Forth Green Freeport lodges Full Business Case
Forth Green Freeport has submitted its Full Business Case to the Scottish and UK governments. This is the latest step in the development process towards unlocking around GBP25m of seed funding to address underdeveloped sites within the freeport area. The submission will now be reviewed by both governments.
Following this, Forth Green Freeport’s partners, the three local authorities and both governments will sign a Memorandum of Understanding to allow the release of the seed capital. The projects which have been identified for development to attract inward investment, should then be able to begin. Chaired by Dame Susan Rice and led by chief executive Sarah Murray, the Forth Green Freeport became operational on 12 June[1] and is aiming to attract new businesses and jobs into Burntisland, Grangemouth, Leith and Rosyth, aided by a suite of financial incentives from the governments.
A detailed economic impact assessment projected that it could generate GBP7.9bn of private and public investment over the next decade and boost gross value added by GBP8.1bn. This investment is projected to create up to 34,500 jobs, with around 16,000 of these being direct employment in the target sectors and tax sites. Murray said: “Our detailed Full Business Case 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. “Although our Full Business Case submission is a great step forward, we still have plenty to do over the coming months including the appointment of a strong delivery team.” Rice added: “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.” Focusing on the key target sectors of offshore wind, hydrogen, sustainable fuels, modular manufacturing and logistics, the freeport is looking to support the re-industrialisation of central Scotland. Throughout the freeport zone, there are many areas of underdevelopment and outdated infrastructure which need addressed to attract the level of inward investment envisaged.
The priority projects to be delivered using seed capital include:
- land preparation at the Port of Leith for the offshore renewables hub;
- an integrated energy system at Babcock’s Rosyth site;
- additional utility capacity in Grangemouth;
- low carbon hydrogen preparation works at Ineos in Grangemouth; and
- the creation of the AGIC Skills & Innovation Centre in Rosyth.
The Forth Green Freeport consortium partners are: Babcock International, CalaChem, Edinburgh Airport, Falkirk Council, Fife Council, City of Edinburgh Council, Forth Ports, Ineos, Scarborough Muir Group and The Royal Navy. The three tax sites and a number of potential customs sites span 533 hectares in Grangemouth, Leith, Rosyth, Burntisland and Edinburgh Airport. This is a refinement of the overall area, following the inclusion of land owned by the Royal Navy in Rosyth – HMS Caledonia – and the joining of the Burntisland site with the Leith site to create the Mid-Forth tax site.
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References
- ^ became operational on 12 June (www.insider.co.uk)
- ^ sign up here for free (www.insider.co.uk)