Luminor Bank Provides €1.25 Million Financing to DEVRE for Project Expansion
Luminor Bank has provided €1.25 million to DEVRE, enhancing its capacity for large-scale engineering projects. This financing includes a credit line and leasing options aimed at improving working capital and technical capabilities.
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Luminor Bank has awarded €1.25 million to the engineering construction firm DEVRE, incorporating a credit line and leasing financing to bolster working capital and technical capacity for large projects. Since its inception in 2011, DEVRE has completed over 200 projects both in Latvia and internationally, primarily serving the public sector and industrial facilities.
The construction sector's material costs can reach up to 90% of project estimates, increasing the demand for working capital. DEVRE is also advancing its expertise in energy efficiency and battery energy storage systems, which are critical for integrating renewable energy. This financing will enable DEVRE to manage multiple projects concurrently and invest in technology and infrastructure.
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