A major investment proposal to overhaul Waterford Airport has been approved, paving the way for a long-awaited runway extension and airport upgrade.
Waterford City and County Council gave the green light for the €30 million redevelopment plan at a special meeting today.
The proposal, which is being advanced through a new company called Waterford Airport Limited, was brought forward by the Bolster Group, a current major shareholder in the airport.
The council said the proposal will deliver full airport development works set out in the existing business plan, without the need for Government funding.
It includes a major runway extension and infrastructure upgrades that will "enable the return of commercial passenger services to the airport".
The airport development works, which it is estimated will cost in the region of €30 million, are due to start early next year and will take around 12 months to complete.
The project includes extending the existing runway to 2,287 metres and widening it to 45 metres, so that the runway can accommodate large jet planes.
The car parking facilities will be expanded, with upgrades to the terminal building and ground equipment.
In a statement, the council said the investment will "pave the way for the return of scheduled passenger services by the end of 2027, with a target of handling upwards of 400,000 passengers annually within five years, as set out in the airport business plan".
The proposal will also "ensure the retention (of) all employees" and maintain the existing Search and Rescue (SAR) services as contracted for a further ten years.
The identity of the private investor has not been revealed at this stage.
However, the council said that the investor's legal representative, Mason Hayes and Curran, has confirmed that the investor is a US national with "significant business interests and that they have the financial capacity to deliver the project".
The investment proposal will remove the need for annual financial subvention from the council, which has supported the airport's operations through its revenue budget since 2016.
In order to enable the investment, the council approved three key resolutions, including the disposal of lands and the waiving of a previous loan of €670,000.
The council said the decisions were made on strong economic and social grounds, which include inward investment, improved regional connectivity and tourism.
'Historic day'
The Mayor of Waterford City and County has described it as "a historic day for Waterford and for the entire south east".
Councillor Seamus Ryan said Waterford Airport is "a critical piece of regional infrastructure" and he added that he is "confident this €30 million investment will lead to a return of commercial air services to Waterford".
"This represents a huge vote of confidence in Waterford and is a game changer for the region. It will help us attract further inward investment, create jobs, drive tourism and bring the south east closer to the world," he added.
The Chief Executive of Waterford City and County Council said the investment will "transform Waterford Airport into a fully functional and commercially viable regional airport" and restore direct air connectivity to the south east.
Sean McKeown said the move will "enhance the competitiveness of Waterford and the wider region in attracting investment and supporting high-value employment".
"It will also strengthen our tourism offering, support balanced regional development and enhance quality of life for people across the region," he added.
The Board of Waterford Regional Airport plc met in recent weeks to consider the proposal and "unanimously accepted the terms of the investment".
An extraordinary general meeting of shareholders will now be convened to consider the investment proposal.
The Chair of the Board has welcomed the decision of the council to support the plan.
Michael Walsh said he is "confident the investment provides a clear and credible pathway to long-term commercial viability for the airport, while safeguarding existing jobs and strengthening the region's connectivity".
He said subject to the shareholders approval of the proposal at the EGM, Mr Walsh said "we look forward to working with the investor to move swiftly into the delivery phase of the development".
The owner of the Bloster Group said the backing of the plan by the councillors "paves the way to deliver a vital infrastructure project for the south east".
William Bolster said the decision "will not only secure existing jobs but will allow employment to expand with upwards of 100 jobs both on and off site involved during construction".
"Once complete, further jobs will be added as scheduled air traffic proceeds," he added.
Local Sinn Féin TD David Cullinane has welcomed Waterford City and County Council's decision to approve the investment, but he has criticised the Government for "inaction".
Mr Cullinane said the backing of the proposal is "a hugely positive and long-overdue step for the south east".
"For far too long, the Government has failed to deliver the investment and support needed to make Waterford Airport viable.
"Six years of delay and indecision have left the region without a functioning commercial airport. This undermined businesses, tourism, and regional growth."
Mr Cullinane said the investment proposal "provides a real opportunity to unlock the potential of Waterford Airport".
