Pinewood Studios is setting up another complex in Cardiff which will generate an estimated $90 million for the economy. Pinewood Studios Wales will be based at the former Energy Centre building in Wentloog and will form part of the company's global network. The deal was announced on Monday (February 17, 2014) by First Minister Carwyn Jones and Pinewood Shepperton chief executive Ivan Dunleavy. 

Daniel CraigDaniel Craig Shot 'Skyfall' at Pinewood Studios

"Attracting such an iconic global brand as Pinewood is wonderful news for Wales," Mr Jones said.

"This high-profile investment is of significant economic value to Wales while the partnership between the Welsh government and Pinewood offers a priceless opportunity to promote Wales as a world-class location for film and television production."

Pinewood Studios has created over 1,500 movies in 75 years, including the James Bond films. In recent years, Prometheus, 47 Ronin, Dom Hemingway, Guardians of the Galaxy and Maleficent used the famous studio for shooting, while it was recently announced the upcoming Star Wars movie Episode 7 would be starting production at Pinewood in May.

"This is a logical next step, building upon the huge success of the revitalised Welsh entertainment industry," said Welsh born Hollywood star Michael Sheen.

"It's always a precarious business to attempt such a large undertaking, but it points to the confidence, the expertise and the creative spirit of the people of Wales and I hope it can help the country come closer to realising its hopes for the future."

Though the project is a huge boost for Wales, some will remain wary given the concerns for Valleywood film studios. The £330m studio project on a former opencast mine site in South Wales was first unveiled in 2001, though has so far made just one movie, Ironclad. The complex was partly mothballed despite promising to put Wales at the heart of the UK film industry.