SIGNET BANK and eeef collaborate in Latvia to develop and finance sustainable projects

Signet Bank is receiving a long-term subordinated loan facility for the purpose of financing sustainable projects. In collaboration with eeef, Signet Bank will identify, evaluate and finance energy efficiency, renewable energy, and clean urban transport projects in Latvia. The financing will primarily be provided to public sector entities and private sector companies acting on behalf of the public sector. eeef will support Signet Bank in selecting the projects, and the Bank will ensure that each project financed results in at least 30% energy or CO2 savings and is EU Taxonomy aligned. Further, eeef may jointly finance projects with Signet Bank in case larger financing amounts are required.

The Bank recognises that sustainability has become a critically important aspect of the financial industry and therefore is committed to integrating sustainability considerations into the core of all business activities. eeef’s team is committed to assisting the Bank in these endeavours based on its more than 10 years of experience in impact investing.

With this transaction eeef marks its entry into the Latvian market. The transaction will help to enhance energy savings, energy efficiency and foster renewable energy sources within Latvia and support objectives of the Latvian National Energy and Climate Plan.

Investment team lead of eeef, Lada Strelnikova: “We are pleased to have found a dedicated partner in Latvia willing to build its impact oriented loan portfolio and bring approach to sustainability to the next level. Transition to Net Zero is a challenge that requires teamwork, and eeef cooperation with Signet Bank is just that.”

CEO of Signet Bank, Roberts Idelsons: “Participation in this project aligns with our strategic vision for a greener, more sustainable future. We're excited to join forces with eeef , as their extensive expertise in impact investing and sustainable energy projects enhances our capabilities to provide financing to local companies. Addressing climate change is of major importance, and we are dedicated to playing our part in fostering effective solutions.”

European Energy Efficiency Fund ( is an Art. 9 and EU Taxonomy aligned fund dedicated solely to impact investing in EU. The fund invests in energy efficiency, small scale renewable energy, and e-Mobility projects, and finances Energy Services Companies throughout Europe. The Fund aims to provide financial support additional to the resources provided by the local financial sector or private investors, sharing market-based risks.

Signet Bank ( was founded in 1991 and is one of the first banks of independent Latvia. The Bank’s strategy focuses on servicing local entrepreneurs and their businesses, with a particular emphasis on the capital management. Since 2021, Signet Bank has provided clients with financing in the amount of almost EUR 500 million in the form of loans and bonds.

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