CDPQ & GECAS to form USD2bn Einn Volant Aircraft Leasing platform
Caisse de dépôt et placement du Québec (CDPQ) and GE Capital Aviation Services (GECAS) signed (19-Jun-2017) a commitment letter at the 2017 Paris Air Show to create a USD2 billion global aircraft financing platform. This new platform, to be named Einn Volant Aircraft Leasing (EVAL), will be involved in the acquisition of modern fuel efficient aircraft from a diverse set of global airlines and in leasing them back to such airlines under long-term leases.
- GECAS will source the transactions and, under a sistership condition, will invest in aircraft ownership opportunities alongside the platform to further align its interests with those of EVAL. GECAS will also act as servicer for the platform;
- EVAL will provide GECAS with the flexibility to finance future growth and opportunities, while serving as an entry point for CDPQ into the aircraft leasing and financing industry;
- The agreement represents a key step in the expansion of the strategic relationship between GE and CDPQ, which has been built over several years;
- The transaction is subject to conditions including any required regulatory approvals. [more - original PR]