Waterford City and County Council has approved a €30 million redevelopment project for Waterford Airport, led by the Bolster Group through a new company, Waterford Airport Ltd (WAL).

The project will be fully funded through private investment and will deliver the full Airport Development works outlined in the existing Business Plan, without Government funding.

The redevelopment works, scheduled to begin early next year and expected to take approximately 12 months, include extending the runway to 2,287 metres and widening it to 45 metres to accommodate large jet aircraft, upgrading terminal facilities, expanding car parking, and installing new ground equipment. These improvements will enable the return of commercial passenger services, with a target of handling over 400,000 passengers annually within five years.

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Waterford City and County Council approved the necessary resolutions to facilitate the investment, including land disposal and the waiving of a previous loan of €670,000. The investment removes the requirement for ongoing Council subvention, which had supported the airport since 2016.

The private investor, represented by Mason, Hayes and Curran, is a US national with confirmed financial capacity to deliver the project. The investment will be subject to FDI screening under the Third Country Transactions Act 2023 before proceeding.

The redevelopment will retain all existing employees and maintain the Search and Rescue (SAR) service under contract for a further ten years. The airport’s Board of Directors has unanimously accepted the proposal, which also allows the discharge of all existing commercial debts and liabilities.

Michael Walsh, Chairman of the existing Airport company, stated that the investment provides a credible pathway to long-term commercial viability while safeguarding jobs and regional connectivity.

Following shareholder approval at an Extraordinary General Meeting, the project will move into the delivery phase.