Avolon, the international aircraft leasing company, has signed a memorandum of understanding with Airbus to order 20 Airbus A330neo aircraft. The new aircraft are scheduled to be delivered between 2026 and 2028.
Avolon was a launch customer for the A330neo programme in 2014 and has fully placed its current widebody order book. The A330neo has a range of over 13,300km (7,200 nautical miles) and 25% lower fuel consumption and CO2 emissions compared to previous generation aircraft. This agreement will also see 50 A320neo aircraft Avolon has on order with Airbus converted to the larger A321neo model.
Andy Cronin, CEO of Avolon, said: “We have been a strong supporter of the A330neo programme since its launch and, with our existing widebody orderbook fully placed, we are now locking in future growth in a supply constrained environment. Our expanded delivery pipeline allows us to offer our customers the A330neo’s range and reduced emissions, supporting their evolving fleet needs. Our recent aircraft orders and commitments reflect our confidence in the long-term growth trajectory of the aviation sector, which is outlined in our recent World Fleet Forecast projecting that the global passenger fleet will almost double by 2042.”
Christian Scherer, Chief Commercial Officer and Head of International at Airbus said: “It’s fantastic to see Avolon once again commit additional investment in the A330neo aircraft and lead the lessor market reordering widebody aircraft. Avolon’s vision and timing could not be better with this commitment for a further 20 aircraft to its portfolio. Avolon will benefit from the strong wave of growth and replacements that we currently observe across all markets.”
Lessor signs deal for Porter Airlines
Avolon also announced it has signed a sale and leaseback agreement with Porter Airlines (‘Porter’) for 10 new Embraer E195-E2 aircraft, with a list price value of US$841 million. The new aircraft will support Porter’s expansion of routes within Canada and further into the North American market. The transaction represents Avolon’s fifth leasing customer in Canada and will increase Avolon’s portfolio exposure in North America. Four of the aircraft are scheduled for delivery in 2023, with the balance to be delivered in 2024. The E195-E2 has been designed to maximise returns and efficiency in achieving 25% lower carbon emissions and fuel burn compared to the previous generation aircraft. The new aircraft also supports Avolon’s progress towards its fleet target of 75% new technology aircraft by 2025. Porter introduced the E195-E2 to commercial service in February 2023 and plans to expand its fleet in coming years, with 50 firm orders and the option to purchase 50 additional aircraft. Porter’s E2 configuration offers passengers a comfortable 132-seat, all-economy, two-by-two set up, with no middle seats. Initial routes for Porter’s E2 fleet are focused within Canada, but the airline has ambitions to expand quickly to the south, soon offering service for its customers to key markets in the US, as well as Mexico and the Caribbean.
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