Global aviation finance company Avolon has announced orders for 310 new engines to power 155 Airbus A320neo-family aircraft in its order book. The order consists of 160 GTF engines from Pratt & Whitney and 150 LEAP-1A engines from CFM International.
The combined orders, announced at the Farnborough Airshow, are valued at over US$5 billion at current list prices. The agreement also includes options to purchase a further 160 Pratt & Whitney engines and 150 CFM International engines. The orders represent Avolon’s largest ever engine commitment.
Both engine types help to lower carbon emissions by delivering at least 15% reduced fuel consumption compared to previous-generation engine technology, and also reduced noise levels. Transitioning the global fleet to new-technology aircraft is the biggest near-term action that can be taken to reduce aviation emissions, and Avolon is committed to a target of having over 75% of its fleet comprising the youngest, most fuel-efficient aircraft by the end of 2025. Beyond its 2025 target, the evolution of its fleet will be supported by deliveries of the A320neo-family aircraft out to 2032 that these engines will power.
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. Following its order for 100 A321neo aircraft in December 2023, Avolon now has an order book of 279 A320neo-family aircraft.
