Sanad Aero Solutions (Sanad), a wholly-owned subsidiary of Mubadala Development Company, on Wednesday announced an expansion to its existing relationship with Etihad Airways.
The 12-year sale and lease-back agreement is valued at $265 million and sees Sanad add an additional 12 spare engines in support of the airline, a statement said.
Sanad, which announced its leasing portfolio reached $1 billion worth of assets in 2015, has seen tremendous growth since it was established in early 2010, the statement added.
James Hogan, Etihad Aviation Group president and CEO, said: "Since its launch, Sanad has provided a broad range of financial solutions for Etihad Airways' spare inventories and has been a key enabler to our growth. We look forward to furthering our relationship with Sanad as we continue to grow."
The first deal between Sanad and Etihad Airways was signed in 2011 and included the financing of GE90 and Rolls Royce Trent spare engines. Additional deals included the financing of rotable component spares in 2013 and most recently, the addition of GEnx and GP7200 engines and spare landing gear, nacelles, and thrust reversers for the airline's Airbus A380, A330, Boeing 777 and B787 aircraft.
Troy Lambeth, CEO of Sanad, said: "Etihad Airways is an important partner and we are delighted to expand our relationship with them and with NBAD and BofAML through this transaction which is our largest to date. We are well positioned and committed to supporting the market in our continued growth."
National Bank of Abu Dhabi (NBAD) and Bank of America Merrill Lynch provided financing facilities to Sanad in support of the agreement which includes seven GEnx-1B 74/75, four GP7270E and one V2527-A5 engine.For all the latest transport news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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