Forth Green Freeport (FGF) in Scotland has submitted its Full Business Case (FBC) to the Scottish and UK governments.
This is a “major step” in the development process towards unlocking around £25m of seed funding capital to address the key underdeveloped sites within the FGF area and deliver “major economic benefits” for Scotland, stated FGF.
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 FBC submission will now be reviewed by both Governments.
Following this, Forth Green Freeport’s partners, the three local authorities and both governments will sign an MoU to allow the release of the seed capital.
The projects which have been identified for development to attract inward investment, will then begin.
Chaired by Susan Rice and led by chief executive Sarah Murray (pictured), FGF became operational on 12 June 2024 and is set to attract new businesses and new jobs into Burntisland, Grangemouth, Leith and Rosyth, aided by a suite of financial incentives to deliver real benefits for Scotland and the UK.
A detailed economic impact assessment has projected that it will generate £7.9bn of private and public investment over the next decade and boost GVA (gross value added) by £8.1bn.
This investment is projected to create up to 34,500 well paid, highly skilled, green jobs, with around 16,000 of these being direct employment in the FGF’s target sectors and tax sites.
Murray said: “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.”
Rice added: “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.”