Embraer has confirmed a new customer for its flagship E2 family of regional jets. The Brazilian OEM said Azorra has signed an agreement to acquire 20 new E2 examples, plus a further 30 purchase rights. The latest member of the E2 club, Azorra is a Florida-based leasing company specialising in “executive, regional and crossover aircraft”.
The deal, which is described as “flexible” by the two parties, allows Azorra to acquire a mix of E190-E2 and/or E195-E2s, however it is not immediately clear what quantities of each jet will be ordered to total the 20 ordered. According to Embraer, the agreement is valued at US$3.9bn, although customers typically negotiate generous discounts for larger commitments.
This won’t be Azorra’s first experience with the E2, in November 2021, the company completed a sale leaseback transaction with Canada’s Porter Airlines for five new E195-E2s, with the first delivery scheduled for summer this year. The transaction included the financing of manufacturer pre-delivery payments together with long-term operating leases.
John Evans, Azorra’s chief executive said: “Our team has a long and productive history with Embraer. At Jetscape, we were the first independent lessor to commit to Embraer’s E-Jet programme in December 2007, which saw E-Jets establish a global customer base of more than 80 operators. Azorra’s first new aircraft was a Phenom 300 acquired from Embraer in December 2016 – we are excited about this new chapter in our longstanding partnership with Embraer.
Speaking specifically about the E2 jet, Evans added: “This commitment underscores our belief in the E2; a modern aircraft family with superior economics and environmental performance, providing Azorra with a compelling opportunity to build a position of leadership in the markets we serve.”
Azorra has been involved in the financing of some of Porter Airlines' E2s
Deliveries are due to begin in 2023, adding a further 20 Embraer aircraft to the 21 already in Azorra’s existing and committed portfolio. Although the Florida-based firm did not reveal where the jets are ultimately destined, current operators include Azul Brazilian Airlines, KLM Cityhopper, Air Peace and Wideroe, with Porter and Air Congo among the carriers due to add the E2 to their fleets in the coming months.
Arjan Meijer, CEO of Embraer Commercial Aviation added: “We thank Azorra again for their selection of the E2, after recently completing a sale leaseback transaction with Porter Airlines. Azorra offers an exciting and innovative approach to the market, with a fierce focus on customer needs that align solidly with Embraer’s deserved reputation for outstanding customer care. With this order, Azorra have further endorsed the exceptional value that the next-generation E2 family brings to the market as the most quiet and fuel-efficient aircraft in the segment.”