Details of first Solent Freeport projects seeking funding emerge

By Stephen Emerson

24 January 2023

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The Solent Freeport has today been announced as one of the first UK Freeports to be fully approved by Government

Solent Freeport, credit: Solent Freeport

The Solent Freeport is seeking views on the first business cases published for consultation to receive funding for capital projects.

The Freeport is consulting on two projects proposed to receive Solent Freeport Seed Capital Funding - one for funding towards a new Solent Maritime Innovation Hub and one for enabling works at Fawley Waterside. Public consultations on both proposals are now open.

Solent Local Enterprise Partnership (LEP), through its subsidiary MUK Solent, is requesting £400,000 of Solent Freeport Seed Capital Funding to contribute to the creation of a Solent Maritime Innovation Hub.

The hub will be a collaborative space for the Solent maritime sector to convene and network and showcase innovation in the Solent maritime sector.

The proposal is for the seed funding to be complemented by a further £850,000 of funding, providing a total project value of £1.25m. This consultation is open for four weeks from 19 January 2023 - 16 February 2023.

Fawley Waterside Ltd (FWL) is requesting £4.7 million from the Solent Freeport Seed Capital fund towards a total package of £11.95 million for the delivery of enabling works on the Fawley Waterside site, a major commercial and residential development site in the New Forest to bring forward the development at the Northern Quarter.

Fawley Waterside is one of the largest brownfield sites in southern England. FWL own the freehold for the site which was a former power station site. This consultation is open for eight weeks from 19 January 2023 - 16 March 2023.

Brian Johnson, Chair of the Solent Freeport Consortium Ltd, said: "With formal designation of the Solent Freeport announced at the end of last year, national seed capital funding has now been unlocked which brings investment opportunities.

“Up to £25 million in seed funding from Government will be provided to support development in each Freeport and we want to hear the views of local businesses and residents on proposals put forward for the Solent."

To read the full business cases of the funding bids and take part in the consultation, go to: https://solentfreeport.com/consultations/

By Stephen Emerson

Stephen Emerson is the Managing Editor of The Business Magazine and is responsible for the publication's print publications and online properties including the newly launched Biz News websites in Hampshire and Dorset.

Stephen has been a journalist for 20 years and has worked at local, regional and national publications and led a team which made The Scotsman website one of the fastest growing news sites in the UK with over eight million monthly users.

He has a keen interest in technology, property and corporate finance and telling the stories of the people behind the successful firms in these sectors.