09 Oct 2023
AVOLON AGREES SALE AND LEASEBACK OF NINE AIRBUS A320neo FAMILY AIRCRAFT WITH THE CATHAY GROUP
Transaction comprises mix of A321neos and A320neos
Dublin | 09 October 2023: Avolon, a leading global aviation finance company, has agreed the sale and leaseback of nine new Airbus A320neo family aircraft with the Cathay Group, a leading Asian airline group. The aircraft are scheduled for delivery in 2026 and 2027 and the transaction comprises a mix of A321neos and A320neos.
The transaction adds new technology aircraft to support the Cathay Group’s long-term commitment to growing connectivity at its home hub, Hong Kong. A320neo family aircraft deliver a 20% fuel savings and CO2 reduction compared to previous-generation Airbus A320 aircraft. The A321neo is the extended version of this aircraft type, capable of carrying up to 244 passengers and with a range of 7,400km.
Avolon has 101 A320neo family aircraft in its fleet, with a significant orderbook pipeline for a further 192 of this aircraft type as at September 30 2023.
The Cathay Group currently flies to more than 75 passenger and cargo destinations worldwide, serving an additional 160 destinations through codeshare agreements, and has a fleet of 225 aircraft as at 30 June 2023.
Paul Geaney, President and Chief Commercial Officer, Avolon commented: “The Cathay Group is a leading airline operator in Asia, and we are very pleased to agree this sale and leaseback transaction with them and look forward to our future partnership. Passenger traffic in and out of Hong Kong has bounced back strongly this year, and these aircraft will help to support the Cathay Group’s fleet strategy and future expansion.