A number of potential projects that could transform the Mid Wales economy have been revealed as part of a growth deal – including a major redevelopment of Aberaeron and Aberystwyth harbours.

At a meeting of the Growing Mid Wales Board, which steers the £110m Mid Wales Growth Deal, it was stressed that getting private investment will be key to turning dreams into reality.

The board, which is made up of councillors from both Ceredigion and Powys County Council cabinet met on Tuesday, 21 September and gave their blessing to the Portfolio Business Case that needs to be submitted to both Welsh and UK governments before the deal can be finally sealed.

The projects included in the growth deal are:

• Innovation Park – Led by Aberystwyth University, estimated investment of £30m for 10,000 square metres office and research and development spaces space.

• National Spectrum Centre – Led by Aberystwyth University estimated investment of £17m.

• Food Manufacturing Innovation Centre – Led by Food Centre Wales, which is part of Ceredigion County Council, this is a £4.4m project to deliver a state-of-the-art food manufacturing innovation centre at Horeb, Llandysul.

• Canolfan Tir Glas/University of Gastronomy – Trinity Saint David’s University in Lampeter hopes to establish a centre for rural enterprise that will promote the local food industry, cost estimated to be £8m.

Ceredigion harbours – cost of between £20m to £30m is an outline proposal for two major marina/harbour developments in Aberystwyth and Aberaeron.

• An estimated £24.2m for the Centre of Alternative Technology in Machynlleth to create an “immersive learning experience” to produce skills for workers needed in the renewable energy, “sustainable” construction, food, land use and tourism.

• An estimated £12.7m for an Elan Valley Lakes project – there D?r Cymru would investing in facilities for leisure, sport, and nature activities, including visitor accommodation.

• An estimated £24.4m to restore the Montgomery Canal for tourism and leisure.

Other Mid-Wales wide projects include improving digital connectivity which would cost £3.6m and identifying areas to provide business/industrial units.

Growing Mid Wales advisor Paul Griffiths said that discussions with government officials were now starting to go towards projects.

Mr Griffiths said: “There’s a real keenness to see the projects now, in terms of how they are going to develop, what are they going to look like, how they are going to impact on our communities.

“I hope what’s happening here is that we’ve done all of the due diligence and the conditions to start to speed up the process over the coming months to realise these ambitions.”

Mid-Wales Growth Deal strategic manager Carwyn Jones-Evans stressed that they board were not deciding on any projects at this meeting.

Mr Jones-Evans said: “In terms of the two programmes we are considering, we have digital and land and property.

“We’ve got initial proposals they are good, but they need further work and consideration.”

The next phase will see both governments look at the portfolio business case next month.

Mr Jones-Evans hoped that work on drafting the final deal agreement could start in mid-November, so that the document can be brought before councillors at the next board meeting on December 10 for a decision.

Powys County Council leader Cllr Rosemarie Harris said: “It’s been a long journey, but you have come up with a very detailed document here, it’s very pleasing to see.”

Ceredigion County Council leader Cllr Ellen ap Gwynn added: “We’ll have to duck and weave and work in the best way we can to draw this funding down as soon as possible and see work happening on the ground.

The Welsh and UK Government believe the growth deal has an “important part” to play in the recovery phase of the economy, after Covid-19.

In October 2019 the UK Government announced a £55m injection of funding, that was to be spread over 15 years.

In March this timescale was shortened to 10 years.

The Welsh Government will match the £55m.

It is thought that the deal could see investment of between £280m and £400m over the next 10 to 15 years, which could create 1,100 jobs.