Are you planning to apply for EU funds for a major investment or infrastructure project? Without a well-prepared feasibility study and the accompanying CBA analysis, your project will not even pass the formal eligibility assessment - and more than EUR 14 billion from European structural and investment funds is available to the Republic of Croatia in the 2021-2027 period.
At Maneo, since 2010 we have been preparing feasibility studies for complex industrial and infrastructure projects - including thermal power plants and major infrastructure investments. Our team of 15 permanently employed specialists - economists, lawyers, auditors and accountants - ensures comprehensive project processing in line with European Commission methodology.
Do you need a feasibility study for EU funds, an HBOR loan or the public sector? Request a free consultation →
What Is a Feasibility Study?
A feasibility study is a complex written document that analyses in detail the feasibility and viability of a proposed investment project from several perspectives: economic, legal, technical-technological, organisational, time-related and social. In Croatian practice, several local terms and the English expression are still used in parallel.
The purpose of a feasibility study is to provide an objective answer to the key question: is it worth proceeding with project implementation? Unlike a business plan, which presents the entrepreneur's subjective vision, a feasibility study serves as an independent analytical basis for making an investment decision - and as a mandatory part of project documentation for applications to EU funds and larger loans.
The key result of a quality feasibility study is not just a "yes/no" answer. The document provides a detailed overview of all scenarios, risks, financing sources and social impacts of the project - which is necessary both for private investors and evaluators of public projects.
Feasibility Study vs. Investment Study vs. Business Plan - What Is the Difference?
These three documents are often confused, and the differences between them determine which document you actually need. Choosing the wrong one can mean application rejection or wasted time.
A business plan is the simplest document - it describes business objectives and strategy, and is used for smaller investments (usually up to EUR 400,000) and smaller loans. The focus is on describing the business idea and basic financial projections.
An investment study is a more comprehensive document that analyses a specific investment in detail from a financial perspective. It is mandatory for investments above EUR 400,000 according to HBOR methodology, and the focus is on proving financial sustainability and debt-servicing capacity.
A feasibility study goes even deeper - it includes everything covered by an investment study, but adds analysis of the social, environmental, technological and organisational aspects of the project, together with a mandatory cost-benefit analysis (CBA). It is used when the project is of public interest, when applying for EU funds or when the investment is technologically complex.
In short: a business plan describes the idea, an investment study proves financial profitability, and a feasibility study proves the overall justification of the project - including social value. If you are not sure which document you need, contact us - we will assess your project free of charge.
When Do You Need a Feasibility Study?
A feasibility study is not required for every project. Here are specific situations in which its preparation is necessary:
Feasibility study for EU funds
For major projects applying to the structural and cohesion funds of the European Union, a feasibility study with the accompanying CBA analysis is a mandatory part of project documentation. This particularly applies to infrastructure projects in transport, environment, energy, water supply, waste management, and educational and healthcare infrastructure.
The preparation methodology must follow the European Commission Guide to Cost-Benefit Analysis of Investment Projects - a document that prescribes sector guidelines, reference periods and valuation methods.
Feasibility study for infrastructure projects
Construction of transport infrastructure, production facilities, energy facilities (thermal power plants, solar power plants, wind farms), waste management plants or water-supply infrastructure requires a feasibility study because of the technical complexity and long useful life of the project. Without this document, banks and investors will not consider financing.
Feasibility study for the public sector
Municipalities, cities, counties and public companies prepare feasibility studies for projects financed from public funds or public-private partnerships. These projects must prove the social justification of the investment, not only financial profitability - which is precisely why CBA analysis is a key component.
Pre-investment study - an earlier project phase
If the project is in an early development phase without detailed documentation, a pre-investment study (or pre-feasibility study) is prepared first. It analyses several alternatives and selects the optimal option that will later be the subject of a full feasibility study. Timely preparation of a pre-investment study reduces preparation costs and rationalises the project timeline.
What Does a Professional Feasibility Study Contain?
The structure of a feasibility study is significantly more complex than an investment study and includes multiple analytical dimensions. Every professional feasibility study must contain the following elements:
Precise definition of the problem the project addresses, project objectives and its alignment with broader strategic documents (county, regional or national).
Quantified proof of the need for the project - without this, even the best-developed project will not pass eligibility assessment.
Comparison of several technical and organisational implementation options and a reasoned selection of the optimal variant.
Detailed description of the technological solution, equipment specifications, location characteristics and environmental impact of the project.
Organisation of project implementation, capacities of the project holder, management structure during implementation and in the operational phase.
Detailed projections of investment and operating costs, revenues, financing sources and financial indicators (NPV, IRR, FRR) throughout the project's reference period.
Cost-benefit analysis from the perspective of society - conversion of market prices into economic prices, quantification of social benefits, discounting and calculation of economic indicators (ENPV, ERR, B/C ratio).
Sensitivity analysis for changes in key parameters, qualitative risk assessment and a plan of risk-management measures.
What Is CBA Analysis and Why Is It a Key Part of a Feasibility Study?
Cost-benefit analysis (CBA) is a key analytical tool that quantifies all costs and all benefits of a project - including those that cannot be directly expressed in monetary terms, such as social, environmental and health effects.
Unlike classic financial analysis, which looks only at the investor's cash flows, CBA considers the project from the perspective of society as a whole. This is why it is a mandatory component of EU funds applications for public infrastructure projects - the European Union does not finance projects that are not financially self-sustaining unless you prove that they create significant social value.
CBA analysis consists of four main parts:
- Financial analysis - market costs and revenues, financial indicators, financial sustainability
- Economic analysis - conversion into economic prices, quantification of externalities and social benefits
- Risk assessment - sensitivity analysis and qualitative risk assessment
- Sustainability analysis - institutional, financial and environmental sustainability of the project
The methodology is prescribed by the European Commission CBA Guide, and at Maneo we have applied it consistently for more than 15 years.
What Does the Feasibility Study Preparation Process Look Like at Maneo?
At Maneo, we have developed a structured six-step process that ensures quality and timely delivery:
Step 1 — Free introductory consultation. We analyse your project, determine which type of document you actually need (feasibility study, investment study or pre-investment study) and assess complexity.
Step 2 — Data collection. Together with you, we collect technical documentation, cost estimates, spatial planning documentation, location data, demographic data and all relevant studies already prepared.
Step 3 — Options analysis and technical processing. Our technical team develops several project variants, analyses technological solutions and selects the optimal option with a reasoned explanation.
Step 4 — Financial and economic model. We prepare a detailed financial model with projections for the entire project reference period (typically 15-30 years for infrastructure), including a full CBA analysis according to European Commission methodology.
Step 5 — Risk and sensitivity analysis. We test the project's resilience to changes in key parameters (revenues, costs, implementation timeline) and prepare a risk-management plan.
Step 6 — Delivery and application support. We deliver the final study ready to be attached to the project application. We support you during evaluation and respond to any evaluator requests.
Average duration: 6-12 weeks, depending on project complexity and availability of technical documentation. For urgent calls, timelines can be shortened with additional team engagement.
Are you ready to launch your project? Schedule an introductory consultation →
Why Choose Maneo for Feasibility Study Preparation?
15+ years of experience in complex projects. Since 2010, we have prepared feasibility studies for industrial and infrastructure projects - including thermal power plants and major investment projects. We understand the specifics of EU methodology and the requirements of different evaluation bodies.
Multidisciplinary team under one roof. 15 permanently employed specialists - economists, lawyers, attorneys, auditors and accountants - ensure that every aspect of the project is handled by a qualified professional. You do not need to coordinate multiple external collaborators.
AAA Certificate of Creditworthiness Excellence. Maneo is among the top 5% of companies in Croatia by credit rating - proof of financial stability and reliability recognised by clients and institutions.
Compliance with EU methodology. Our studies are prepared strictly in accordance with the European Commission CBA Guide and national guidelines, which means they pass formal eligibility assessment without surprises.
Comprehensive financial advisory service. In addition to feasibility studies, we also offer related services - preparation of investment studies, business plans, CBA analyses and full financial advisory. One partner for the entire project preparation cycle.
Experience in the public and private sectors. We have worked with private companies, government institutions and public enterprises - we understand the specifics of each sector. See what our clients say →
Frequently Asked Questions (FAQ)
Average preparation time ranges from 3 to 6 weeks. For simpler projects with high-quality existing documentation, the timeline can be shortened, while complex infrastructure projects with multiple variants may require a longer period. We recommend starting the process at least 3 months before the tender deadline.
The price depends on project complexity, the number of analysed variants, the sector and the level of detail required by the target authority. Contact us for a free cost assessment based on your specific project.
A CBA analysis is part of a feasibility study, not a separate substitute document. A feasibility study covers the complete analysis of the project (technical, legal, organisational, financial and economic), while the CBA analysis is a specific methodological component within it - the part that quantifies social costs and benefits.
As a rule, no. Although the basic analysis may be similar, each call has specific requirements regarding the content, structure and focus of the study. At Maneo, we adapt the study to the specific call or target financial institution.
For smaller commercial projects (investments up to EUR 400,000), a business plan or investment study is usually sufficient. A feasibility study is required for major infrastructure projects, public-sector projects and applications for EU funds.
That is actually a useful result - it is better to know early than after significant funds have been invested. In that case, we analyse alternative scenarios: adjusting the project scope, using a different financing model, phased investment or reconsidering the concept.
Launch Your Project with a Reliable Partner
A well-prepared feasibility study is not a cost - it is an investment that reduces risk and increases the chances of a successful EU funds application or HBOR loan. In the competition for billions of euros available in the 2021-2027 period, the difference between an approved and rejected application often lies precisely in the quality of the preparatory documentation.
Contact us today for a free introductory consultation. We will analyse your project, assess which type of document you need and provide a clear offer with no hidden costs.