22 May 2025
#4 May 2025: Irish Aircraft Leasing Newsletter
AELF Acquires A330-200 from Avolon, Expands Portfolio with Hawaiian Airlines Lease
Aircraft Engine Lease Finance (AELF) has completed the acquisition of an Airbus A330-200 (MSN 1104) from Avolon, powered by Rolls-Royce Trent engines and currently on operating lease to Hawaiian Airlines. The deal marks the first transaction between AELF and Avolon and reflects AELF’s continued focus on growing its portfolio of strong-performing widebody assets leased to reputable carriers.
Joe Cirillo, AELF’s Chief Commercial Officer, stated:
“Hawaiian Airlines, with its distinguished history and now recent acquisition by the Alaska Airlines Group, makes it a strong addition to our portfolio.”
The acquisition supports AELF’s strategy of partnering with high-credit lessees and strengthening its presence in the mid-life widebody leasing space.
Azorra Delivers First A220-300 to Croatia Airlines in New Partnership
Azorra has announced the delivery of the first of three Airbus A220-300 aircraft to Croatia Airlines, as part of a new partnership supporting the airline’s ongoing fleet renewal programme. The delivery follows Croatia Airlines’ first two A220-300 acquisitions in 2024 and includes plans for two additional deliveries by 2026.
John Evans, Azorra’s CEO and Founder, shared:
“We’re proud to support Croatia Airlines’ fleet renewal strategy and are committed to deepening our partnership as they transition to a modern, single-fleet type.”
The transaction reinforces the A220’s growing relevance as a versatile, next-generation narrowbody for European flag carriers, and underscores Azorra’s focus on efficient single-aisle placements with long-term growth value.
Avolon Appoints Linda Hickey to Board as Independent Director
Avolon has appointed Linda Hickey as an Independent Non-Executive Director and Chair of the Audit and Remuneration Committees, succeeding Denis Nayden, who is retiring after 15 years on the Board. Hickey brings extensive capital markets and corporate governance experience, and currently serves as Senior Independent Director at Greencore Group plc and Cairn Homes plc.
Andy Cronin, CEO of Avolon, commented:
“Linda is a hugely experienced company director… We look forward to working with her as we continue to deliver on our ambitious growth objectives.”
While stepping down from the Board, Nayden will remain with Avolon as a strategic advisor, continuing to contribute to the lessor’s long-term strategic decisions.
Acumen’s Take
On AELF’s A330-200 Acquisition from Avolon
AELF’s acquisition is a timely and strategic play in the widebody leasing space, with the A330-200 still delivering strong lease performance among legacy carriers. The association with Hawaiian Airlines, now part of Alaska Airlines Group, also increases lease stability and residual confidence. This is a textbook mid-life asset play, enabling AELF to generate returns through residual control and mature-market leasing.
On Azorra’s Entry into Croatia Airlines’ Fleet Renewal
Azorra’s delivery of the A220-300 to Croatia Airlines is not just a deal—it’s the foundation of a multi-year strategic relationship. With Croatia Airlines transitioning to a single-type A220 fleet, Azorra is positioning itself as a trusted long-term fleet partner. This reflects a wider trend across Europe of carriers shifting to fuel-efficient regional jets with lower operating costs and higher passenger comfort.
On Avolon’s Board Reshuffle
The appointment of Linda Hickey signals Avolon’s continued commitment to robust governance, transparency, and shareholder value, particularly as it deepens its financing relationships and prepares for further portfolio expansion. Denis Nayden’s continued involvement as a strategic advisor maintains institutional continuity while injecting new governance oversight with Hickey’s leadership in audit and remuneration.
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