Solent Freeport has published its Annual Update 2024/25, the document which charts its progress.

The report includes sections on seed capital funding, site progress updates, investments, promotional activities and finances.

The Freeport Board has approved the business cases of six projects which all have executed Seed Capital funding agreements in place and are well into delivery.

A further three projects have had applications for Seed Capital funds approved in March 2025, and we continue to aim for the challenging defrayal deadline of 31 March 2026.

The progress report details what has been done at each of Solent Freeport’s site and indicates the next steps, including increased import and export vehicle capacity at Southampton Water Solent Gateway and the infrastructure substantially complete at Dunsbury Park.

A table sets out  the investment to the end of March 2025 for the Solent Freeport tax sites and the jobs created or safeguarded, including Dunsbury Park, Marchwood, Redbridge and Fawley Complex.

Promotional activities have included the new Solent Freeport website, attendance at MIPIM and UK REiiF and work with the Department for Business and Trade to produce a Solent Freeport proposition.

Regarding finances, the Accountable Body (Portsmouth City Council) oversees all financial affairs of the Solent Freeport and has worked with Solent Freeport to construct a three year, fully funded, rolling budget.

After covering the operating costs of the organisation, any surplus can be used towards borrowing for additional capital investment across the geography of the Solent Freeport or programme activity such as funding skills programmes.

Solent Freeport is looking forward to significant sums of retained business rates being received from 2028/9, providing further delivery capabilities and investment opportunities.

Solent Freeport Chair Brian Johnson said: “Solent Freeport was designated by Government in December 2022 and has been at the forefront of efforts to strengthen the UK’s global trading position, drive innovation, and foster sustainable growth.

“As the UK’s primary gateway to European and international markets, the Solent has long been a hub for trade and enterprise. The Freeport builds on this legacy, unlocking new opportunities and accelerating investment in high-quality employment spaces.

“With a focus on cutting-edge sectors and pioneering approaches to decarbonisation and green innovation, the Freeport is both shaping the economy and leading the charge in creating a more sustainable future.

“The Solent region has a proven track record of translating technological advancement into commercial success. This appetite for innovation continues to grow, reinforcing our commitment to establishing long-term, sustainable opportunities.

“The Freeport’s Full Business Case sets a clear vision, ensuring that retained rates are strategically allocated across five key areas: infrastructure and regeneration, skills, innovation, trade, and net zero. This comprehensive approach enables us to invest in the future while delivering tangible benefits to businesses, communities, and the wider economy.

“As we reflect on the progress made and look ahead to the next phase of development, I am proud of the collaboration and ambition that define the Solent Freeport. Together, we are building something truly transformative—an engine for growth, innovation, and resilience.

“Let us continue to harness this momentum and embrace the opportunities ahead.”

Annual Update: https://solentfreeport.com/about-us/governance/key-documents/