Many of the successful colleges will use the funding to build science and engineering facilities for the next generation of engineers.
The government is targeting those in the greatest need of help and those that can best support growth in the economy by investing £233m in colleges. This is being matched with more than £250m from colleges themselves.
This investment in college estates forms the third and fourth rounds of the College Capital Investment Fund, through which £550m is being made available between 2013 and 2015.
Projects being funded include Dudley College’s new engineering and advanced manufacturing workshops, Leeds City College centre for mechanical engineering and Runshaw College’s industry standard engineering and science facilities.
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Business Secretary Vince Cable said: “For Britain to compete, and for everyone to reach their potential, we need the very best training centres, staffed with the very best trainers.
“This is why I can confirm that a further £330m will also be available for skills capital investment through the Local Growth Fund in 2016-17 in order to support local priorities.
“This investment, along with these 50 or so new college capital projects takes total government capital investment in FE colleges since May 2010 to over £1.5bn.”