Forth Green Freeport (FGF) has submitted its full business case to the Scottish and UK governments, a step forward in unlocking GBP25 million (USD32.9 million) of capital to further develop the site.
Once the review is completed, FGF’s partners, the three local authorities and both governments will sign a memorandum of understanding (MoU) to allow the release of the seed capital. Chaired by Dame Susan Rice and led by FGF ceo, Sarah Murray, the freeport became operational on June 12 and is set to attract new businesses and new jobs into Burntisland, Grangemouth, Leith and Rosyth, aided by a suite of financial incentives to support developments in the UK.
A detailed economic impact assessment has projected that it will generate GBP7.9 billion (USD10.4 billion) of private and public investment over the next decade and boost GVA (gross value added) by GBP8.1 billion (USD10.6 billion)
Focusing on the key target sectors of offshore wind, hydrogen, sustainable fuels, modular manufacturing and logistics, FGF aims to support the re-industrialisation of Central Scotland and large-scale economic regeneration over the next decade.
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; the creation of the AGIC Skills & Innovation Centre in Rosyth.
