Does this Call lead to direct financial support (e.g., grants, subsidies, or co-investment), or whether it serves solely as a matchmaking and dialogue mechanism with potential financial institutions, without guaranteed funding?

The objective of this Call for Expressions of Interest is to enter into dialogue with EU/EEA and Western Balkans private companies on concrete investment opportunities and identify how to overcome related constraints in the Western Balkans region. This dialogue is aimed at building a pipeline of transformative private investments in the region, that could potentially be supported by the European Commission with its available policy, technical and financial instruments. There is no guarantee of financial support. 

The call requires equity/own resources participation by the project promoter of at least 15% of the total value of the investment project. In which form will the 85% going to be delivered – as grant, loan or others?

The promoter of the project should present a concrete investment opportunity including the financing structure of the totality of the foreseen investment. Strategic, impact and financial criteria will be used to assess the project investment proposal.

The Call mentions that, based on assessment criteria, subsequent contact with partner Financial Institutions may be facilitated. Could you please clarify what type of financial institutions are involved?

As relevant, the European Commission may facilitate contact with EU and International Financial Institutions.

What is the scope of the entire program? Will only very few cases ultimately be supported? Is there any guidance on this?

The Call aims at building a pipeline of transformative private investments in the region, that could potentially be supported by the European Commission with its available policy, technical and financial instruments.

What’s the maximum amount per project?

There is no maximum ceiling for the size of the investment to be submitted for the purpose of this call for expression of interest.

Are grants, equity, guarantees or blended finance from EU instruments available to supplement the private investment if the proposal is successful and meets the assessment criteria? Is there any preference on the project type?

This dialogue is aimed at building a pipeline of transformative private investments in the region, that could potentially be supported by the European Commission with its available policy, technical and financial instruments (including guarantees and blended finance). There is no assurance of receiving financial support.

Is it possible that the proposed investment project could be financially supported by a grant component? If yes, what is the process for determining the possible grant support? Will it be based on the dialogue established between the EU institutions and the private sector companies further in the process? 

Project investment proposals will be assessed based on strategic, impact and financial criteria. If selected, dialogue with the EU institutions could potentially lead to support by the European Commission with its available policy, technical and financial instruments. There is no specific grant funding attached to this call for expression of interest.

Could you please clarify whether the funding facilitated by this Call would primarily target the project itself, or could it also partially support the general operations or growth of the participating businesses?

The Call is not directly funding projects, it is intended to support the dialogue on specific investment projects that align with the priority sectors and objectives of the Call, through the European Commission’s available policy, technical or financial instruments. There is no assurance of receiving financial support.

In case of successful selection, will the financial institution/s invest in the project as a separate vehicle (project finance for example) or into the participating companies directly?

In case of successful selection, the nature and type of support will be determined on a case-by-case basis by the relevant Financial Institution, taking into account the specific characteristics of the project and the needs of the participating companies.

In case of project success, can the developed infrastructure be handed over to public sector authorities (e.g., municipalities, ministries) without jeopardizing the financing structure?

The European Commission will discuss all details concerning the proposed investment project idea, if the project idea is deemed eligible and positively assessed. This discussion will take place in subsequent phases, allowing for a thorough examination of the project’s specifics.

Would the Commission or any future financing body require any ownership or shareholding rights in the intellectual property (IP) or assets developed under the project? Will project promoters retain full IP rights over developed solutions unless otherwise negotiated with future investors?

The European Commission will not require any ownership or shareholding rights in the intellectual property or assets developed under the project. The project promoters retain full IP rights, unless negotiated otherwise with future investors. 

After acceptance into the pipeline, would the selected participants be obliged to proceed with negotiations with suggested financial institutions?

No. 

Is there any penalty or limitation if, after assessment, the consortium decides not to accept offered funding terms?

No.

Could you define in more detail the statement of “subsequent contact with partner Financial Institutions may be facilitated for potential financial cooperation?”

The statement means that if a project proposal is assessed and found to be eligible, the European Commission may help facilitate contact between the project promoter and financial institutions that could potentially provide funding for the project. However, this does not imply any guarantee of financial support, either from the European Commission or any partner Financial Institutions.

Is there any indicative guidance or preference related to the ratio of grant-to-loan or equity-to-guarantee instruments when structuring the external financing portion (85%)? Is it acceptable that the 15% own equity is contributed progressively across construction phases, provided this is clearly defined in the investment schedule? 

According to the Call, the project must meet the minimum investment threshold of at least EUR 10 million and equity/own resources participation by the project promoter of at least 15% of the total value of the investment project. Through the two-page project fiche to be submitted, applicants are invited to explain the key elements of the project, including the planned financial structure. The project proposal should include a detailed investment schedule. Phased implementation and equity contribution should be clearly stated in the proposal.

What are the requirements for the company to apply to this call (i.e. size, age, historical track record)?

The are no additional requirements to those set out in the eligibility criteria, which are the following: Eligible Participants to the Call shall be private enterprises, joint venture or a consortium of companies, possessing a valid VAT registration number and the EU Transparency registration number (note: Entities without a valid VAT registration number will be excluded from this Call for Expression of Interest). Entities listed in the Early Detection and Exclusion System (EDES) data base are excluded from this Call for Expressions of Interest. The companies must possess their real legal seat / legal incorporation in one of the EU Member States/EEA/Western Balkans economies.
 

Can the consortium leader be from Switzerland?

Companies eligible for this call are companies possessing their real legal seat / legal incorporation in one of the EU Member States, the European Economic Area (EEA) or the Western Balkans economies.
 

Can there be shareholders from non-EU / EEA or non-Balkan countries among the shareholders, in addition to shareholders from Western Balkans?

In case the project is being carried out by a consortium, the consortium leader and all consortium members must be based in the EU or EEA or in one of the Western Balkans economies. Concerning the shareholder structure, as requested in the call, a document presenting the governance and detailing the ownership structure of the company, indicating the nationality of shareholders holding more than 10% (and of its consortium members, if any) must be submitted.
 

Can the investment project take place in the EU or EEA country?

No, the geographic area eligible for this Call is for investments taking place in one or more of the following economies: Albania, Bosnia and Herzegovina, Kosovo*[1], North Macedonia, Montenegro and Serbia.
 

Could you provide more clarification about offtake agreement in place?

An offtake agreement is a contractual agreement between a producer/supplier and a buyer, where the buyer commits to purchasing a specified quantity of a future product at a predetermined price over a set period. For the purpose of the call, you are invited to explain if such agreement already exists, and if so, provide some details wherever possible.
 

Does the minimum investment of EUR 10 million include the applicant equity of 15%?

Yes, the size of the total investment project should be at least EUR 10 million and equity/own resources participation by the project promoter of at least 15% of the total value of the investment project.
 

Should the 15% be pure equity or tangible asset evaluated by an official appraisal or financial instrument (mezzanine loan or bank guarantee)? Can a bank loan be considered as part of the required 15% own contribution towards the total value of the investment project?

The call includes a requirement for equity participation by the project promoter at 15% of the total value of the investment project. In the requested two-page project fiche, the financial structure of the project proposal, including how this 15% equity participation will be met, should be detailed.
 

Is it possible that the private sector proposers act in cooperation with public sector (e.g. landowners) and that the proposed projects are PPPs? In that sense, would it be possible that the public sector adds to the required minimum 15% of investment, together with the private sector partners?

Eligible Participants to the Call need to be private enterprises, joint venture or a consortium of companies. The proposed projects can be PPPs. However, the partners are expected to invest minimum 15% of own resources/equity.
 

Impact finance – are you looking for a venture capital/private equity set up together with a ready pipeline?

The objective of this Call for Expressions of Interest is to enter into dialogue with EU/EEA and Western Balkans private companies (including potential equity/ venture capital funds) on concrete investment opportunities which may have different stages of maturity depending on the nature of the project.
 

Does the absence of visibility in the VIES system represent an obstacle for companies in the application process, especially in sections requiring a valid VAT number?

The call for expression of interest requires companies to enter a VAT number, valid in their respective country of registration. The visibility in the VIES system is not required. However, it is essential to ensure that the provided VAT number is valid in the country where the company is registered.

Is it mandatory to establish a new legal entity (such as a Joint Venture) for the consortium to submit a project, or is a simple consortium cooperation agreement between existing companies sufficient? 

A formal contractual agreement between existing companies is sufficient. However, the agreement should clearly outline the roles, responsibilities and obligations of each partner, as well as the governance structure and decision-making processes. 

For consortia, is it necessary that each member individually meets the eligibility criteria, or is it sufficient that the lead partner fulfills all formal requirements? 

Each private entity must meet the eligibility criteria. 

In the case of a joint venture, does it need to be officially registered as a legal entity, or is a formal contractual agreement between the two companies sufficient? 

In the case of a joint venture, a formal contractual agreement between the two companies is sufficient. However, the agreement should clearly outline the roles, responsibilities and obligations of each partner, as well as the governance structure and decision-making processes.

Is the portfolio of the lead applicant, or all consortium members altogether, expected to match or be proportional to the size of the funding being requested?

This match or proportionality is not required under this Call. The Call requires that the project promoter demonstrates financial viability of the project, investment capacity (participants must demonstrate that they can finance through equity at least 15% of the total cost of the project), and the participant needs to have capacity to mobilise private capital to finance the proposed investment.

If the company is interested in applying through a joint venture, can this be established with an EU-based company, or must the partner company also be based in the Western Balkans economies?

The joint venture can be established with an EU- or Western Balkans-based company. If the project is conducted by a consortium (or through a joint venture), the consortium leader and all consortium members must be based in the EU or EEA or in one of the Western Balkans economies. 

Can a consortium be composed of several companies participate in this call if all the companies have the same individual(s) as their founders?

The eligibility criteria that the participants need to meet is the following: eligible participants shall be private enterprises, joint venture or a consortium of companies, possessing a valid VAT registration number and the EU Transparency registration number. If the project is conducted by a consortium, the consortium leader and all consortium members must be based in the EU or EEA or in one of the Western Balkans economies.

Is a company with VAT number registered and operating in a Western Balkan economy, but fully owned by a foreign company, eligible to apply under this call? Is the EU branch (i.e. with a legal entity and HQ in Europe) of an international company (i.e. with its international HQ outside of Europe) eligible to submit application for this Call (either alone or as part of a consortium)?
 The Eligibility Criteria includes specifications about the Nationality of the Private Entity. The Call is open to EU/EEA/Western Balkans-based businesses (companies possessing their real legal seat / legal incorporation in one of the EU Member States/EEA/Western Balkans economies). ‘Real legal seat’ must be understood as the place where its managing board and central administration, or its principal place of business, are located.

Is there a limit to the number of proposals that can be submitted by a single applicant or consortium? 

No. A single applicant or consortium can submit multiple proposals, as long as each proposal meets the eligibility criteria.

Could you please confirm if an investment idea, where private companies support technically an investment, where the ownership of the infrastructure belongs to public entities, is eligible for financing within this call and if the technical work provided by private entities is also eligible within this call? 

The technical work provided by private entities, as part of a project implemented by a public entity, might be considered eligible if the project as a whole meets the eligibility criteria and is submitted by an eligible private sector participant. 

Can public entities (such as municipalities, public hospitals, or public schools) participate in the Call, either as a promoter, member of a consortium, non-financial project partner, beneficiary, or host?

Yes, projects that involve public entities can be submitted, as long as the project is led by a private enterprise or a consortium of companies that meets the eligibility criteria.

Are startups or newly established companies eligible to apply under this Call?

Yes, startups or newly established companies are eligible to apply under this Call, provided they meet the eligibility criteria set out in the Call.

Can Private Not for Profit Organisations be part of the consortium?

Yes.

Can a private enterprise based in one of the Western Balkan economies apply independently under this Call for EoI, or is it mandatory to have a partner or consortium lead company based in EU/EEA region?

Yes, a private company based in one of the Western Balkan countries can apply alone under this call. The call does not require having a lead or partner, regardless of whether they are based in the EU/EEA or not.

A Swiss holding company and its two subsidiaries in Kosovo would like to participate in the call. The Swiss holding company finances the subsidiaries in Kosovo (they have already invested over 10 million). Is participation possible in this company constellation? 

Companies eligible for this call are companies possessing their real legal seat / legal incorporation in one of the EU Member States, the European Economic Area (EEA) or the Western Balkans economies.

In the case of a consortium submitting several projects, does the minimum investment threshold of EUR 10 million apply per project or to the combined total across all projects?

The minimum investment threshold applies per project. Each project proposal must meet the minimum investment threshold of EUR 10 million.

Are other costs (such as the salaries of the hired staff who work directly on the implementation of the project; costs of hiring consultants; VAT costs; Personal Tax costs) a justified expense in the project budget? 

The Call establishes that the minimum investment size for a project is €10 million. Applicants are invited to explain the key elements of the project including planned financial structure through the two-page project fiche to be submitted.

What percentage or amount, out of the total investment size, is supported to go in licensing and consulting fees? Is there a limit?

The Call establishes that the minimum investment size for a project is €10 million. Applicants are invited to explain the key elements of the project including planned financial structure through the two-page project fiche to be submitted.

Is there any possibility of proposing a phased investment plan, where the initial investment would be smaller (e.g., €5M in phase one), with a clear roadmap towards exceeding the €10M total project size through subsequent phases?

The Call establishes that the minimum investment size for a project is €10 million. Through the two-page project fiche to be submitted, applicants are invited to explain the key elements of the project, including planned financial structure (total investment amount, phasing), highlighting funding sources and possible gaps. 

If the project is modular and scalable across multiple cities or sectors, can different pilot phases be considered part of a single €10M+ project?

A two-page project fiche needs to be submitted, detailing the key elements of the project, including the scope, objectives, timeline, investment size, impact and expected outcomes, innovation aspects, maturity of the project, risk assessment and mitigation measures, financial structure of the project proposal, alignment with EU priorities. 

Does the required 15% equity co-financing need to originate strictly from the company’s own capital (e.g. retained earnings or shareholder equity), or can it include other financing sources (e.g. in-kind contributions, local bank loans, internal credit lines)?

The call requirement for own resources of 15% is expected to be delivered through retained earnings or equity financing and cannot be replaced through in-kind contribution.

In the requested two-page project fiche, the financial structure of the project proposal, including how this 15% equity participation will be met, should be detailed. 

Under the financial criteria, it is stated that “participants must demonstrate that they can finance through equity at least 15% of the total cost of the project.” What exactly is meant by “demonstrate”? Is it sufficient to present a financial commitment letter or business plan, or is proof of available funds (e.g. existing bank balance or equity injection) required at the time of application? 

In the requested two-page project fiche, the financial structure of the project proposal, including how this 15% equity participation will be met, should be detailed. No additional proof is required at this stage.

Are you open to consider other funding structures for Alternative Investments Funds?

The Call is open to proposals of Alternative Investment Funds based on the specificities of the investment proposal. It is however expected that the promoter has skin in the game and ensures a participation equivalent to 15% of the minimum investment threshold of 10 million Euro.

Should the land on which the investment is planned be owned by the investor or can it be subject to a long-term lease agreement? 

Applicants shall fill in a project fiche, where they can provide details about their project, including information about the details of the planned investment, such as ownership or long-term lease agreements, as well as explain financial plans, including how applicants intend to contribute their 15% share.

Can the value of the land on which the investment is planned be part of the 15% share that the applicant will invest? 

The call requirement for own resources of 15% is expected to be delivered through retained earnings or equity financing and cannot be replaced through in-kind contribution.

Is registration in the EU Transparency Register required for regular private companies?

Yes. Having an EU Transparency registration number is required for all companies who wish to engage with the European Commission. 

Is it mandatory to possess an EU Transparency Register number at the time of application submission, or can it be obtained during the evaluation process?

It is mandatory to possess an EU Transparency Register number to engage in dialogue with the European Commission. If the applicant does not possess an EU Transparency Register number during the application phase, it will not be excluded. However, if assessed positively, the European Commission will not be able to engage with the applicant until they are registered.

Can the private enterprise/applicant propose an investment project that covers more than one priority sector? 

Yes.

Are energy storage systems, solar PV systems intended for electricity production or data centers aligned with energy efficiency eligible under this call? 

All investment proposals that fall within the priority areas of the Call (green transition (including clean energy solutions, renewable energy sources and energy efficiency measures), integration into the industrial supply chains/manufacturing, critical raw materials, sustainable transport, digital transition, sustainable tourism, human capital development, impact finance) are eligible. 

Can private investment targeting decarbonization in steel manufacturing be considered as an EU notable manufacturing industry and supply chain within the EU? 

Yes.

Would projects primarily focused on public good outcomes (e.g. cybersecurity for public infrastructure) without short-term revenue generation still be considered eligible and competitive? 

Yes, as long as they align with the EU policy objectives and priority areas for investments, including the Growth Plan for the Western Balkans and the Western Balkans Investment Framework. And as long as the participants can demonstrate that they have the necessary investment capacity and the capacity to mobilise private capital to finance the proposed investment.

Could you please elaborate in more detail what manufacturing sectors are eligible to apply?

As explained in the section “Purpose of the Call”, all investments that foster integration into EU industrial supply chains and modernisation of manufacturing sectors are eligible under this Call for expressions of interest. 

Are there any deadlines for the implementation of the project? 

There are no deadlines for the implementation of the project proposal. The indicative timeline of the project should be included in the two-page project fiche to be submitted as part of the expression of interest.

Does applying as a joint venture improve the chances of a successful application compared to applying as a single entity?

The assessment of the investment project proposal will follow the strategic, impact and financial criteria set out in the Call. The evaluation will be based on the individual merits of each application, regardless of whether it is submitted by a single entity or a joint venture. 

Is there a preference or scoring advantage given to projects that demonstrate strong public-private cooperation in the Western Balkans region? 

The assessment of the investment project proposal will follow the strategic, impact and financial criteria set out in the Call. The evaluation will be based on the individual merits of each application, regardless of whether there is a strong private-public cooperation. 

In projects designed to be handed over to public authorities or other end-users, would the European Commission expect a clear exit/hand-over plan? 

The European Commission will discuss all details concerning the proposed investment project idea, if the project idea is deemed eligible and positively assessed. This discussion will take place in subsequent phases, allowing for a thorough examination of the project’s specifics.

How is “maturity of the project” assessed in the evaluation? What level of documentation is expected at this stage? 

The two-page project fiche should provide information on the maturity of the project, including its scope, objectives, timeline, investment size, impact, and expected outcomes. If needed, any essential additional document to ease the assessment of the project is welcomed.

What are the specific criteria that determine the project eligibility and appropriateness within each of the priority sectors?

The eligibility and assessment criteria (i.e. strategic, impact and financial) that will be used to assess the project investment proposals have been outlined in the Call.

Must the proposed project demonstrate profitability within a defined timeframe (e.g. 3-5 years), or is long-term socio-economic impact and sustainability sufficient to meet the financial viability criteria? 

The financial viability criteria of this Call include “financial needs and investment plans reflecting the scale and scope of the project” and “maturity of the proposal”, but it does not require the proposed project to demonstrate profitability within a defined timeframe.

Could you kindly clarify whether it is necessary to disclose the ultimate beneficial owners of the shareholder companies, or whether it is sufficient to present the immediate shareholders of the project company, even if some are legal entities?

It is necessary to disclose the ultimate owners of the shareholder companies.

In which stage should the project/investment opportunity be (execution, planning/early adoption phase, etc.) in order to be taken into consideration for this Call for expression of interest? 

The investment proposal should be at a stage where it can be assessed based on the strategic, impact, and financial criteria outlined in the Call. Furthermore, the EU Survey, which is used to submit project proposals, contemplates a specific section to indicate the stage of the investment project, with options including: “Planning and feasibility assessment”, “Financing and structuring”, and “Implementation and execution”. Applicants should select the stage that best describes their project’s current status.

Would a project that incorporates innovative, scalable and replicable elements be viewed favorably, even if those elements are not directly related to the core terminal investment?

The impact criteria outlined in the Call for Expression of Interest include several key factors that will be assessed, notably scalability, replicability, and innovation features of the project proposal.

Would projects that explicitly improve utilization of existing public investments be scored higher under impact criteria? 

Project proposals that improve utilization of existing public investments would be assessed under the impact criteria, based on the specifics of the proposal. 

[1] * This designation is without prejudice to positions on status and is in line with United Nations Security Council Resolution 1244/99 and the Advisory Opinion of the International Court of Justice on the Kosovo declaration of independence.