Aircraft leasing company Avation PLC (LON:AVAP) has bought four new Airbus A220-300 planes which it has immediately leased out to Latvian carrier airBaltic.
The low-cost airline leased two A220-300s from Avation earlier in the year and these additional planes will be delivered directly from the final assembly line in the second quarter of 2019.
READ: Avation adds another A220-300 to its leased fleet
As with the other single-aisle aircraft, airBaltic has agreed to lease the new planes for 12 years.
“We believe the A220-300 is an excellent, highly fuel-efficient new technology aircraft,” said Avation executive chairman Jeff Chatfield.
“We are growing our fleet with four more A220-300 aircraft leased to airBaltic and we are very proud to be expanding our partnership with this growing and popular airline.”
Vitold Jakovlevs, the chief financial officer of airBaltic added: “Avation has again demonstrated their competitiveness which, combined with our good experience with the first two aircraft, is why we have selected them a second time.”