ADMINISTRATIVE | The CJEU on Project Financing

On February 5, 2026, the EU Court of Justice (CJEU) issued its judgment in case  C-810/24 (Urban Vision SpA v Comune di Milano, Digital Vox Srl) concerning a request for a preliminary ruling submitted by the Council of State. The CJEU clarified the interpretation of Article 3(1) of Directive (UE) No. 23 of 26 February 2014 (on the award of concession contracts), holding EU law precludes any national rule which, in the context of a project finance procedure, permits the promoter to align its offer with that submitted by the highest-ranked tenderer and, by that mere alignment, automatically secure the award of the contract. Such a mechanism unduly distorts competitive dynamics, as it neutralises the outcome of the tender process and places the promoter in a structurally privileged position vis-à-vis other bidders. It thereby infringes the fundamental principles of equal treatment, transparency, and freedom of establishment. Moreover, the requirement imposed on the promoter to reimburse the costs incurred by the initially successful tenderer does not suffice to remedy that incompatibility. Financial compensation cannot neutralise the competitive advantage conferred ex ante on the promoter, nor can it restore the integrity and effectiveness of the tender procedure.

Newsletter n. 115 – February 2026