CDB Aviation, a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Limited (CDB Leasing), announced an order for CFM Internationals LEAP-1A engines to power 45 Airbus A320neo aircraft. The engine order is valued at more than $1.3 billion U.S. dollars at list price.
This is the CDB Aviations second LEAP-1A engine order. In November 2016, the company selected LEAP-1A engines to power 100 percent of its first batch of A320neo aircraft. Todays order takes its LEAP-1A/A320neo fleet to 90 aircraft.
With our commitment to continue to deepen our working relationships as we serve our customers and their evolving needs, the LEAP-1A engine delivers a multitude of benefits and operating advantages. We value our partnership with CFM and this agreement will support our airline customers fleet operations, said Peter Chang, CDB Aviation Chief Executive Officer.
We are pleased to expand our great relationship with CDB Aviation, said Gaël Méheust, president and CEO of CFM International. We are pleased that their customers are seeing the value that the LEAP engine brings to their operations.
The LEAP-1A engine is providing operators with a 15 percent improvement in fuel consumption and CO2 emissions, along with dramatic reductions in engine noise and exhaust gaseous emissions. All this technology is focused on providing better utilization, including CFMs legendary reliability out of the box; greater asset availability; enhanced time on wing margins to help keep maintenance costs low; and minimized maintenance actions, all supported by sophisticated analytics that enable CFM to provide tailored, predictive maintenance over the life of the product.
About CDB Aviation
CDB Aviation is a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Limited (CDB Leasing) a 35-year-old Chinese leasing company that is backed mainly by the China Development Bank. CDB Aviation is rated Investment Grade by Moodys (A1), S&P Global (A), and Fitch (A+). China Development Bank is under the direct jurisdiction of the State Council of China and is the worlds largest development finance institution. It is also the largest Chinese bank for foreign investment and financing cooperation, long-term lending and bond issuance, enjoying Chinese sovereign credit rating.
CDB Leasing is the only leasing arm of the China Development Bank and a leading company in Chinas leasing industry that has been engaged in aircraft, infrastructure, ship, commercial vehicle and construction machinery leasing and enjoys a Chinese sovereign credit rating.
About CFM International
The LEAP engine is a product of CFM International, a 50/50 joint company between GE and Safran Aircraft Engines. This engine has experienced the fastest order ramp up in commercial aviation history and CFM has received orders and commitments for a total of more than 17,600 LEAP engines, including spares, across all three models through May 2017.