Aircraft leasing company Avolon signed a memorandum of understanding with Airbus at the Paris Air Show to order 20 A330neo aircraft. The new aircraft are scheduled to be delivered between 2026 and 2028.

Avolon was a launch customer for the A330neo program in 2014 and has fully placed its current widebody order book. The A330neo has a range of more than  13,300 kilometers (7,200 nautical miles) and 25% lower fuel consumption and CO2 emissions compared to previous generation aircraft.

Through the agreement, 50 A320neo aircraft Avolon has on order with Airbus will be converted to the larger A321neo model.

“We have been a strong supporter of the A330neo program since its launch and, with our existing widebody orderbook fully placed, we are now locking in future growth in a supply constrained environment,” Andy Cronin, CEO of Avolon, said. “Our expanded delivery pipeline allows us to offer our customers the A330neo’s range and reduced emissions, supporting their evolving fleet needs. Our recent aircraft orders and commitments reflect our confidence in the long-term growth trajectory of the aviation sector, which is outlined in our recent World Fleet Forecast projecting that the global passenger fleet will almost double by 2042.”

“It’s fantastic to see Avolon once again commit additional investment in the A330neo aircraft and lead the lessor market reordering widebody aircraft,” Christian Scherer, chief commercial officer and head of international at Airbus, said. “Avolon’s vision and timing could not be better with this commitment for a further 20 aircraft to its portfolio. Avolon will benefit from the strong wave of growth and replacements that we currently observe across all markets.”