There are 'serious concerns' over a growth deal for North Wales after one of its key projects fell through, according to a new report.

So far, just 35 jobs have been created and only £1.8 million has been secured from private investors as a result of the North Wales Growth Deal,

The Senedd's economic committee says the project needs an urgent turnaround if it's to deliver for the region.

A report found the growth deal had fallen significantly behind targets for job creation and investment from the private sector, after Great British Nuclear decided not to pursue Trawsfynydd as a potential site for a small modular reactor.

That project had originally accounted for 12.5% of the region's job targets - standing at around 4,200 - and 40% of investment goals.

In June, Ambition North Wales, a partnership between six councils - including both Anglesey and Gwynedd - admitted they had been disappointed by their progress.

But the group insisted four projects have moved into delivery, with a further six in the pipeline.

Head of operations Hedd Vaughan Jones told the committee: "We really turned a corner last year in terms of the number of business cases approved...and the forecast for the coming years is really positive."

Mr Vaughan Jones added that original forecasts on the number of jobs created were "rife with optimisim bias" when the 15-year deal was first signed in 2020.

The committee's report said "serious questions" needed to be asked about not only the performance of the deal, but its relationship with the UK and Welsh governments.

It states: "It is imperative that something is done to ensure the North Wales Growth Deal can fulfil its aim, improve the North Wales economy and that citizens of North Wales can see benefits from the considerable funding allocated."

Andrew RT Davies, chair of the economic committee, said: "The four city and growth Deals should be a key driver for economic growth in Wales and be creating a bright economic future."

"Proper monitoring and consistent leadership are essential to ensure all deals are supported to reach their ambitious targets and deliver on the significant public investment. Transparency, clarity, and long-term vision are essential."

The report also raised concerns about the Cardiff Capital Region's project to redevelop a former coal-fired power station in the Vale of Glamorgan into a green energy hub.

Three years ago, the site at Aberthaw was bought for £8.6 million - but according to the report, up to £1 billion to make the plans a reality, raising concerns about the scale of funding needed and its potential impact on public finances.

In June, it emerged the Cardiff Capital Region had paid a £5.25 million settlement, after the High Court ruled a contract to demolish the power station was awarded unlawfully.

But the report did note "promising signs" from the Swansea Bay city deal, which had created nearly 900 jobs and attracted £133 million from private investors.

Support for Port Talbot and former Tata Steel workers was praised in the wake of the end of traditional production at the town's steelworks, but there were also concerns about the impact of inflation and the lack of flexibility in funding, compared to other growth deals.