Irish headquartered aircraft lessor Avolon has today announced orders for 310 new engines to power 155 Airbus planes in a deal worth over $5 billion at current list prices - its biggest ever engine commitment.
Avolon has ordered 160 GTF engines from Pratt & Whitney and 150 LEAP-1A engines from CFM International.
The deal, which was announced today at the Farnborough Airshow, also includes options to purchase a further 160 Pratt & Whitney engines and 150 CFM International engines.
Avolon said that both engine types help to lower carbon emissions by delivering at least 15% reduced fuel consumption compared to previous generation engine technology, as well as reduced noise levels.
It said that transitioning the global fleet to new technology aircraft is the biggest near-term action that can be taken to reduce aviation emissions.
Avolon said it is committed to a target of having over 75% of its fleet comprising the youngest, most fuel-efficient aircraft by the end of 2025.
Avolon currently has 115 A320neo family aircraft in its delivered and managed fleet, of which 39 are powered by Pratt & Whitney engines and 76 by CFM International engines.
Andy Cronin, CEO Avolon, said the engines will power its orderbook of A320neo family aircraft and put the company in an excellent position to service its customers' narrowbody requirements out to 2030 and beyond.
"Engine innovation has been one of the key tools to lower emissions and support the industry's decarbonisation journey," Mr Cronin said.
"We are delighted to be working with both Pratt & Whitney and CFM International, and excited about leveraging their engines to support the transition of our fleet to more fuel-efficient technology," he added.
