Celtic Freeport announces new permanent chair as it goes live
The Celtic Freeport, which through incentives and tax breaks is being positioned to exploit the significant supply chain opportunities from floating offshore wind farm projects in the Celtic Sea, has appointed its first permanent chair. The freeport, which covers the ports of Milford Haven and Port and has just gone live with GBP26m of UK Government support, has appointed Ed Tomp as its chairman. Mr Tomp is a former vice president and general manager of Valero's Pembrokeshire refinery.
The freeport, which is backed by both the UK and Welsh governments, aims over a 25-year period to secure total private and public sector investment of GBP8.4bn and deliver more than 11,000 new jobs - many created in the supply chain for new offshore floating wind farms in the Celtic Sea where the Crown Estate has commenced a new leasing round.
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Bidders selected will deliver capacity to power up to four millions homes. Mr Tomp succeeds Roger Maggs who chaired the board from its initial bidding process for freeport status to the UK Government through to its business case approval. Up until September 2034, businesses investing in Celtic Freeport's tax sites can access a suite of incentives.
These include no business rates for the first five years, significant reductions in national insurance contributions and enhanced capital allowances including extended full capital expensing, to support their investment decisions. Mr Tomp said: "This week marks an important moment as we move from the development to delivery phase. Boosted by a suite of investment incentives, Celtic Freeport's development plan will march forward to support existing industry to decarbonise, while creating an ecosystem between Pembrokeshire and Neath Port Talbot where green industries like sustainable fuels, hydrogen and floating offshore wind can prosper
The Celtic Freeport is a public-private consortium including ports group Associated British Ports, Neath Port Talbot Council, Pembrokeshire County Council and the Port of Milford Haven, alongside renewables developers and energy companies. Economy, Energy and Planning Cabinet Secretary, Rebecca Evans, said: "Reaching this milestone is excellent for Wales - and for Neath Port Talbot and Pembrokeshire especially. The Celtic Freeport is well-placed to secure significant investment, with the designation of the tax sites providing businesses with the confidence and stability they need to invest and grow.
"Most importantly, this will create good, highly skilled, sustainable jobs for people in and around Neath Port Talbot and Pembrokeshire, with further supply chain opportunities across Wales. I look forward to continuing to work with all partners to ensure that it delivers just that." Alex Norris, UK Government Local Growth Minister, said: "It's fantastic to see the Celtic Freeport open for business.
This will help create jobs and boost innovation in Milford Haven, Port Talbot and the rest of South-West Wales. This is a major milestone and it will help unlock the investment that will drive growth in Wales for generations to come." Secretary of State for Wales, Jo Stevens, said: "It's fantastic to see the Celtic Freeport take this important step towards providing good, local jobs and investment in Neath Port Talbot and Pembrokeshire.
The UK Government is investing GBP26m in the Freeport and providing significant incentives to ensure that our vision of a new industrial economy in south west Wales becomes a reality."