Avolon, a leading global aviation finance company, has completed the delivery of 5 new Airbus A320neos to Middle Eastern low-cost carrier, Flynas. The fifth aircraft departed from Airbus’s delivery centre in Toulouse yesterday, completing a sale and leaseback transaction for the aircraft agreed in May 2022.
The A320neo is the world’s best-selling short- and medium-haul aircraft type, delivering 15% lower fuel burn and CO2 emission savings than previous technology aircraft. Avolon now has 11 aircraft on lease to Flynas, consisting of 6 A320neos, 3 A320ceos, and 2 A330-300s.
The recent deliveries take Flynas’s fleet to 54 aircraft, including 45 A320neos. They will support Flynas’s growing operations, which currently include over 1,500 flights per week to more than 70 destinations.
Paul Geaney, President and Chief Commercial Officer at Avolon, commented: “This transaction with Flynas expands our relationship with one of the Middle East’s fastest-growing airlines. We are seeing a high level of sale and leaseback opportunities in the market and we are benefiting from our ability to execute at scale. The leasing industry is enjoying continued high demand from customers which we expect to be the case for the foreseeable future.”
