Forth Green Freeport (FGF) is looking to unlock £25 million of seed capital as it submits its full business case (FBC) to the Scottish and UK governments.
The FBC provides fresh details on the projects that will benefit from initial funding.
These include preparing land at the Port of Leith to develop into an offshore renewables hub and creating an integrated energy system at Babcock’s Rosyth site.
It will also be used to develop additional utility capacity and preparations to develop low-carbon hydrogen projects in Grangemouth, as well as create the AGIC Skills & Innovation Centre in Rosyth.
The FBC submission will now be reviewed by both governments. Following this, FGF’s partners, three local authorities and both governments will sign a memorandum of understanding to release the seed capital.
FGF CEO Sarah Murray said: “This is a key milestone. Our detailed FBC will, following approval, help unlock the important seed capital required to accelerate the opportunity to attract inward investment into the Forth Green Freeport areas.
“This is a long-term project and through our thorough economic analysis, we know it will deliver significant benefits to both the local communities and the country as a whole.”
She added: “Although our FBC submission is a great step forward, we still have plenty to do over the coming months including the appointment of a strong delivery team.”
Forth Green Freeports
Spanning Grangemouth, Leith, Rosyth, Burntisland and Edinburgh Airport, FGF aims to support the reindustrialisation of Central Scotland and large-scale economic regeneration over the next decade.
Previous estimates have predicted the project could bring in over £7 billion of private and public investment over the next decade.
This would in turn create 34,500 jobs, with around 16,000 of these being direct employment in the FGF’s target sectors and tax sites. However, earlier estimates had predicted 50,000.
The FGF consortium is one of two green freeport sites in Scotland, with the other located at the Inverness and Cromarty Firth Green Freeport.
Among the landmark projects anticipated to form part of the initiative is a new Vestas wind turbine blade factory at the Port of Leith, while RWE plans to build a green hydrogen production plant at Grangemouth.
Chairwoman of Forth Green Freeport Dame Susan Rice said: “Our FBC outlines in fine detail how we will deliver our shared vision. Through strong public and private partnership and robust governance, Forth Green Freeport operates with the highest level of integrity, which will be further reflected in our robust Fair Work and Investment Principles and our commitment to decarbonising the Forth area and to deliver for the local communities.
“The seed funding will be wisely invested to ensure that we maximise business growth in areas of underdevelopment to breathe new life into them and open opportunity for everyone.”
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