Today Air Lease Corporation (NYSE:AL) announced long term lease agreements with TAP Portugal for four new Airbus A330-900neo and one new A320-200neo aircraft. The A330neo aircraft are outfitted with latest-generation Rolls-Royce Trent 7000 engines, and the A320neo is outfitted with the latest CFM LEAP1A engines. All five aircraft are from ALC’s order book with Airbus, and are scheduled to deliver between the fourth quarter of 2018 and the third quarter of 2019.

"We are pleased to complete this important A330-900neo and A320neo lease transaction with our friends at TAP. These five new-technology aircraft on lease from ALC will modernize the airline’s fleet and help develop its growing network in Europe and across the North and South Atlantic and to Africa,” said Steven F. Udvar-Házy, Executive Chairman of Air Lease Corporation.

“TAP is in the process of a major fleet transformation that simultaneously improves its cost competitiveness as well as the quality of the product. This agreement with ALC represents a fundamental step in this transformation. TAP is the launch airline customer for the A330-900neo, and these four aircraft represent a substantial commitment to reinvesting in the airline’s widebody fleet. Similarly, the A320neo will be the cornerstone of TAP’s reinvestment in next generation narrowbody aircraft. ALC has been an important partner for TAP and we look forward to working together to realize TAP’s long term fleet needs,” said Fernando Pinto, CEO of TAP Portugal.