Councillors meet in preparation to decide fate of Waterford Airport
Waterford Airport. Picture by Joe Evans.
Councillors on Monday attended a private workshop at City Hall on the future of Waterford Airport.
Workshops are not open to the public, nor are they forums where decisions are made.
The Waterford News and Star understands that councillors were provided with additional details on the airport proposal, and were given the opportunity to direct questions towards the Executive of the Bolster Group, William Bolster.
Councillors, however, were not informed of the identity of the investor.
It is understood to be a “red line issue”, and there is a non-disclosure agreement in place that prevents the identity of the investor from being revealed to the elected members.
Councillors are to vote on October 20, and 75% councillors present would need to be in agreement.
This paper understands that Monday's meeting was positive and the vote is expected to pass.
In a statement on Thursday morning, The Bolster Group issued a statement saying it had secured a €30 million private funding package that would mean no state money would be needed.
The statement also said that councillors were to be briefed on Monday, October 6, and would vote on whether to approve the deal on October 17 (this date was later changed).
Executive of the Bolster Group, William Bolster, urged the council to approve the deal.
"It is fantastic to have such private funding in place, removing the need for government money and allowing immediate construction to start,” said Mr Bolster.
Waterford City and County Council responded that elected members would be briefed last Thursday and would meet for a workshop on Monday (yesterday).
This paper understands that councillors were unaware of the deal until the details were published in the media.
The Department of Transport told the Waterford News and Star that they have been aware of the potential new investment since August.
But they say that if no Exchequer funding is required, then this is a matter for the stakeholders and nothing to do with the Department of Transport.
The Minister for Transport and his department have maintained over the summer that this is a priority for them as it is part of the Programme for Government, but many have seen the lack of progress as reluctance and feet-dragging, much to the frustration of all involved.
The council also said in their response that the new deal came as Devin Regional Investments pulled out of the airport.
The previous non-binding funding arrangement was between Waterford, Kilkenny and Wexford County councils and Devin Regional Investments (Bolster and Comer Groups) and the airport company.
According to a council proposal outline to councillors in 2024, the cost of the project has risen following the Covid crisis and the war in Ukraine to €27,000.
That money was to be funded primarily from Devin Investments, which was to contribute €12 million, and it was hoped the Government would provide the same amount.
Waterford City and County Council were to provide €3 million and Wexford and Kilkenny €0.4 million each.
Waterford City and County Council is also currently in possession of the land needed to extend the runway, which it acquired by compulsory purchase order in 2022.
Under the previous agreement that land was to be transferred to the investors once the runway extension was completed and IAA accreditation in place.
The local authorities would receive an 18% share in the capital of the company, but there was a six-year buy-back option for the investors.
And investors would be responsible for paying back up to €1.7 million for the cost of acquiring the land. The application to the government was made on this funding arrangement.
Minister for State John Cummins told the Waterford News and Star that he welcomed the news about the new proposal.
But he said he respected the process and if it is approved and commercial flights are reinstated, he looks forward to ensuring from within government that the airport is provided OPEX (operational) support.
“I am very hopeful that a positive outcome can be achieved, which will see the runway project and critical air connectivity for South East passengers restored,” said Minister Cummins.
Sinn Fein TD Conor McGuinness said he would not provide a full comment until the full details of the proposal are made to the public.
He did say there was a lot of “huge frustration” around the government’s failure to act.
“It is now important that those directly involved are given the space to work through the processes, conduct proper due diligence, and ensure that any arrangement is robust, transparent, and in the best interests of the community and the region,” said Deputy McGuinness.
His party colleague David Cullinane indicated in a Facebook post that he was not yet ready to make a comment, while Minister Mary Butler had not provided a comment at time of publishing.
We will not learn the fate of this deal until October 20 when Waterford’s councillors will vote.
If approved, the runway will be extended to 45 metres in width and 200m in length, to accommodate modern commercial 180-seat jet aircraft, which will mean the restoration of regular passenger services to the region.
CEO of Waterford Chamber of Commerce, Gerald Hurley, said that the restoration of flights would be a “pivotal moment” for the South East region.
“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,” said Mr Hurley.
