Willis Lease Finance Corporation (WLFC), a prominent lessor of commercial aircraft engines and global provider of aviation services, has finalised a deal with Pratt & Whitney, a division of RTX Corporation, for the purchase-and-leaseback of up to fifteen Pratt & Whitney PW1100G-JM GTF aircraft engines.
All purchases are expected to be completed by December 31, 2024. Pratt & Whitney’s GTF engines offer up to 17% lower fuel consumption, are certified for operation on 50% Sustainable Aviation Fuel (SAF), and have been successfully tested on 100% SAF. The transaction is valued at US$363.9 million, according to Pratt & Whitney’s list prices for the year 2024.
“We are pleased to be supporting P&W and their customers with another innovative transaction,” said CEO Austin C. Willis. WLFC completed a purchase-and-leaseback transaction of 25 GTF engines with Pratt & Whitney in early 2021.
“By providing efficient capital, while integrating our strategically aligned aftermarket service offerings, we continue to grow our portfolio, investing in more environmentally friendly engines,” shared Willis. “This effort supports our commitment to decarbonising commercial aviation in line with our SAF initiative and we look forward to discussing this as well as our performance in our second quarter earnings call in early August.”
