The commercial passenger aircraft leasing company said the 12-year lease commenced on 26 March 2019.
Avation's executive chairman, Jeff Chatfield commented: "We have expanded our fleet with a third new aircraft delivery to airBaltic and we are proud to be associated with this growing and popular airline. Avation is pleased to be involved with the A220 programme as a lessor and we are optimistic about the prospects for this new-technology, fuel-efficient aircraft type."
airBaltic's chief executive, Martin Gauss, said: "airBaltic is making good progress with its fleet rationalization around the Airbus A220-300 and we are very pleased to be taking delivery of this next aircraft from Avation PLC, who has again been selected to supply on lease another four aircraft, this being the first of the four."
At the end of February, Avation - which also counts airlines like Thomas Cook and easyJet among its customers - reported a pre-tax profit for the six months ended 31 December of US$14.2mln, up 95% on a year ago, while revenues from its lease rentals jumped 40% to a record US$58.2mln.