Waterford Airport could see its long-awaited runway extension in place by this time next year, following an announcement of more than €12 million in private investment.
It is over seven years since the airport has seen a commercial flight take off from its runway but a partnership between existing shareholder the Bolster Group and the Comer Group which develops property on an international scale is set to see the necessary infrastructure put in place.
The existing runway has been seen as a barrier to attracting airlines to Waterford, because of its relatively short length, and while planning permission has been approved for a longer runway, local interests have been trying to attract funding to make this happen.
Almost half of the expected €30 million which is needed to fund the extended runway is coming from the deal with the Comer Group, along with local investment, with the remainder hoped to come from public funding.
The new runway will have the capacity to service large and mid-range airliners, such as the widely-used Airbus 320 and Boeing 737, and backers hope to see Waterford Airport linking up with summer and winter holiday destinations across Europe. London is expected to be the first destination, possibly at the end of next year.
The current major shareholder is construction, flooring and engineering firm the Bolster Group, who have been driving the development of the airport since the last commercial flights operated from the site in 2016.
Meanwhile, new partners the Comer Group have been behind multi-million pound property deals in the UK and the continent including the Royal Connaught Park in Bushey; Mast Quay on the river Thames; Newland Park in Buckinghamshire; and The Pyramid in Berlin; as well as Irish developments such as Number One Ballsbridge and Milners Square in Dublin.
The investment was announced at an event in the city attended by the Minister for Finance, Michael McGrath.
"I welcome today's announcement of additional private investment in Waterford Airport," Minister McGrath said.
"An extension to the runway would make the south-east an increasingly attractive destination for both leisure and business travelers from overseas.
"Similarly, it will make it easier for people across the region to travel internationally. This has the potential to boost economic growth in the region in the decade ahead and complement significant investment already planned for Waterford including in urban regeneration and the South East Technological University," he added.
'Matched funding'
Taoiseach, Leo Varadkar, said recently during a visit to Waterford that the principle of "matched funding" remains, subject to the business case for the airport being agreed with the Government.
"Further exchequer funding will be required, and I urge all parties to progress the business case as soon as possible," Mr Varadkar said.
Waterford Airport opened in 1981 and saw off its first international flights in 1985, with Ryanair providing the inaugural flight to London Gatwick.
While it has not hosted commercial passengers since 2016, it is the base for the Coast Guard's R117 helicopter and is also used by flight schools, flying clubs and private flights.
In a joint statement Comer Group director Luke Comer and William Bolster, executive of Waterford Airport said: "We are delighted to announce the runway expansion, which will re-open up travel to the UK and European destinations all year round.
"Those local to the area have had to travel to Dublin or Cork to catch flights over the last seven years and the time absolutely felt right to bring the airport back to life with much-needed investment and put Waterford firmly back on the international map."
Fine Gael senator and former airport board member, John Cummins, welcomed today's news and said he expects the business case for funding to be "very well received" by the Department of Transport.
"I have constantly liaised with the Taoiseach on this matter since I was on the board of the airport. He has been a vocal supporter of our goal to develop a runway in the south east capable of servicing the main aircrafts of choice by most major airlines, B737s and A320s," he said.
