During its meeting on 19th April, the Growing Mid Wales Board granted approval of the Outline Business Case (OBC) for the Elan Valley Lakes project. This decision marks a major milestone for the Growth Deal as the first project to advance to the next stage of development under the Board's approval.
With this milestone achieved, the project is now poised to progress towards the completion of a comprehensive Full Business Case; the crucial final step required to secure Growth Deal funding prior to implementation*.
On receiving the news, Martin Driscoll, Senior Responsible Owner for the Elan Valley Lakes project and Director of Business Services and People, Dŵr Cymru Welsh Water, said: "We are pleased that the project has reached such an important stage as we aspire to deliver a flagship destination in Mid Wales. We believe it will be key to achieving the Growth Deal's Strengthened Tourism Offer priority area. This project aims to enhance the visitor experience, increase revenue, and sustain the natural beauty and environment of the Elan Valley. We look forward to continuing to work with the Mid Wales Growth Deal team to make this happen."
A spokesperson for the Growing Mid Wales Board said: "We were pleased to approve the Outline Business Case for this project at our Board recently; it is an exciting milestone to be the first project to reach this step with the Mid Wales Growth Deal so far. At the Full Business Case phase, the hard work will continue as the in-depth finance and procurement details will be finalised, and we will do what we can to see the Growth Deal investment leveraged to its full potential and attract investment into the region to enhance and improve our tourism offer.
"Mid Wales is already on the map in terms of outdoor adventure - however, this investment could drive further improvements to the sector while keeping conservation and sustainability as key priorities.
"The creation of new facilities and assets will help draw in more varied visitors to Mid Wales; creating jobs directly - but also in the wider visitor economy, giving more reasons for people to visit and stay in Mid Wales, supporting a greater variety of jobs in the leisure, retail, and hospitality industry in the region."
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*The decision to proceed at this stage does not guarantee that Growth Deal funding will be awarded.
22/04/2024