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2017 will be a crunch year for some of the biggest proposed infrastructure projects ever seen in Wales from a tidal lagoon in Swansea Bay to a new nuclear power station for Anglesey.

The South Wales Metro

It will be interesting to see which bidders Transport for Wales take forward to the next phase of the procurement process to build phase two of the Metro, with electrification of the Valleys Lines and running of the next Wales and Borders rail franchise from October 2018.

But with costs to submit detailed bids running into millions, some might decide that the current one in four chance is too much of a risk to take - even if the Welsh Government’s arm’s length transport company decides to take all four forward to the next stage.

But with early stage submissions already in, there isn’t anything stopping Transport for Wales coming out soon to say which mode of transport will operate on the Valley Lines; whether heavy rail (unlikely), trams or tram-trains.

Until that is known it will be difficult to work up firm plans for any redevelopment of Cardiff Central Station, as well as the ambitious Central Quay regeneration scheme immediately south of it.

But regardless, a preferred bidder should emerge in late 2017.

Swansea Bay tidal lagoon

Will the UK Government, based on the recommendations of the Hendry Review, kick this ambitious £1.2bn renewable energy project into the ‘long seaweed” or give it its blessing?

Chaired by former UK Government energy minister, Charles Hendry, the independent commission submitted its findings to the UK Government before Christmas.

The backers of the project want the Swansea Bay tidal lagoon to be the first in a series of much larger lagoons off the coast of Wales and the UK.

But, even if the review recommends that the project proceeds, it will still require a strike price deal - a green subsidy - from the UK Government. And that will need agreement from the Treasury.

In addition, there's the third piece in the jigsaw, which is looking more problematic since Natural Resources Wales cast doubt on the developer's claim that the lagoon would have minimal impact on local fish populations.

Anyway, we should get a decision in early 2017.

M4 Relief Road

The Welsh Government is backing the proposed Black Route for a new stretch of motorway south of Newport at a projected cost - including VAT and a healthy contingency - of just over £1bn.

After a delay a public inquiry, which will also consider a dual carriageway option through Newport - the so called Blue Route - will start in early 2017.

Depending on the outcome of the public inquiry and its recommendations, it will still need a vote in the Senedd to give any project the go ahead.

And this could see a pragmatic deal struck between Labour and the Tories to ensure their preferred option of the Black Route gets approved. But any deal is not expected until late in the year.

But the goods news is that the Welsh Government’s borrowing capacity has been lifted from £500m to £1bn.

And with a healthy capital consequential from the Autumn Statement, the Black Route option is not only affordable, but is urgently needed to ease congestion on the main export and import transport artery for the Welsh economy.

City Deals

A £1.2bn City Deal for the Cardiff Capital City Region was agreed in principle between the region’s ten local authorities and the UK and Welsh governments earlier this year.

But a deal has yet to be finalised. The local authority leaders are aiming to get the necessary governance arrangements and agreement on what projects will be funded - and crucially what each authorities will have to contribute to finance long-term borrowing from the UK Government - signed off early in 2017. But firstly it will need full council approval from all ten.

So with local authority elections in May, they really need to get sign off before purdah kicks in next spring.

In his Autumn Statement Chancellor Philip Hammond said he is looking to take forward a potential £1bn plus City Deal - when factoring in private sector backing - for the Swansea Bay City Region.

But it needs to ensure it remains faithful to the innovative focus on building a world leading 5G digital infrastructure for the region as outlined in the initial submission.

If it becomes too focused on providing finance for 'nice shiny new building', there is a danger that the UK Government will not back it.

So, there are months of hard negotiations ahead between the region’s four authorities and the UK and Welsh governments, before any deal is reached.

And the same goes for proposed Growth Deal for North Wales.

Circuit of Wales

It really is now or never for the proposed £425m Circuit of Wales project in Blaenau Gwent.

The backers behind the professional racetrack project, along with a technology business park and leisure related facilities - Heads of the Valleys Development Company - are now working on their latest business and funding plans, and are seeking underwriting support of less than 50% from the Welsh Government.

Aviva Investors are still looking to back the project - subject to underwriting. However, HoVDC also needs to secure debt finance of around £65m which is being raised on its behalf by corporate advisory firm Kleinwort Benson.

So, if a new business case is submitted, and HoVDC remains confident that it can be, we should get a decision on Welsh Government underwriting - and without it the project is finished - from Economy Secretary Ken Skates early this year.

Swansea regeneration

The really positive news is that Swansea Council has already lined up preferred private sector developers for the regeneration of its city centre and current waterfront civic centre site, in Rivington Land and Trebor Developments.

The ambitious £500m regeneration scheme, that would see new retail, office and leisure space as well as an indoor arena built, promises to create 1,700 jobs.

So, 2017 will be very much the business end in terms of planning, but also critically financing. It could well require the local authority to provide a financial contribution - as in the case of Newport which used its prudential borrowing powers to get its Friars Walk retail and leisure scheme built.

Wylfa Newydd

The backers behind a new nuclear power station for Anglesey, Hitachi, are working on a funding plan for the project that will cost at least £10bn.

And a near £7bn funding agreement with the Japanese Government is close is to being signed, while the UK Government itself could become an investor by taking a 25% stake.

Like the Swansea Bay tidal lagoon it will need a strike price subsidy, but if agreed Hitachi will be in position to submit a planning application in 2017.

Development Bank for Wales

A Development Bank for Wales is going to happen, but the big question is in what form?

Finance Wales, the Welsh Government’s business bank subsidiary, is proposing effectively that it evolves into a development bank - although it is not keen on any HQ being based in North Wales.

The development bank needs to go as low as it can on interest rates in its debt funding to SMEs, while also ensuring a much healthier level of leveraged finance from the private sector on deals than achieved by Finance Wales to date.

But the development bank's actual form and remit is a decision for Ken Skates.

European money

The UK Government has guaranteed that any EU funding lost to Wales post 2018 - assuming any exit can be ratified by then - will be matched pound for pound.

But if you listen to leader of the Welsh Tories RT Davies and Secretary of State for Wales Alun Cairns, you cannot assume that any funding from the Treasury will just flow the way of the Welsh Government, while the Welsh Government would insist it would be a devolved matter.

So, why not challenge both to come to up with innovative economic boosting plans for what they would do with the money?

A little bit of friction is a good thing, even if they come to the same conclusions - and that should be a huge focus on boosting productivity and support and finance to create more start-up businesses across Wales.

Wales International Convention Centre

Work on the £80m Wales International Convention Centre will get into full swing in February at Newport’s Celtic Manor Resort.

But 2017 has to be the year that Cardiff finally gets its long mooted plans for an 12,000-seater indoor arena up and running.