The chosen colleges will each receive a Renewal Grant of up to £225,000, with some successful bidders winning extra Government funds taking their totals up to £1 million.
However, colleges will also be expected to attract private finance to add to the Government grants.
Mr Cable said that the grants and private funding will enable the colleges to renovate buildings and update facilities, giving students access to more modern and sophisticated equipment.
He said: "Back in May, the Coalition announced £50 million of investment in college building programmes which will now benefit more than a hundred colleges across the country.
"Improving people's skills is a key part of this Government's plans to secure economic growth and colleges are right in the frontline of this challenge.
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"We want them to be able to attract students and give them the best learning experience possible.
"In allocating this £50 million funding, we have seen some impressive bids come in for ambitious and innovative projects from colleges that are planning for the future.
"Helping colleges modernise their facilities will give them a much-needed boost at a time when education could not be more important and I am glad we have been able to provide them with this support."
Further Education, Skills and Lifelong Minister John Hayes added: "We are keeping our promises to the sector by providing colleges with the funding that will make a real difference to thousands of students, lecturers and the communities they live and work in.
"Colleges should be inspiring places, where students can gain new skills and enjoy new experiences that transform their lives.
"This is good news for all those that want to improve their skills and get on in life, good for FE and good for the communities colleges serve."
Building will start immediately on most projects, with new facilities becoming available from the start of the 2011 academic year.
Criteria set for colleges wishing to submit a bid for a share of the funding include: condition of the college and its facilities, the benefits to learners and addition to regeneration of local communities.
Colleges submitting bids cannot have received more than £5 million of funding approved in the past by the Learning and Skills Council and the Skills Funding Agency. Bids also needed to show that the building project could be completed by September 2011.
(KMcA/GK)
