The National Wealth Fund (NWF) will provide £200m of investment to new opportunities in Grangemouth as part of a major intervention to ensure the long-term future of the industrial site, the Prime Minister has announced.

The funding will be available for co-investment with the private sector to secure a clean energy future for the site and the Government is also providing a ‘training guarantee’ for all Grangemouth refinery staff to ensure that any worker who would like skills training at the local college is supported with funding.

Energy Secretary Ed Miliband said: “We have always said that we will leave no stone unturned in seeking a sustainable industrial future for Grangemouth and its workers. Alongside our ongoing support for affected workers, this investment will help unlock the site’s long-term potential, with the backing of the private sector. This will create good jobs in vital new industries and drive growth and investment in the local community as part of our Plan for Change.”

Project Willow, a co-funded initiative is examining the green-energy future of the industrial site, is expected to produce its report in the spring.

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