US-based aircraft leasing company Aviation Capital Group (ACG) has signed a $2.7bn contract with Airbus to buy 30 A320neo family aircraft.

The A320neo offers a range up to 500nm (950km) and comes with latest-generation engines and large Sharklet wing tip devices.

The company claims that the A320neo is designed to use 15% less fuel than older models of the single-aisle A320.

The new order brings the total number of A320 aircraft ordered by ACG to 98.