Edgars Augustins
CEO / Managing Director
A warmer home.
Lower bills.
Guaranteed.
RENESCO takes care of your building’s renovation — from idea to guaranteed results.
18+
years of experience
35+
completed projects
20
years of guarantee
100%
financing from RENESCO
Residents benefit from
Improved quality of life
A warmer, safer, and more visually appealing home with upgraded heating, water, and utility systems
Financial safety
No loans and no personal upfront investment
Full-service approach
No need to manage construction, take on risks, or worry about the outcome
How does building renovation with RENESCO work?
We take care of everything for you — no loan, no upfront payment, and no extra hassle for residents.
What does building renovation include?
An individual solution for each project
Renovated buildings across Latvia
Team
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Frequently Asked Questions
Does it really cost nothing?
Residents do not need to make any upfront investment or take a loan.
The renovation is paid from the achieved energy savings, with the aim of keeping monthly payments at a level similar to before the renovation.
What is an Energy Performance Contract?
An Energy Performance Contract is an agreement with RENESCO to renovate the building and achieve energy savings.
This means that RENESCO finances, organizes, and implements all works, while also guaranteeing a certain level of energy savings.
Apartment owners pay for the service from the actual energy savings — without the need to take a loan or assume technical risks.
What are the main benefits of renovating a building with RENESCO?
RENESCO finances the building renovation on behalf of residents and takes on both technical and financial risks.
After the works are completed, you pay from the actual energy savings — without the need to take a loan for renovation.
How are energy savings determined and guaranteed?
Before the renovation, an energy audit is carried out to calculate the expected energy savings.
RENESCO guarantees these savings. If the promised savings are not achieved, RENESCO covers the difference.
The calculations take into account the building’s initial condition, planned improvements, and the outdoor temperature during each heating season to ensure objective and comparable results.
How is the building renovation financed and what is the residents’ contribution?
RENESCO arranges and provides financing for the building renovation. This includes support from ALTUM (capital grant) as well as future energy savings.
Apartment owners do not need to take a loan.
In most cases, only a small additional payment is required, depending on the building’s condition — significantly lower than the full renovation cost.
After renovation, payments are largely covered by the achieved savings on heating costs.
Is the apartment used as collateral or are the owners’ rights restricted in any way?
No — the apartment is not used as collateral.
Apartment owners retain full control over their property and are free to sell, rent, or use it as usual.
RENESCO takes responsibility for financing and loan repayment.
No upfront payments are required from apartment owners.
How long does the renovation take and when can residents expect the first benefits?
The renovation process, starting from the first residents’ meeting, typically takes from a few months up to around 1–2 years, depending on the project scope and the condition of the building.
Construction works usually take 6–9 months.
The first benefits — especially lower heating bills — are noticeable already in the first heating season after completion.
Comfort also improves, with warmer and more evenly heated apartments.
Will windows and radiators be replaced, and will this damage existing interior finishes?
If the project includes replacing windows or radiators, the work is carried out carefully to minimize any impact on the apartment’s interior.
After the works are completed, RENESCO ensures that affected areas are restored — leaving surfaces ready for final decorative finishing.
This means that no significant damage is done to existing renovations.
Find out how your building can be renovated!
