- 160 engines ordered from Pratt Whitney and 150 from CFM International
- Engine order valued at over US$5 billion at current list prices
- Options to purchase 310 further engines
Avolon, a leading global aviation finance company, announces orders for 310 new engines to power 155 Airbus A320neo family aircraft in its order book. Avolon has ordered 160 GTF engines from Pratt Whitney, and 150 LEAP-1A engines from CFM International.
The combined orders, announced today at the Farnborough Airshow, are valued at over US$5 billion at current list prices. The agreement also includes options to purchase a further 160 Pratt Whitney engines and 150 CFM International engines. The orders represent Avolon's largest ever engine commitment.
Both engine types help to lower carbon emissions by delivering at least 15% reduced fuel consumption compared to previous generation engine technology, and also reduced noise levels. Transitioning the global fleet to new technology aircraft is the biggest near-term action that can be taken to reduce aviation emissions, and Avolon is committed to a target of having over 75% of its fleet comprising the youngest, most fuel-efficient aircraft by the end of 2025. Beyond its 2025 target, the evolution of its fleet will be supported by deliveries of the A320 neo family aircraft out to 2032 that these engines will power.
Avolon currently has 115 A320neo family aircraft in its delivered and managed fleet, of which 39 are powered by Pratt Whitney engines and 76 by CFM International engines. Following its order for 100 A321neo aircraft in December 2023, Avolon now has an orderbook of 279 A320neo family aircraft.
Andy Cronin, CEO Avolon, commented: "These engines will power our orderbook of A320neo family aircraft and put us in an excellent position to service our customers' narrowbody requirements out to 2030 and beyond. Engine innovation has been one of the key tools to lower emissions and support the industry's decarbonisation journey. We are delighted to be working with both Pratt Whitney and CFM International, and excited about leveraging their engines to support the transition of our fleet to more fuel-efficient technology."
About Avolon
Avolon is a leading global aviation finance company connecting capital with customers to drive the transformation of aviation and the economic and social benefits of global travel. We pride ourselves on our deep customer relationships, our collaborative team approach, and our fast execution. We invest with a long-term perspective, diversifying risk and managing capital efficiently to maintain our strong balance sheet. Working with 142 airlines in 63 countries, Avolon has an owned, managed, and committed fleet of 1,029 aircraft, as of 30 June 2024. www.avolon.aero
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Contacts:
David Breen Joe Brennan
Avolon Investor Relations
ir@avolon.aero
T: +353 1 231 5800
Douglas Keatinge
Avolon Head of Communications
dkeatinge@avolon.aero
T: +353 86 037 416
