Canadian regional carrier Porter Airlines has agreed a sale-and-leaseback deal with Avolon for 10 of its incoming Embraer E195-E2s.
The total list price of the 10 E-jets is $841 million, Avolon said on 20 June. It did not disclose the specific terms of the deal, however.
Four of the aircraft are scheduled for delivery this year, with the remainder due to arrive in 2024, the lessor says.
The Toronto-based carrier becomes Avolon’s fifth leasing customer in Canada, increasing the international lessor’s presence in North America.
”Porter is very excited to partner with Avolon and introduce a new lessor to both our company and the E195-E2,” the carrier tells FlightGlobal.
Porter will likely employ the strategy of selling and leasing back aircraft to raise capital again, it says.
“There continues to be very strong interest from lessors and we expect continued use of the sale-leaseback structure for future deliveries,” the airline says, adding that it is also evaluating debt financing options for some of the firm deliveries in 2024.
The airline’s first E195-E2 entered service in February, allowing it to advance an expansion plan that will see Porter grow its network throughout North America.
Porter has 50 firm orders for E195-E2s and options for a further 50 of the type. Cirium fleets data show that the carrier has 11 new E-jets currently in service.
