Waterford Airport development a step closer with private sector investment secured
Waterford Airport’s major runway expansion is now a step closer after securing a €12m major private investment from Comer Group International in partnership with Bolster Group that will pay for half the proposed plan.
The significant development now clears the way for the business plan seeking matching funding to be submitted to the Department of Transport, which is expected to be sent early next week.
Minister for Finance, Michael McGrath TD and Mr. Bolster are addressing the media at present at City Hall, Waterford.
It’s understood that Waterford Airport has already initiated project work for a new runway extension as it seeks to restart scheduled commercial services.
Planning permission was last year approved for a 854-metre extension to the runway, which would take it to a total length of 2,287 metres.
The plan would also see the runway widened from 30 metres to 45 metres.
Today’s funding announcement clears the way for a business plan seeking matching funding from the Government to submitted next week.
Taoiseach Leo Varadkar said:
“This significant private investment is hugely important for Waterford and the South East region. An extended runway would really help to boost the whole region’s international connectivity, benefitting both Irish and international passengers for years to come.”
“I’ve been a long supporter of Waterford Airport since my time as Minister for Transport and as Taoiseach. The previous Government made the decision to match funding for the runway project once the private investment was secured, albeit at a lower level of €5 million. As I said recently in Waterford, the principle of matched funding remains, subject to the business case being agreed. Further Exchequer funding will be required, and I urge all parties to progress the business case as soon as possible.”
“The Government and I strongly believe that balanced regional development is good for the country as whole. We want every part of the country to share in our prosperity and securing good jobs and investment is one of the most effective ways of doing that. Improved connectivity through Waterford Airport would make the South East an even more attractive place in which to live, work, do business and raise a family. It would also help to open up this beautiful region to many more visitors.”
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 reopen 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.”
“We believe this expansion will be welcome news for locals, driving tourism and business opportunities, as well as the Irish population who have made their home in the UK.
“It will be a real game changer in terms of bringing back travel to the region”.
Finance Minister Michael McGrath TD said:
“I welcome today’s announcement of additional private investment in Waterford airport. 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.”
Minister of State, who covers aviation, Jack Chambers says,
“I welcome the announcement today of private investment. I recognise the positive impact that this could have for both Waterford Airport and the wider South East region as a whole. I await further detail in relation to the airport’s development proposal, which I understand will be submitted to my Department shortly.”
Michael Walsh, Chief Executive of Waterford City & County Council said:
“This is a monumental moment for Ireland’s oldest city. I pay tribute to the investors who have a clear vision for the future of the airport. Thanks to their vision and drive and subject to the agreement of the Council, Government and the shareholders, Waterford Airport can look forward to a bright future.”
Dan Browne, the Chairman of Waterford Airport added:
“This is a real vote of confidence by all concerned in the local area and a step forward in terms of local economic success as well as bringing up tourism numbers. It will serve the people of Waterford, and beyond, incredibly well and we look forward to welcoming increased numbers of passengers, and flights, through our doors”.
