Porter’s wholly-owned subsidiary, Porter Aircraft Leasing Corp., has entered into sale and leaseback financing agreements for four Pratt & Whitney GTF engines with Avolon. Porter expects to receive the engines in 2025 and 2026 with the delivery of new E195-E2s.
On Monday (January 13, 2025), Porter Aviation Holding’s Inc. (Porter) announced that their wholly-owned subsidiary, Porter Aircraft Leasing Corp., has entered into sale and leaseback financing agreements with Avolon for four Pratt & Whitney GTF (PW1921G) engines. Porter expects to receive the engines in 2025 and 2026, as part of their ongoing Embraer E195-E2 aircraft deliveries. Currently, the carrier has a firm order for 75 Embraer E195-E2s, as well as 25 purchase rights, making Porter one of the largest E2 customers worldwide. To date, the airline has taken delivery of 43 E195-E2s which are now being operated across North America.
In Monday’s announcement, Porter Airlines’ VP – Corporate Development, Julian Low, said,
“The GTF-powered E195-E2 is the right choice for Porter and our passengers. GTF engines help make this aircraft the quietest, most efficient, most sustainable single-aisle jet available today. We value Avolon’s expertise and partnering with them demonstrates the continued confidence in Porter’s growth plan and our ability to expand our network across North America.”
Also commenting on the sale and leaseback transaction, Avolon’s Head of Americas, Europe and OEM, Steven Graham, said,
“Avolon is delighted to be partnering with Porter on this transaction, building on the relationship we have developed since we collaborated on previous aircraft sale and leaseback transactions. These GTF engines will provide the certainty to support Porter as it continues to execute on its exciting growth plans for the region.”
Headquartered in Ireland, Avolon is a major international provider of aircraft leasing and lease management services, and works with 140 airlines in 59 countries. As of December 31, 2024, the company had an owned, managed and committed fleet of 1,129 aircraft, including the proposed acquisition of Castlelake Aviation Limited. Avolon also has offices in the U.S., Dubai, Hong Kong and Singapore. Avolon is 70 percent owned by an indirect subsidiary of Bohai Leasing Co., Ltd., a public company listed on the Shenzhen Stock Exchange, and 30 percent owned by ORIX Aviation Systems, a subsidiary of ORIX Corporation.
Founded in 2006, Porter Airlines is an Official 4 Star Airline® in the World Airline Star Rating® and is committed to providing a warm and effortless approach to hospitality, restoring glamour and refinement to air travel. The carrier is headquartered in Toronto, and offers an extensive domestic Canadian and North American network. Porter Airlines currently operates a fleet of De Havilland Aircraft of Canada (DHC) Dash 8-400s and new Embraer E195-E2 jets.
Source: Porter Airlines