Cebu Pacific has entered into a sale and leaseback agreement with Dublin, Ireland-based Avolon for four new Airbus A330neo aircraft.
According to Avolon, the first aircraft is scheduled to be delivered to the Philippine-based budget carrier in late 2024 with the final delivery in 2026. The new aircraft will support Cebu Pacific’s expansion of its route network in Asia and the Middle East, and its goal to transition to a fuel-efficient, new technology fleet with lower carbon emissions.
“The Cebu team is doing a fantastic job expanding the airline’s operations and we are delighted to use our balance sheet to support the addition of four new A330neos to their fleet. With the continuing recovery of air travel in Asia we look forward to further opportunities to support customers on sale and leaseback transactions, or through our orderbook, as the availability of widebodies out to 2030 continues to tighten,” said Paul Geaney, President and Chief Commercial Officer, Avolon.
“These new A330neos support our goal of transitioning to a more fuel-efficient fleet and will support our continued expansion of routes both in and to the Middle East. We appreciate Avolon’s continued support of our growth strategy as we further strengthen our position as one of Asia Pacific’s leading low-cost carriers,” said Alex Reyes, Chief Strategy Officer, Cebu Pacific.
Cebu Pacific currently operates a fleet of over 80 aircraft, including 8 Airbus A330neos (A330-900). The airline has 11 aircraft on lease with Avolon including 5 A320ceos, 3 A320neos, and 3 A330neos.
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