Pinewood Studios is teaming with the Welsh Government to create a new film and TV facility in Wales.

As part of a new collaboration between the UK studio hub and the Welsh government, the latter will acquire and fit out the former Energy Centre, Wentloog, adjacent to Cardiff Bay, converting the venue into a facility with four stages, to be known as Pinewood Studio Wales.

Pinewood will operate the studio and contribute £800,000 ($1.34m) over five years for the purchase of equipment. It will enter into a lease for a minimum of five years.

The collaboration is a result of an exclusive agreement between the two parties that will see Pinewood advise the Welsh government on its new £30m ($50.4m) television and film investment fund.

Under the terms of the agreement, Pinewood will receive an annual fee and transaction based advisory fees for the fund. Pinewood will also be responsible for the promotion and marketing of the new media fund.

Pinewood Shepperton chief executiveIvan Dunleavy (pictured) said: “We are delighted to have agreed with the Welsh Government to advise it on its television and film funding initiative. This builds on our success with Pinewood Pictures and managing the Isle of Man Treasury Film and Television Fund.

“Our combined advisory investment funds now total £55m ($92.3m) making them one of the largest investment portals for new British television and film content.

“The new fund together with the new facility will do much to boost the Welsh film and television sector. The fund is also another step forward for creating a sustainable UK film and television production centre”.