ICBC Leasing signs deal to power new aircraft with IAE’s V2500 engine

ICBC Financial Leasing Co, a wholly owned subsidiary of the Industrial and Commercial Bank of China (ICBC), has signed a $430m agreement with IAE International Aero Engines to power its new aircraft with V2500 engines.

The new contract will see IAE’s V2500 engines power 17 firm and three option A320 series aircraft, bringing the total number of V2500 engines ordered by ICBC Leasing to 37.

Deliveries under the deal will begin in 2015 and continue through tot 2017. The aircraft will be leased to operators worldwide.

ICBC Leasing president Cong Lin said that the company is very pleased with the success of lease placements for its previous V2500 order.

"This engine fits in well with our goal of being one of the top lessors in the world," Lin said.

IAE’s V2500 two-shaft high-bypass turbofan engine has a thrust range of 22,000lb-33,000lb and comes in four models,V2500-A1, V2500-A5, V2500-D5 and V2500-E5

IAE president and CEO Jon Beatty said the company appreciated ICBC Leasing’s selection of the V2500 engine once again.

"We look forward to continuing our relationship with them and providing them with powerplants that will continue to fuel their growth," Beatty said.

To date, more than 5,700 V2500 engines have been delivered and nearly 1,600 more engines are on order with close to 200 customers worldwide.

ICBC Leasing focuses on three business lines, aviation, shipping and large-ticket equipment, and owns and manages more than 350 modern aircraft.

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Image: More than 5,700 V2500 engines have been delivered to date. Photo: courtesy of IAE International Aero Engines AG.