Porter Secures Sale and Leaseback with Avolon for Four Pratt & Whitney PW1921G Engines

TORONTO--(BUSINESS WIRE)--Porter Aviation Holdings Inc.’s (Porter) wholly-owned subsidiary, Porter Aircraft Leasing Corp., has entered into sale and leaseback financing agreements for four Pratt & Whitney PW1921G engines with Avolon, the international aircraft leasing company. Porter is expected to receive the engines in 2025 and 2026, as part of its ongoing Embraer E195-E2 aircraft deliveries.

Porter currently has a firm order of 75 Embraer E195-E2 aircraft and 25 purchase rights, which makes the airline one of the largest E2 customers in the world. The airline has currently taken delivery of 43 E195-E2s, which are being operated by Porter Airlines (Canada) Limited throughout North America.

“The GTF-powered E195-E2 is the right choice for Porter and our passengers. GTF engines help make this aircraft the quietest, most efficient, most sustainable single-aisle jet available today,” said Julian Low, vice president, corporate development, Porter Airlines. “We value Avolon’s expertise and partnering with them demonstrates the continued confidence in Porter’s growth plan and our ability to expand our network across North America.”

“Avolon is delighted to be partnering with Porter on this transaction, building on the relationship we have developed since we collaborated on previous aircraft sale and leaseback transactions,” said Steven Graham, Head of Americas, Europe and OEM, Avolon. “These GTF engines will provide the certainty to support Porter as it continues to execute on its exciting growth plans for the region.”

Parr Brown Gee & Loveless acted as lead counsel to Porter. Seabury Securities LLC acted as advisor and placement agent to Porter.

About Porter

Since 2006, Porter Airlines has been elevating the experience of economy air travel for every passenger, providing genuine hospitality with style, care and charm. Porter’s fleet of Embraer E195-E2 and De Havilland Dash 8-400 aircraft serves a North American network from Eastern Canada. Headquartered in Toronto, Porter is an Official 4 Star Airline® in the World Airline Star Rating®. Visit www.flyporter.com or follow @porterairlines on Instagram, Facebook and Twitter.

About Avolon

Avolon is a leading global aviation finance company connecting capital with customers to drive the transformation of aviation and the economic and social benefits of global travel. We pride ourselves on our deep customer relationships, our collaborative team approach, and our fast execution. We invest with a long-term perspective, diversifying risk and managing capital efficiently to maintain our strong balance sheet. Working with 140 airlines in 59 countries, Avolon has an owned, managed, and committed fleet of 1,129 aircraft, as of 31 December 2024 on a pro forma basis including the proposed acquisition of Castlelake Aviation Limited. www.avolon.aero