2 more rounds of government capital investment raised the total to £488 million for more than 50 colleges throughout the country.
Colleges will use the money to build science and engineering facilities to provide training for the next generation of students.
The government is targeting those in the greatest need of help and those that can best support growth in the economy by investing £232.7 million in colleges.
The investment almost doubles the £250 million already raised by colleges themselves.
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 £330 million will also be available for skills capital investment through the Local Growth Fund in 2016-17 in order to support local priorities,” he adds.
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.
This investment in college estates forms the third and fourth rounds of the College Capital Investment Fund (CCIF), through which £550 million will be made available between 2013 and 2015.