Avolon announced a sale and leaseback agreement for four brand-new Airbus A330neo aircraft with Cebu Pacific, a low-cost carrier in the Philippines.
The first aircraft is expected to be delivered by late 2024, with the final delivery scheduled in 2026.
Avolon has been a lessor for Cebu since 2012 and has already leased 11 aircraft to the airline, including five A320ceos, three A320neos, and three A330neos.
The A330neo boasts an increased range of over 13,300km (7,200 nautical miles) compared to the previous generation A330ceo, with 25% lower fuel consumption and CO2 emissions.
Cebu Pacific plans to use these new aircraft to expand its route network in the Asia and Middle East regions and to transition to a more efficient, technologically advanced fleet with reduced carbon emissions.
“With the continuing recovery of air travel in Asia we look forward to further opportunities to support customers on sale and leaseback transactions, or through our orderbook, as the availability of widebodies out to 2030 continues to tighten,” stated Paul Geaney, President and Chief Commercial Officer of Avolon.