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 10 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.
More to follow
