Luminor Bank grants €1.25M to Latvian engineering firm DEVRE
What's the deal? Luminor Bank has granted €1.25 million in financing to DEVRE, a Latvian engineering construction company specialising in electrification, industrial automation, and low-voltage systems. The package includes a credit line, guarantee limit, and leasing financing to bolster working capital and technical capacity.
Founded in 2011, DEVRE has delivered more than 200 projects in Latvia and abroad, serving public sector, healthcare, commercial, and industrial clients. The company is currently developing a new office and warehouse complex, launched in 2025.
Why now? The Baltic construction sector is stabilising after years of volatility driven by raw material price swings and geopolitical disruption. Rising construction activity is creating favourable conditions for growth — and a pressing need for working capital. In large-scale engineering projects, material costs can account for up to 90% of total estimates.
"The DEVRE team has demonstrated its ability to grow in a dynamic environment while maintaining high quality standards," said Ilze Zoltnere, head of corporate at Luminor Bank in Latvia.
What could go wrong? Construction remains cyclical and exposed to supply chain shocks. DEVRE's heavy reliance on materials — with costs consuming up to 90% of project budgets — means any renewed price volatility could strain even freshly secured credit lines.
The signal: DEVRE is expanding into battery energy storage systems (BESS), which help stabilise grids and integrate renewable energy into everyday consumption. The move reflects a broader trend of traditional engineering firms pivoting toward energy-efficient and green infrastructure solutions across the Baltics.
"We are purposefully investing in technology and infrastructure by modernising our vehicle fleet and developing a new headquarters," said Deniss Vrevskis, co-owner and chief executive officer of DEVRE. The financing, he added, ensures the stability needed to settle supplier payments and deliver comprehensive engineering solutions.
Read more: baltictimes.com
