CDB Aviation Delivers First of 14 New A320neo Aircraft to India’s GoAir
Purchase and Leaseback Transaction Demonstrates the Company’s Key Resources and Capabilities as a Full-Service Global Leasing Platform
HAMBURG, Germany – November 20, 2017 – CDB Aviation Lease Finance DAC (“CDB Aviation”), a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Limited (“CDB Leasing”), announced today the delivery of a new Airbus A320neo aircraft to India-based, low-cost carrier Go Airlines (India) Ltd. (“GoAir”).
The aircraft is the first of a total of 14 A320neos to be delivered to GoAir as part of a Purchase and Leaseback transaction, which involves a binding agreement for five aircraft and a non-binding Letter of Intent for an additional nine aircraft that are subject to CDB Aviation internal approvals, signed between the airline and CDB Aviation. The program is expected to run through the end of 2019, with the initial five aircraft to be delivered by the end of 2017. The aircraft will join the carrier’s all-A320 fleet and will be operated on its domestic network that connects prominent business metros and leisure destinations across the Indian subcontinent.
“We are very delighted to execute a purchase and leaseback program with GoAir that represents such a large-scale transaction. The 14 aircraft fleet requires the support of an established, full-service platform and CDB Aviation is well positioned to deliver the platform to the market that has the required resources, expertise, and capabilities,” said CDB Aviation President and Chief Executive Officer Peter Chang. “The completion of this transaction further demonstrates CDB Aviation’s steadfast commitment to executing our strategy to secure and build a fleet of the latest technology aircraft and engines to offer airlines the ideal fleet options they seek, one aircraft or an entire fleet at a time.”
Jeh Wadia, Managing Director, GoAir, said: “From our firm order of 144 A320neos we are delighted to have completed a 14 aircraft sale-leaseback program with CDB Aviation. We appreciate the opportunity to work with CDB Aviation and look forward to further optimizing our fleet through our long-term partnership.”
About CDB Aviation Lease Finance
CDB Aviation Lease Finance DAC (“CDB Aviation”) is a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Limited (“CDB Leasing”), a 33-year-old Chinese leasing company that is backed mainly by the China Development Bank. China Development Bank is under the direct jurisdiction of the State Council of China and is the world’s largest development finance institution. It is also the largest Chinese bank for foreign investment and financing cooperation, long-term lending and bond issuance, enjoying Chinese sovereign credit rating.
CDB Leasing is the only leasing arm of the China Development Bank and a leading company in China’s leasing industry that has been engaged in aircraft, infrastructure, ship, commercial vehicle and construction machinery leasing and enjoys a Chinese sovereign credit rating. It took an important step in July 2016 to globalize and marketize its business – listing on the Hong Kong Stock Exchange (HKEX STOCK CODE: 1606).
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