Luminor Bank grants €1.25 million to engineering construction company DEVRE

Luminor Bank has granted €1.25 million in financing to the engineering construction company DEVRE. The financing package includes a credit line and guarantee limit to support working capital, as well as leasing financing to strengthen the company’s technical capacity and support the implementation of large-scale projects.

The company specialises in electrification, installation of low-voltage systems, industrial automation, electrical measurements, as well as the design and assemble of distribution boards. At the same time, DEVRE continues to purposefully expand its internal capacity – in 2018, the company established a distribution boards assembly workshop, while in 2025 it launched the development of a new office and warehouse complex. 

“The construction sector has experienced significant fluctuations in recent years, driven by changes in raw material prices and geopolitical developments. At the same time, the market is gradually stabilising and construction activity is increasing, creating favourable conditions for the sector’s further development. The DEVRE team has demonstrated its ability to grow in a dynamic environment while maintaining high quality standards and expanding its expertise, particularly in the field of energy-efficient solutions. Our cooperation and financial support will provide the company with the flexibility needed to successfully implement new and ambitious projects,” says Ilze Zoltnere, Head of Corporate at Luminor Bank in Latvia.

Since its establishment in 2011, DEVRE has delivered more than 200 projects in Latvia and abroad, serving public sector, healthcare, commercial and industrial facilities. In the engineering construction sector, material costs in large-scale projects can account for up to 90% of total project estimates, creating a significant need for working capital.

As part of its focus on sustainable solutions, DEVRE continuously expands its expertise in new energy-related fields. One of these areas is battery energy storage system (BESS) projects, which help improve energy efficiency, stabilise the energy system, reduce energy costs and support the integration of renewable energy sources into everyday consumption. 

“The granted financing marks an important step in our continued development, allowing us to implement several large-scale projects at the same time. We are purposefully investing in technology and infrastructure by modernising our vehicle fleet and developing a new headquarters for the company, which will also serve as an office and warehouse facility. The credit line and guarantee limit provided by Luminor Bank ensure the stability we need to efficiently settle payments with suppliers and focus on delivering comprehensive and energy-efficient engineering solutions to our clients,” says Deniss Vrevskis, Co-owner and CEO of DEVRE.

DEVRE is certified in accordance with ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 standards, confirming the company’s commitment to high quality, environmental sustainability and occupational safety. The company provides comprehensive solutions focused on improving energy efficiency, ensuring safety and optimising operating costs.

About DEVRE

DEVRE is a Latvian engineering construction company founded in 2011 that specialises in electrification and technical systems solutions. The company provides full-cycle services – from design to installation and maintenance – serving clients across various industries in Latvia and abroad. DEVRE has delivered more than 200 projects and continues to expand its operations, with a particular focus on energy efficiency and renewable energy solutions.

By Luminor

Luminor is one of the leading independent banks in the Baltic States and the third-largest financial services provider in the region. The bank provides financial services to individuals, families and businesses. Like the markets in Estonia, Latvia and Lithuania, Luminor is young, dynamic and forward-looking.