Publication of the Call for expressions of interest from EU/EEA-based businesses to invest in Ukraine

To support the implementation of the Ukraine Investment Framework (UIF), the optimal use of the available funds for priority projects and the participation of EU ¹ companies, the European Commission is launching a Call for Expressions of Interest from EU/EEA-based businesses to invest in Ukraine in line with EU strategic areas of interest and policy priorities.

The objective of this first Call for Expressions of Interest is to enter into dialogue with EU/EEA private companies on concrete investment opportunities and related constraints in Ukraine. Based on assessment criteria, subsequent contact with partner Financial Institutions may be facilitated for potential financial cooperation. This dialogue is aimed at building a pipeline of transformative private investments in Ukraine.

This first Call invites EU/EEA-based companies to submit project proposals for new investments into Ukraine’s real economy. Participation in this Call does not constitute any form of partnership, joint venture, or other legal relationship between the Participant and the European Commission. It does not constitute any guarantee of financial support neither from the European Commission nor any partner Financial Institutions. The publication of this Call for Expressions of Interest also does not commit the EU to finance the project investment proposal.

All project proposals presented to the European Commission will be assessed based on the criteria outlined in this Call and will be treated equally, ensuring a fair and transparent assessment process. All information submitted as part of the project proposal will be treated confidentially and used solely for the purposes of evaluating the proposals in accordance with the criteria specified in this Call.

The priority areas of the Call will be based on the Ukraine Plan and Strategic Orientations of the UIF, outlining key real economy sectors requiring Foreign Direct Investment (FDI) including:

• Energy: Develop distributed sustainable energy solutions, including renewable energy projects and modernisation of existing energy infrastructure.
• Critical Raw Materials: Invest in processing key minerals and resources needed for high-tech industries and renewable energy technologies.
• Processing industry and manufacturing: Revitalise and modernise manufacturing sector to boost industrial output and competitiveness.
• Construction materials: Support reconstruction and invest in construction material industry, design bureau, construction companies, supervisors, from housing to public buildings.
• Information technology and digital transformation: Strengthen digital infrastructure and technology to foster innovation and cross-sector efficiency.
• Transport and export logistics: Rebuild and modernise transport, logistics, and public infrastructure to support connectivity.

Eligibility Criteria

To ensure a structured and transparent assessment, the following criteria will be used for evaluating the eligibility of project proposals:

• Geographic Area: Ukraine (investment taking place on the territory of Ukraine).
• Private Sector: Eligible Participants to the Call shall be private enterprises, joint venture or consortium of companies, possessing a valid VAT registration number and Transparency registration number. Entities listed in the Early Detection and Exclusion System (EDES) ² data base are excluded from this Call for Expressions of Interest. If the project is conducted by a consortium, the consortium leader must be based in the EU or EEA.
• Nationality of Private Entity: EU/EEA-based businesses (companies possessing their real legal seat / legal incorporation in one of the EU Member States /EEA countries). For the avoidance of doubt, ‘real legal seat’ must be understood as the place where its managing board and central administration, or its principal place of business, are located.
• Alignment with Policy Priorities: Projects should focus on Ukraine's real economy sectors and align with the priority areas outlined in the Ukraine Plan, which includes energy, critical raw material, manufacturing, digital and transport, among others.
• Minimum Investment Size: Projects must meet a specified minimum investment threshold, including a total size of the investment project at EUR 50 million and an own equity participation by the project promoter at 10% of the total value of the investment project.

Assessment Criteria

The following strategic, impact and financial criteria will be used to assess the project investment proposal:

Strategic Criteria

• Alignment with EU policy objectives and priority areas for investments in Ukraine.
• Ownership of the company in view to support EU open strategic autonomy.
• Compliance with EU standards and adherence to the Do No Significant Harm Principle.

Impact Criteria

• Impact of the project proposal on supporting EU strategic interests, including socio- economic development and green transition, taking into account risk assessment and mitigation measures.
• Replicability and scalability of the project proposal.
• Innovative features of the project proposal.
• Capacity of the Participant to mobilise private capital to finance the proposed investment (relevant experience in the specified sector, and particularly in Ukraine, will be regarded as an advantage).
• Market assessment and how the project proposal addresses market failures.

Financial Criteria

• Financial viability, including financial needs and investment plans reflecting the scale and scope of the project.
• Maturity of the proposal.
• Investment capacity: Participants must demonstrate that they can finance through equity at least 10% of the total cost of the project.

Interested companies are invited to submit their project proposals through the designated EU expressions of interest form through the EU Survey link below. Each proposal should include the following documents:

1. EU Transparency Register number and VAT.
2. A two-page project fiche to be uploaded by Participants in the EU Survey, 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.
3. 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).
4. Any other relevant documents to ease the assessment of the project.
5. The Declaration on honour on exclusion criteria and selection criteria enclosed in the EU Survey.

Proposals, all correspondence, and documents related to this Call exchanged between Participants and DG NEAR must be written in English.

Supporting documents and printed literature furnished by the Participants may be in another official language of the EU, in which case accompanied with a legally valid translation into English.

The Call has been announced at the EU-Ukraine Investment Conference on 13-14 November in Warsaw, Poland. The submission portal for this first Call for Expressions of Interest is open until 1st March 2025 00:00 – Brussels time.

Eligible Participants will receive feedback on the policy alignment of their proposal within 60 working days following the Call's closing date. The European Commission will provide information about the outcome of the assessment process and may subsequently facilitate contact with partner Financial Institutions. Participants may submit requests for clarification regarding this Call for Expressions of Interest by 31^st of January 2024. DG

NEAR has no obligation to provide clarification on questions received after this date. Requests for clarification should be submitted in writing to:

NEAR-EU-UKRAINE-INVESTMENT-FRAMEWORKec [dot] europa [dot] eu (NEAR-EU-UKRAINE-INVESTMENT-FRAMEWORK[at]ec[dot]europa[dot]eu.)

Please ensure to refer to this Call in the subject of your request. Clarifications will be published on this EU Survey at the latest 10 days before the deadline for applications. The survey will be updated regularly, and it is the company’s responsibility to check for updates and modifications during this period.

Participants will be notified of the outcome of this assessment by e-mail. The notification will be sent to the e-mail address provided in the EU survey. It is the Participant’s responsibility to provide a valid e-mail address and to check it regularly.

We recall that all documents in the possession of the Commission may be subject of a request for access to documents³. However, it is established practice to always consult the author document regarding the possibility of an eventual disclosure. DG NEAR may refuse to provide access to the submitted information, the disclosure of which would undermine the protection of commercial interests of the company, including intellectual property.

We encourage Participants to clearly mark and explain which information they consider confidential. Please note that general statements claiming confidentiality for the entire proposal or substantial parts of it will not be considered. The EU reserves the right to make its own assessment of the confidential nature of any information contained in the proposal, always after consultation with its author.

Personal data will be processed in accordance with the applicable data protection rules and the Privacy Statement, which is available in the EU Survey.

Participants must not be affected by any conflict of interest and must have no equivalent relation in that respect with other Participants or parties involved in the project. Participants and their personnel must comply with human rights as well as environmental legislation and core labour standards. Participants shall comply with all applicable laws and regulations and codes relating to anti-bribery and anti-corruption.

EXPRESS INTEREST HERE

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(1) This Call for Expressions of Interest is open to companies established in the European Union (EU) and the European Economic Area (EEA), hereafter referred to as the EEA.

(2) EDES - European Commission.

(3) Regulation (EC) No 1049/2001 of the European Parliament and the Council regarding public access to European Parliament, Council and Commission documents.