PROJECT DESCRIPTION
BACKGROUND
The deep renovation of multifamily buildings is a slow-moving industry. This is caused by a week business case, ineffective regulations for decision-making in multi-owner residential buildings and a generalised lack of interest and trust from homeowners. A weak business case is linked to project capital costs (including high transaction costs) and lack of long-term financial instruments. The RenewALL concept includes the following elements: -Long term energy performance contracting to delivery deep renovation, -Financial engineering to further support sector development and for upscaling long-term financial instruments, -Moving from one-building one-project approach to neighbouring approach to reduce costs through larger scale investments in the same area, -Increasing the interest of homeowners in deep renovation associated with urban renewal of the neighbourhood. The project aims to refurbish multi-family buildings in Riga. Only the energy investment related to the multi-family buildings renovation are eligible for the leverage factor calculation (not the other type of construction works for the broader neighbourhood urban renewal). The project expect to mobilise 22.3m€ energy investment in MFB renovation - which represents a leverage factor of 1:15. In this way, RenewALL not only delivers building deep renovation projects, each with substantial energy savings, but also modernise entire neighbourhoods. This approach sells the dream of living in a fully refurbished neighbourhood. The ‘neighbourhood’ approach is part of a strategy to trigger the interest of homeowners in a deep renovation project. In parallel with the deep renovation of buildings facing this yard, the public sector takes care of renovating inner infrastructures, e.g. like local streets, pedestrian and bicycle paths, car parking area (including new charging point for electric cars), public lighting, children playground and waste sorting collection facilities.