CDB Aviation, a wholly-owned Irish subsidiary of China Development Bank Financial Leasing, completed a new sale and leaseback transaction for a fleet of four Airbus aircraft with SAS. SAS is Scandinavia’s flagship airline and an existing customer of CDB Aviation.

The agreement incorporates three A320neo and one A350-900 aircraft, which are leased to SAS on a long-term basis. The carrier already took delivery of the A350 on March 26. The remaining three A320neos are expected to be delivered during the spring of 2022.

“We are pleased to expand our long-standing relationship with SAS with the addition of these new technology Airbus aircraft to the carrier’s growing one-type fleet,” Peter Goodman, chief marketing officer for CDB Aviation, said. “These aircraft will contribute to SAS’ ongoing efforts to transition their fleet to more environmentally conscious operations with their fleet’s reduced environmental footprint and enhanced cost efficiencies.”

“SAS has previously worked together with CDB Aviation on SLB transactions, and we are glad that we have secured the financing of new aircraft deliveries together with Patrick Hannigan and his team,” Magnus Örnberg, CFO of SAS, said. “The transaction enables the financing of our transition towards a unified fleet with significantly lower emissions in a cost and cash efficient way.”

“As air travel markets open up and route networks are reactivated, innovative financings for the airlines’ both immediate and longer-term requirements will be key to enabling the market’s recovery while ensuring that the airlines are able to successfully navigate their path out of this challenging environment,” Hannigan, who is CEO of CDB Aviation, said.