Avolon, a leading international aircraft leasing company, has signed a sale and leaseback agreement with Porter Airlines for 10 new Embraer E195-E2 aircraft, with a list price of $841.2m.
The new aircraft will support Porter’s expansion of routes within Canada and further into the North American market. The deal also marks the first of Embraer’s advanced new E2 aircraft to join Avolon’s fleet.
The E195-E2 has been designed to maximize returns and efficiency, achieving 25% lower carbon emissions and fuel burn compared to the previous generation aircraft. The new aircraft also supports Avolon’s progress towards its fleet target of 75% new technology aircraft by 2025.
Porter introduced the E195-E2 to commercial service in February 2023 and plans to expand its fleet in coming years, with 50 firm orders and the option to purchase 50 additional aircraft.
Porter’s E2 configuration offers passengers a comfortable 132-seat, all-economy, two-by-two set up, with no middle seats.
Initial routes for Porter’s E2 fleet are focussed within Canada, but the airline has ambitions to quickly grow to the south, soon offering service for its customers to key markets in the US, as well as Mexico and the Caribbean.