Forgotten Irish airport set for expansion as new €30 million investment plan revealed

A forgotten Irish airport is set to be expanded after a new €30 million investment plan was announced on Thursday morning.

The Bolster Group says it has secured a 'comprehensive funding package' to fund the redevelopment of Waterford Airport without the need for government funding.

The development works will include the runway extension, terminal upgrades and facilities to support the return of commercial passenger services. 

The proposal also provides for the retention of existing airport staff and the continuation of the Search and Rescue Service (SARS) contract. The council’s airport related assets would also transfer under the investment proposal to the new investor.

If the airport’s runway is extended, it would allow commercial flights to return to the airport for the first time since 2016.

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A briefing on the investment plan was given to elected members of Waterford City and County Council on Monday afternoon.

Councillors will vote on whether to sign off on the deal at a special meeting of the council on Thursday, October 17.

Commenting on the deal, William Bolster, Executive of the Bolster Group, said: "It is fantastic to have such private funding in place, removing the need for government money and allowing immediate construction to start.

“I urge the council to seriously consider this monumental opportunity for Waterford and the south east.”

Gerald Hurley, CEO of Waterford Chamber of Commerce, added: “This is a pivotal moment for the South East. The development of Waterford Airport would be a catalyst for growth, enhancing tourism, improving regional connectivity, competitiveness and confidence.

“It would also open new opportunities for investment and projects such as offshore wind energy across the region. The investment shows what is possible when we come together with ambition, passion and focus.

“If we get the go ahead, it will send a clear message that the South East is ready to grow and lead on a national stage.”

The Bolster Group says that if the plan is approved, construction work would be scheduled to begin 'imminently'.

The news follows the airport board’s efforts to secure government funding to extend the runway, which lasted over a year and a half.

Having had their initial proposal turned down, the airport board was invited to submit a “preliminary business case” earlier this year.

When approached for comment on the new investment plan, a spokesperson for the Department of Transport said: "Waterford Airport is owned by Waterford Airport plc. A development proposal which does not involve Exchequer funding would no longer be a matter for this department to consider.

"The Chair of Waterford Airport advised the department in August that an alternative investment proposal that did not involve State funding was being considered by the airport. The department has not been notified of any further development in this regard.

"Any such proposal of this nature would be a matter for the shareholders of the airport, which include local authorities (Waterford, Kilkenny and Wexford), to consider."