Dublin-based aircraft leasing company Avolon has agreed the sale and leaseback of nine new Airbus A320neo planes with Hong Kong's Cathay Group.
The aircraft are scheduled for delivery in 2026 and 2027 and the transaction includes a mix of A321neos and A320neos.
Avolon said today's deal adds new technology aircraft to support the Cathay Group's long-term commitment to growing connectivity at its home hub of Hong Kong.
It said that an 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 plane and can carry up to 244 passengers while it has 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 type of plane as at the end of September.
The Cathay Group currently flies to more than 75 passenger and cargo destinations worldwide, while it has a fleet of 225 aircraft as at the end of June this year.
"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," Paul Geaney, President and Chief Commercial Officer of Avolon said.
"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," he added.
