GE Capital Aviation Services delivered its first Airbus A320neo to AirAsia from the purchase-and-leaseback transaction with the airline for five new Airbus A320neo aircraft powered by CFM LEAP engines. CFM is a joint venture between GE and Snecma SA.

This delivery signifies the first A320neo for AirAsia and first A320neo to enter the GECAS portfolio.

Separately, GECAS purchased two Airbus A320s powered by IAE engines from AirAsia and leased to the AirAsia Group two Airbus A320s powered by CFM engines.

“This is another example of the large-scale, complex transactions only a company like GECAS can execute with our access to specific aircraft types and financial certainty,” said Antony Snelleman, GECAS senior vice president and regional manager. “We were able to help AirAsia exit older technology aircraft and move toward greater engine commonality and lower maintenance costs, as well as help them finance their new deliveries through a purchase-and-leaseback.”