Waterford City and County Council Approves Major Investment Proposal for Waterford Airport
Waterford City and County Council has approved a landmark investment proposal that will secure the future of Waterford Airport and deliver a transformative €30 million redevelopment project – fully funded through private investment.
The proposal, which was brought forward by the Bolster Group and is being advanced through a new company, Waterford Airport Ltd (WAL), will deliver the full Airport Development works set out in the existing Business Plan, without the need for Government funding. This includes a major runway extension and infrastructure upgrades that will enable the return of commercial passenger services to the airport.
Cllr. Seamus Ryan, Mayor of Waterford City and County, welcomed the decision, saying,
This is a historic day for Waterford and for the entire South East. Waterford Airport is a critical piece of regional infrastructure, and I am 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.
The Airport Development Works – estimated at €30 million – will commence early next year and will take approximately 12 months to complete. They include extending the existing runway to 2,287 metres and widening it to 45 metres so that it can land large jet planes, expanding car parking facilities and Terminal and ground equipment upgrades. 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, as set out in the Airport Business Plan.
Mayor Seamus Ryan 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.
The Council has approved three key resolutions to enable the investment, including the disposal of lands, and the waiving of a previous loan of €670,000. The Council made these decisions on strong economic and social grounds, as outlined in a report presented by the Council’s Chief Executive, Sean McKeown, including inward investment, improved regional connectivity and tourism.
The investment proposal removes the need for annual financial subvention from the Council. Since 2016, Waterford City & County Council has supported the airport’s operations through its revenue budget. The identity of the private investor remains confidential at this stage, but the investor’s legal representative, namely Mason, Hayes and Curran have confirmed that the investor is a US national with significant business interests and that they have the financial capacity to deliver the project. The Council were assured that the investment will be subject to FDI screening by the Department of Enterprise, Trade and Employment under the Third Country Transactions Act 2023, to ensure it poses no national security or public order concerns, before it can proceed.
Sean McKeown, Waterford City and County Council Chief Executive said,
This investment will transform Waterford Airport into a fully functional and commercially viable regional airport, restoring direct air connectivity to the South-East. It 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.
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, which provides that the asset disposal to 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 (SAR) services as contracted for a further 10 years.
The Chairman of the existing Airport company, namely Michael Walsh, welcomed the decision today by Waterford City and County Council, saying,
I welcome the decision of the Council to support this investment proposal. 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. The next step will be to convene an Extraordinary General Meeting of shareholders to consider the investment proposal. This is an important part of the process, and we will be issuing a recommendation to shareholders in the coming days to accept the investment proposal. Subject to their approval, we look forward to working with the investor to move swiftly into the delivery phase of the development.
