Engine lessor Willis Lease Finance has added more new-technology narrowbody engines to its portfolio following another purchase and leaseback deal with OEM Pratt & Whitney.
The latest deal is for 15 PW1100G-JM engines, which power Airbus A320neo-family aircraft, and it is expected to be completed before the end of the year.
Willis Lease concluded a similar deal with the manufacturer in 2021, for 25 geared turbofan (GTF) engines, although those also included the PW1500 model for Airbus A220 aircraft.
That deal also included a long-term maintenance and support agreement with Pratt & Whitney and an affiliate company, enabling Willis Lease to offer engines maintained through Pratt & Whitney’s GTF MRO network.
No details of a maintenance agreement were published about the more recent deal.
“We are pleased to be supporting Pratt & Whitney and their customers with another innovative transaction,” said the lessor’s CEO, Austin Willis, commenting on the most recent transaction. “By providing efficient capital, while integrating our strategically aligned aftermarket service offerings, we continue to grow our portfolio, investing in more environmentally friendly engines.”
Aviation Week Network forecasts that new technology narrowbody engines will outnumber their predecessor types—the CFM International CFM56 and IAE V2500—from 2030 in Europe and from 2031 in the U.S.
Speaking at Aviation Week Network’s Engine Leasing Trading & Finance Europe conference in May, Antoine Fafard, an analyst for the company, noted that average flying hours for the PW1100 were 26% lower in April this year than in July 2023, as more units were taken out of service for inspections.
The CFM Leap, in contrast, had 6% lower average flying hours for the same period of comparison.
