of the project’s total costs, the agency adds.


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