The funding body for the arts has announced 26 projects that could benefit from funding in the first application stage of the funding program, which will be its first capital investment for nine years.

The list included some of the most heavily subsidised performing arts companies.

The Southbank Centre stands to receive £20 million, to refurbish the Queen Elizabeth Hall, the Purcell Room and Hayward Gallery, while the National Theatre could get £17.5 million.

The Royal Opera House is in line for £10 million to spend on modernisation and repairs – just 12 years after it reopened following a £220 million redevelopment.

The three institutions already get £64.6 million between them every year in Arts Council funding.

The English National Opera is set to receive £2.2 million from the Council.

The Arts Council England was criticised earlier this week after The Stage released research saying one in ten companies who lost all their core funding from the body are closing.

Tate St Ives in Cornwall will share some of a £14.5 million pot for the South West if it is successful in the second stage of applications.