Aircraft lessor Chorus Aviation Capital (CAC) has completed the delivery of a pair of new Bombardier Q400 turboprop aircraft on long-term lease to Ethiopian Airlines Group.
The subsidiary of Chorus Aviation Inc. first announced the transaction in November last year. Ethiopian now has 24 Q400s in operation or on order, the largest Q400 fleet in Africa.
CAC was only established a year ago by Chorus as a new regional aircraft lessor for jet and turboprops in the 70- to 135-seat range. “We have built and grown Chorus Aviation Capital into a significant global business with a strong customer base, attractive aircraft assets and long-term contracted leases,” said its president, Steven Ridolfi. “We are gaining momentum in this growing and dynamic market, and look forward to the continued success of this new and exciting business.”
In its first year CAC completed the acquisition of 21 aircraft with an average age of less than three years, and long-term leases with regional airlines in eight countries. It manages a fleet of five aircraft types (CRJ1000s, E190s, E195s, Q400s and ATR 72s).
“In a short period of time, we have established a strong market position in the regional aircraft leasing sector,” added Joe Randell, president and CEO of Halifax, Nova Scotia-based parent company Chorus. “Together with the 41 regional aircraft under lease in the CPA, Chorus has grown its portfolio of leased aircraft to 62 airplanes worth approximately CDN$1.2 billion.”