The result of the analysis shows that within the intensively analysed Focus 1 countries the Czech Republic seems to be the most attractive market regarding construction and refurbishment of Small Hydro Power Plants. The reasons are the favourable promotion system, the overall fine investment conditions in the country and for revamping the outstanding high number of aged plants. Bulgaria comes second, also because of its attractive promotion system and because of a good balance in all other assumed investment decision criteria. Bosnia and Herzegovina has good small hydro site potentials and abundant water availability; but this Balkan country is still struggling with post-war recovery and has severe structural and organisational deficiencies sometimes discouraging the investor's community. Focus 2 countries are led by Slovakia with a new advantageous Renewable Energy Law, well performing economy and the risk free EURO as recently introduced currency. Turkey offers an extraordinary high potential for Small Hydro Projects with a very liberal attitude towards hydropower plants. The country has an unusually dynamic economy but needs urgent reforms. Croatia and Serbia are again former Yugoslavian countries struggling with restructuring and are both not easy to deal with for investors. Croatia is an EU-accession candidate with good incentives. Serbia has large hydro-power potential but is missing a clear promotion system. Slovenia is the favourite of the Focus 3 countries with rewarding incentives, outstanding water availability and perfect economic performance within the EURO Zone. Romania has large potential and pro-active approach for new plants with a good promotion system but drifts into unsafe political and economical future. Finally, Montenegro stands out with enormous water availability but presently low developed structures and framework for Renewable Energy Investors. In the end engagement in small hydro projects will be a question of risk appetite, view on the future chances, ability to finance and already existing portfolio of investors. The detail of assessment per criteria is presented in Annex I.