March 3, 2024

Porter agrees sale and leaseback of 10 Embraer E195-E2 aircraft

Porter Aircraft Leasing Corporation, a wholly-owned subsidiary of Porter Aviation Holdings Inc. (Porter), has agreed to the sale and leaseback financing for 10 with Avolo.  

Delivery of the aircraft will begin in 2023 and be operated by Porter Airlines as part of a previously-announced order for 50 E195-E2s and the option to purchase 50 additional aircraft. Porter is currently operating 11 E195-E2s.

“The E2 is an incredible addition to Porter’s fleet, offering best-in-class seat cost economics and providing an ideal platform to deliver the truly differentiated in-flight economy passenger experience that Porter is known for. This means treating everyone with care and offering complimentary amenities like wi-fi, and beer and wine served in glassware throughout the cabin,” said Jeffrey Brown, Executive Vice President and Chief Financial Officer at Porter.

“We are excited to partner with Avolon and value their reputation and expertise in aircraft leasing, which makes them an ideal new partner,” added Brown.

Porter currently operates the E195-E2 on routes across Canada. With ongoing deliveries, Porter is developing a North American network including destinations in the US, Mexico and Caribbean.

“Porter is renowned for its customer experience and has exciting plans for the expansion of its E2 fleet,” said Paul Geaney, President and Chief Commercial Officer at Avolon.

“We are delighted to welcome them as a customer and look forward to partnering on their future growth. The E2 is a modern fuel-efficient aircraft that offers excellent operating performance, competing effectively with other smaller narrowbody platforms,” he continued.