Swansea University's £90m secures new science campus
Swansea University has secured enough money to go ahead with its plans for a £200m second campus on the outskirts of the city.
Building work on the 69-acre site off Fabian Way will begin next year and will focus on science and innovation as well as providing student residences.
It comes after the remaining £90m needed was pledged on Wednesday.
European Investment Bank gave £60m with £30m coming from the Welsh government and Wales European Funding office.
End Quote Prof Richard B. Davies Swansea University vice chancellor
"The new science and innovation campus is a transformational project for Wales and for the university”
About 4,000 direct jobs will be created during the construction phrase with a further 6,000 indirect jobs supported in the wider economy as a result.
Oil giant BP originally donated the land which has outline planning permission, while businesses who will be involved include Rolls Royce, Hewlett-Packard, Tata, Bell Labs an BAE.
"We are enormously grateful to the European Investment Bank and the Welsh government for helping us to realise our ambitious expansion plans," said Swansea University's vice chancellor, Professor Richard B Davies.
"The new science and innovation campus is a transformational project for Wales and for the university.Job creation
"It promises to become a global exemplar for how a research intensive university can work effectively with industry, helping to drive economic regeneration and creating exciting employment opportunities for its graduates."
The university estimates the campus would contribute more than £3bn to the regional economy over the next 10 years and create thousands of jobs.
Plans include a research and testing facility operated in partnership with Rolls-Royce.
There will also be new teaching and research facilities for the university's engineering, business and economics, maths, and computer science departments as well as student residential accommodation.
The university's Singleton Park campus will also be regenerated.
First Minister Carwyn Jones said the project was "hugely exciting" for Swansea and Wales.
"The University's plans are highly ambitions and they predict it has the potential to create thousands of jobs," he added.
And Simon Brooks, vice president of European Investment Bank said: "This scheme will not only benefit future generations of students, but develop specialist skills, drive innovation and enhance economic growth in Wales.
"The European Investment Bank is committed to funding leading research and educational excellence across Europe and is pleased to support this landmark investment."