Aircraft Orders & Deliveries
CDB Aviation Delivers Airbus A320neo Jets to Azerbaijan Airlines
CDB Aviation delivers two Airbus A320neo aircraft to Azerbaijan Airlines, supporting fleet modernization and sustainability goals in Eurasia.
The successful completion of CDB Aviation’s mandate to deliver two brand-new Airbus A320neo aircraft to Azerbaijan Airlines marks a significant moment for both the lessor and the flag carrier of Azerbaijan. This transaction is not only CDB Aviation’s inaugural deal in Azerbaijan, but also a pivotal step in Azerbaijan Airlines’ ongoing fleet modernization strategy. The delivery, finalized on October 9, 2025, in Blagnac, France, positions both parties to strengthen their operational capabilities and market presence in the Eurasian region.
Fleet renewal is a core focus for many airlines worldwide, especially as the aviation industry intensifies efforts to improve fuel efficiency, reduce emissions, and enhance the passenger experience. For Azerbaijan Airlines (AZAL), the acquisition of the latest-generation A320neo aircraft underscores its commitment to Sustainability and operational excellence. For CDB Aviation, this deal signals a strategic expansion into the Eurasian market, reflecting broader trends in global aircraft leasing and airline partnership models.
The delivery of the two Airbus A320neo aircraft is a cornerstone in Azerbaijan Airlines’ plan to phase out older A319 and A320 models in favor of more advanced, fuel-efficient jets. The agreement was first announced in June 2024, with the first aircraft delivered in September 2025 and the second following in October. This initiative aligns with global aviation trends, where Airlines are under increasing pressure to modernize fleets for both economic and environmental reasons.
For CDB Aviation, this transaction represents its first foray into the Azerbaijani market. As a full-service aircraft leasing company headquartered in Dublin, Ireland, and a wholly owned subsidiary of China Development Bank Financial Leasing Co., Ltd., CDB Aviation brings significant financial strength and expertise. The company’s investment-grade ratings from Moody’s (A2), S&P Global (A), and Fitch (A+) reflect its robust position in the global leasing market, with a fleet of 517 owned and committed aircraft serving 87 lessees across 42 countries.
AZAL, the national flag carrier of Azerbaijan, has been recognized for its service quality, having earned the “Best Regional Airline in Central Asia and the CIS” at the Skytrax World Airline Awards for two consecutive years. The airline’s modernization efforts are critical to maintaining its competitive edge, enhancing passenger comfort, and ensuring compliance with evolving regulatory and sustainability standards.
The addition of the A320neo family to AZAL’s fleet is a deliberate move to boost fuel efficiency and reduce greenhouse gas emissions. The A320neo, equipped with CFM International LEAP-1A26 engines, offers up to 20% fuel and CO2 savings per seat compared to previous-generation A320 models. These improvements translate into lower operating costs and a smaller environmental footprint, addressing key industry concerns about sustainability.
Modern aircraft like the A320neo also provide a superior passenger experience, featuring the “Airspace” cabin design with more personal space and larger overhead bins. For AZAL, this means the ability to offer enhanced comfort across Economy, Premium Economy, and Business Class, further differentiating its service offering in a competitive market.
The strategic partnership with CDB Aviation also opens new avenues for AZAL, providing access to state-of-the-art aircraft without the capital burden of outright purchase. This leasing model is increasingly favored by airlines seeking flexibility and financial efficiency in fleet planning. “We are pleased to deepen our cooperation with CDB Aviation through the delivery of these new A320neo aircraft. The addition of these modern, fuel-efficient aircraft supports AZAL’s ongoing fleet renewal strategy and reflects our commitment to offering passengers a more comfortable and sustainable travel experience.”
, Samir Rzayev, President of Azerbaijan Airlines
This transaction is notable as CDB Aviation’s first in Azerbaijan, marking a strategic expansion into the Eurasian region. The company’s entry into this market reflects a broader industry trend where lessors seek to diversify their customer base and establish long-term relationships with emerging carriers.
For CDB Aviation, the deal is an opportunity to showcase its capability to deliver modern, efficient aircraft and support the growth ambitions of airlines in new markets. The partnership with AZAL demonstrates the value of collaboration between global lessors and regional carriers, especially as airlines seek to modernize fleets in a rapidly changing industry landscape.
Industry experts view this development as a positive signal for the region’s aviation sector, indicating growing demand for fuel-efficient aircraft and sophisticated leasing solutions. As airlines in Eurasia and beyond look to adapt to new market realities, partnerships like this are likely to become increasingly common.
“I would like to thank the AZAL and CDB Aviation teams for their excellent collaboration to date. We are confident that the addition of these latest generation A320neo Family aircraft will further boost AZAL’s sustainable growth.”
, Jie Chen, Chief Executive Officer of CDB Aviation
The Airbus A320neo (new engine option) is a narrow-body airliner designed to deliver significant improvements over its predecessor, the original A320. Key enhancements include advanced engine technology, improved aerodynamics with “Sharklet” wingtip devices, and an upgraded cabin environment. These features collectively enable up to 20% fuel and CO2 savings per seat, making the A320neo a preferred choice for airlines seeking operational efficiency and environmental responsibility.
The aircraft’s range of up to 3,400 nautical miles and seating capacity of up to 194 passengers provide airlines with flexibility to serve both short- and medium-haul routes efficiently. The A320neo’s popularity is underscored by its status as the highest-selling and most-produced jet airliner series in history, with over 11,256 Orders from more than 130 customers worldwide as of September 2025.
For AZAL, the integration of the A320neo aligns with its network expansion and service upgrade plans. Passengers benefit from quieter cabins, more space, and improved amenities, while the airline gains from lower fuel costs and reduced maintenance requirements. The A320neo’s reliability and performance have made it a mainstay in the global airline industry, and its adoption by AZAL is a testament to the aircraft’s enduring appeal. The A320neo’s advanced engines, specifically the CFM International LEAP-1A26 model used by AZAL, are at the forefront of aviation technology. These engines contribute to lower fuel burn, reduced noise, and decreased emissions, helping airlines meet stricter environmental regulations and public expectations regarding sustainability.
The aircraft’s design also supports operational flexibility, allowing airlines to optimize route planning and fleet utilization. For AZAL, this means the ability to efficiently serve a diverse route network spanning Asia, the CIS, and Europe, while maintaining high standards of reliability and punctuality.
By investing in the A320neo, AZAL positions itself to respond effectively to future industry challenges, including fluctuating fuel prices and evolving passenger preferences. The aircraft’s proven track record and widespread adoption provide a strong foundation for the airline’s continued growth and competitiveness.
The Delivery of the A320neo aircraft to AZAL comes at a time of significant change in the global and regional aviation sectors. Airlines are increasingly focused on fleet renewal and sustainability, driven by regulatory pressures and shifting market dynamics. The partnership between CDB Aviation and AZAL exemplifies how lessors and carriers can work together to achieve mutual goals of efficiency, growth, and environmental stewardship.
In parallel to these fleet developments, the region has also been impacted by broader geopolitical events. On October 9, 2025, Russian President Vladimir Putin publicly acknowledged Russia’s responsibility for the downing of an Azerbaijan Airlines Embraer E190 in December 2024, an incident that resulted in 38 fatalities. While unrelated to the A320neo transaction, this development underscores the complex and sometimes volatile environment in which regional airlines operate.
Despite these challenges, the successful delivery of the A320neo aircraft demonstrates the resilience and forward-looking approach of both AZAL and its partners. By investing in modern technology and building strong international relationships, AZAL is well positioned to navigate future uncertainties and continue its trajectory of growth and service excellence.
The completion of CDB Aviation’s mandate to deliver two Airbus A320neo aircraft to Azerbaijan Airlines represents a strategic achievement for both organizations. For AZAL, the new aircraft are a critical component of its fleet renewal strategy, supporting goals of sustainability, efficiency, and enhanced passenger service. For CDB Aviation, the transaction marks a successful entry into the Azerbaijani market and reinforces its role as a leading global lessor.
Looking ahead, the partnership between AZAL and CDB Aviation may serve as a model for future collaborations in the region and beyond. As the aviation industry continues to evolve, investments in next-generation aircraft and strategic alliances will be key drivers of success. The delivery of the A320neo aircraft is more than a routine fleet update; it is a signal of commitment to innovation, sustainability, and long-term growth in a dynamic global marketplace. What is the significance of the A320neo delivery to Azerbaijan Airlines? Who is CDB Aviation? What makes the Airbus A320neo different from older models? Is this the first time CDB Aviation has worked with Azerbaijan Airlines? What engines do the delivered A320neo aircraft use?
CDB Aviation Delivers Two Airbus A320neo Aircraft to Azerbaijan Airlines: A Strategic Milestone
The Strategic Importance of the Delivery
Fleet Modernization and Sustainability
Expanding Presence in the Eurasian Market
The Airbus A320neo: Features and Market Impact
Operational and Environmental Benefits
Industry Context and Recent Developments
Conclusion
FAQ
The delivery is part of AZAL’s fleet modernization strategy, helping the airline improve fuel efficiency, reduce emissions, and enhance passenger comfort.
CDB Aviation is a global aircraft leasing company headquartered in Dublin, Ireland, and a subsidiary of China Development Bank Financial Leasing Co., Ltd., serving 87 lessees in 42 countries.
The A320neo features advanced engines, improved aerodynamics, and a redesigned cabin, resulting in up to 20% fuel and CO2 savings per seat compared to previous-generation A320 aircraft.
Yes, this delivery marks CDB Aviation’s first transaction in Azerbaijan, expanding its customer base in the region.
The aircraft are equipped with CFM International LEAP-1A26 engines, known for their efficiency and reduced emissions.
Sources
Photo Credit: CDB Aviation
Aircraft Orders & Deliveries
BOC Aviation Renews $3.5B Credit Facility with Bank of China to 2031
BOC Aviation extends its $3.5 billion revolving credit facility with Bank of China to 2031, securing liquidity for aircraft investments and growth.
This article is based on an official press release from BOC Aviation.
BOC Aviation Limited has officially announced the renewal of its US$3.5 billion unsecured revolving credit facility (RCF) with its majority shareholder, the Bank of China. Confirmed on February 16, 2026, the transaction extends the maturity of the facility to February 13, 2031, providing the Singapore-based lessor with a five-year horizon of secured liquidity.
The renewal maintains the facility’s total value at the same level established during its 2020 expansion. According to the company, this move is designed to bolster financial flexibility and ensure consistent access to capital for aircraft investments, regardless of broader market cycles. The agreement underscores the continued financial backing BOC Aviation receives from its parent company, a critical differentiator in the competitive aircraft leasing sector.
The renewed agreement is an unsecured revolving credit facility, a structure that allows BOC Aviation to draw down, repay, and re-borrow funds as needed up to the US$3.5 billion limit. By extending the maturity date to 2031, the lessor secures a long-term funding runway to support its growth strategy.
Steven Townend, Chief Executive Officer and Managing Director of BOC Aviation, emphasized the strategic importance of this renewal in a statement released by the company. He highlighted the alignment between the lessor and its parent organization.
“This RCF extension reflects the confidence that Bank of China has in the future of our business and underscores the depth of our relationship with our major shareholder. The facility strengthens our financial flexibility and ensures our access to ample liquidity to support our aircraft investments across the cycle.”
, Steven Townend, CEO of BOC Aviation
The credit facility has grown significantly alongside BOC Aviation’s fleet over the last two decades. The company provided a timeline of the facility’s evolution, illustrating the increasing scale of support from the Bank of China:
This liquidity event occurs against a backdrop of significant operational activity for the lessor. As of December 31, 2025, BOC Aviation reported a total portfolio of 815 aircraft and engines, including owned, managed, and ordered assets. The company’s reach extends to 87 airlines across 46 countries and regions.
Data released regarding the full year 2025 indicates robust activity, with the company taking delivery of 51 new aircraft and executing a record 333 transactions. These transactions included 160 aircraft purchase commitments, signaling an aggressive growth posture that necessitates substantial available capital. In addition to the RCF renewal, BOC Aviation has recently moved to diversify its funding sources. In early February 2026, the company successfully priced US$500 million in senior unsecured notes. The combination of these notes and the renewed RCF provides a multi-layered capital structure to fund future acquisitions.
The renewal of this facility highlights a structural advantage for BOC Aviation compared to independent lessors. In a high-interest-rate environment or during periods of market volatility, the cost of funds is a primary determinant of a lessor’s profitability. The direct backing of a major state-owned bank allows BOC Aviation to secure large-scale liquidity that might be more expensive or difficult to arrange for competitors without similar parentage.
Furthermore, with supply chain constraints continuing to affect Airbus and Boeing deliveries in 2026, lessors with ready cash are better positioned to execute sale-and-leaseback (SLB) transactions with airlines desperate for liquidity. By locking in US$3.5 billion in revolving credit through 2031, BOC Aviation is effectively positioning itself to act as a liquidity provider to the airline industry, potentially acquiring assets at attractive valuations while manufacturers struggle to meet delivery targets.
BOC Aviation Secures US$3.5 Billion Facility Renewal with Bank of China
Transaction Details and Management Commentary
Historical Evolution of the Facility
Operational Context and Financial Position
AirPro News Analysis
Sources
Photo Credit: BOC Aviation
Aircraft Orders & Deliveries
Air Astana Orders 15 Boeing 787-9 Dreamliners to Expand US Routes
Air Astana finalizes $7B order for 15 Boeing 787-9 Dreamliners to modernize its fleet and enable direct flights to North America starting 2026.
This article is based on an official press release from Boeing and Air Astana.
On February 17, 2026, Air Astana JSC, the flag carrier of Kazakhstan, officially finalized a major agreement with Boeing for up to 15 Boeing 787-9 Dreamliner aircraft. The deal, announced in Seattle, marks the largest single aircraft purchase in the airline’s history and signals a pivotal shift in its long-haul strategy. Valued at approximately $7 billion at list prices, the agreement is designed to modernize the carrier’s widebody fleet and facilitate direct operations to North America.
The acquisition comes at a critical transition point for the Airlines, coinciding with a leadership change and following its recent IPO. According to the official announcement, the new fleet will replace aging Boeing 767s and provide the range necessary to navigate complex geopolitical airspace restrictions while connecting Central Asia to the United States.
The agreement creates a long-term pipeline for fleet renewal. According to details released regarding the Contracts, the order for 15 aircraft is structured in three tiers:
While the newly purchased jets are scheduled for delivery between 2032 and 2035, Air Astana will begin operating the Dreamliner much sooner. Through a separate agreement with Air Lease Corporation (ALC), three leased Boeing 787-9s are expected to join the fleet in the first quarter of 2026. These leased units will allow the carrier to begin pilot training and route expansion immediately, bridging the gap until the direct orders arrive.
The selection of the 787-9 variant represents a significant upgrade in capacity and efficiency over Air Astana’s current widebody workhorse, the Boeing 767-300ER. Data provided in the announcement indicates the new Dreamliners will feature a two-class configuration with 303 seats, a substantial increase from the 223 seats offered on the 767s.
In a notable strategic pivot, Air Astana has selected General Electric GEnx-1B engines to power the new fleet, moving away from a 2012 intention to utilize Rolls-Royce Trent 1000 engines. The airline cites the 787-9’s superior fuel efficiency and range, approximately 7,530 nautical miles, as critical factors in the decision.
“Boeing airplanes have been integral to Air Astana’s operations from the beginning. We are proud that the 787 Dreamliner will support Central Asia’s growing importance in global aviation.”
, Paul Righi, VP of Commercial Sales (Eurasia), Boeing
A primary driver behind this investment is the airline’s ambition to launch non-stop service from Kazakhstan to New York (JFK). This route has long been a strategic goal but faces significant logistical hurdles due to the closure of Russian airspace following geopolitical sanctions. The current geopolitical climate necessitates a southern route over the Caspian Sea, Turkey, and Europe, adding considerable distance to the flight path. The extended range of the Boeing 787-9 is essential to making this detour commercially and operationally viable, allowing Air Astana to bypass Russian airspace without sacrificing payload or requiring technical stops.
The timing of this order suggests Air Astana is aggressively positioning itself as the dominant connector in the Central Asian market, outpacing regional competitors like Uzbekistan Airways. By securing the 787-9, the airline is not only solving the immediate problem of airspace restrictions but is also future-proofing its fleet against fuel price volatility. The shift to GE engines likely reflects a desire for reliability on these ultra-long-haul routes, where engine performance over remote regions is paramount.
The finalization of this order serves as a capstone achievement for outgoing CEO Peter Foster, who is set to retire in March 2026. Foster has led the airline through its recent IPO and this historic fleet renewal. He will be succeeded by current CFO Ibrahim Canliel, who will oversee the financial integration of these assets.
“The 787-9’s advanced technology and efficiency will allow us to connect Kazakhstan to new markets, including North America, with a superior passenger experience.”
, Peter Foster, Outgoing CEO, Air Astana
Sources: Boeing Mediaroom
Air Astana Finalizes Historic Orders for 15 Boeing 787-9 Dreamliners to Target US Routes
Deal Structure and Delivery Timeline
Technical Specifications and Fleet Modernization
Strategic Expansion: The “Holy Grail” of New York
AirPro News Analysis
Leadership Transition
Sources
Photo Credit: Boeing
Aircraft Orders & Deliveries
BlueFive Capital Launches Aircraft Leasing Platform in Oman Targeting $1B Fund
BlueFive Capital launches BlueFive Leasing in Muscat, Oman, aiming to raise over $1 billion to acquire commercial aircraft assets across Middle East, Asia, and Africa.
This article is based on an official press release from BlueFive Capital.
BlueFive Capital, a global alternative investment firm, has officially announced the launch of BlueFive Leasing, a new dedicated aircraft leasing and asset management platform headquartered in Muscat, Oman. The initiative marks a significant expansion for the firm, which is led by former Investcorp Co-CEO Hazem Ben-Gacem.
According to the company’s announcement, the new venture is established through a strategic partnership with a major Omani sovereign institution. To fuel its operations, BlueFive Leasing has commenced fundraising for BlueFive Wings Fund I, an investment vehicle targeting more than $1.0 billion in capital commitments to acquire commercial aircraft assets.
BlueFive Leasing aims to capitalize on the robust demand for air travel across the Middle-East, Asia, and Africa. By establishing its headquarters in Muscat, the platform aligns with broader regional goals to develop local financial markets and diversify economic activities.
The platform’s mandate is broad, covering the full age spectrum of commercial-aircraft. According to the press release, the company plans to build a portfolio containing a mix of:
This flexible approach allows BlueFive Leasing to offer competitive solutions to established airlines globally, particularly those modernizing fleets or expanding routes in high-growth emerging markets.
“The launch of BlueFive Leasing reflects our strategic ambition to diversify regional investment portfolios and provide a new source of aviation capital from the GCC.”
, Hazem Ben-Gacem, Founder & CEO of BlueFive Capital
The launch of the leasing platform follows a period of rapid growth for BlueFive Capital. Founded in late 2024, the firm has quickly scaled its operations. Following the recent close of its $3 billion Onyx Fund I, which focuses on technology investments in the U.S. and Europe, BlueFive Capital now reports approximately $7.4 billion in assets under management (AUM).
Hazem Ben-Gacem, who brings three years of leadership experience from Investcorp, serves as the driving force behind the firm. While specific executive appointments for the leasing arm’s day-to-day management have not yet been detailed, the company states it has assembled an expert management team with deep experience in aviation finance. The establishment of BlueFive Leasing represents more than just a new investment vehicle; it signals the continued maturation of the Gulf Cooperation Council (GCC) as a global hub for aviation finance. Historically, the region was known primarily for its world-class carriers like Emirates and Qatar Airways. Today, however, Gulf nations are moving “upstream” to own the assets themselves.
BlueFive Leasing joins a growing list of regional heavyweights, including Dubai Aerospace Enterprise (DAE) and Saudi Arabia’s AviLease. By partnering with an Omani sovereign institution, widely believed by industry analysts to be the Oman Investment Authority (OIA) or its Future Fund Oman, BlueFive is effectively leveraging sovereign wealth to capture value from the very assets that service the region’s booming travel hubs.
Furthermore, the decision to trade across the “full age spectrum” rather than focusing exclusively on new-technology aircraft suggests an opportunistic strategy. This approach may allow the firm to generate higher yields by trading mid-life assets, a segment where demand remains high due to production delays at major manufacturers like Boeing and Airbus.
BlueFive Capital Launches Aircraft Leasing Platform in Oman, Targets $1 Billion Fund
Strategic Expansion into Aviation Finance
Leadership and Capital Growth
AirPro News Analysis
Summary of Key Facts
Sources
Photo Credit: BlueFive
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