WATERFORD AIRPORT could see the return of commercial passenger services for the first time since 2016 following the announcement of a €30m investment deal.
According to Waterford City and County Council, the money has been provided by an unnamed American investor.
The airport, located around 10km from Waterford City, has previously offered passenger services to London, Birmingham and Manchester in Britain.
The proposal was brought forward by the Tramore-based Bolster Group and is being advanced through a new company, Waterford Airport Ltd.
The development works, which include a major runway extension and infrastructure upgrades, were approved at a special council meeting this week.
"This is a historic day for Waterford and for the entire South East," said Councillor Seamus Ryan, Mayor of Waterford City and County.
400,000 annual passenger target
The redevelopment work will commence early next year and will take approximately 12 months to complete.
The plans include extending the existing runway to 2,287m and widening it to 45m so that it can land large jet planes.
It will also see the expansion of car-parking facilities and upgrades to the terminal and ground equipment.
The project 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.
The investment proposal removes the need for annual financial grants from the council or additional government funding.
"Waterford Airport is a critical piece of regional infrastructure and I am confident this €30m investment will lead to a return of commercial air services to Waterford," added Cllr Ryan.
"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 council has been steadfast in its support for Waterford Airport over many years.
"This investment represents the best possible outcome — securing the airport's future, ending the requirement for ongoing council subvention and securing significant private investment without cost to the Exchequer.
"It will transform Waterford Airport into a commercially-viable regional airport that serves over half-a-million people across the South East.'
Existing jobs safeguarded
The identity of the private investor remains confidential at this stage.
However, the investor's legal representative — Irish law firm Mason, Hayes & Curran — have confirmed that it is a US national with significant business interests and with the financial capacity to deliver the project.
The council were assured that the finances will be subject to foreign direct investment screening by the Department of Enterprise, Trade and Employment.
This will ensure it poses no national security or public order concerns before it can proceed.
The Board of Waterford Regional Airport PLC met in recent weeks, prior to the special council meeting, to consider the proposal and they unanimously accepted the terms of the investment.
The new company, Waterford Airport Ltd, will facilitate the discharge of all existing commercial debts and liabilities of the airport.
The proposal will also ensure the retention all employees and maintain the existing Search and Rescue services as contracted for a further 10 years.
"I welcome the decision of the council to support this investment proposal," said Michael Walsh, chairman of the existing airport company.
"I am 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.
"It reflects a shared vision between the council, the board and the new investor of Waterford Airport as a driver of economic growth and opportunity."
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