Published on September 30th, 2021 | by Alan Dwyer0
GECAS Arrange Purchase-Leaseback Deal with Finnair
Finnair has entered into a Purchase-Leaseback (PLB) agreement for four currently operating Airbus A350-900s with GECAS and Gilead Aviation, the joint venture between GECAS and Pacific Investment Management Company LLC (“PIMCO”). The arrangement includes in-service aircraft, with three being purchased by GECAS and one by Gilead Aviation.
The national flag carrier of Finland, Finnair, was the third airline to ever operate Airbus’ A350-900, taking delivery in October 2015 through a PLB of the aircraft with GECAS. Finnair currently operates 16 of this type and has a further three on order. The new technology large widebody Airbus A350 utilizes advanced lightweight materials, new engine technology and wing-morphing aerodynamics to reduce fuel consumption and CO2 emissions by 25% versus prior generation types.
Commenting on the deal, Finnair’s SVP of Finance and Fleet Management, Christine Rovelli said, “We have found the A350 to be a great complement to Finnair’s fleet, providing a comfortable and reliable experience for our long-distance travellers. Likewise, we have found GECAS to be a reliable and valuable source to support our fleet requirements.”
Also commenting was Alan Buckley of GECAS who added, “GECAS is extremely grateful for the decades-long relationship we’ve shared with Finnair. We’re proud to be able to support such an outstanding operator with a range of customized solutions and arranging financing on their aircraft both pre-and post-delivery.”