Dubai: Etihad Airways has leased $100 million of spare engine and component assets from Mubadala Development Company subsidiary Sanad Aero Solutions.
The assets include spare General Electric GEnx and Engine Alliance GP7200 engines and spare landing gear and nacelles, according to a joint statement released on Monday.
A nacelle is the housing that holds engines, fuel or equipment on an aircraft.
The engines and other assets will be used on Etihad’s “growing fleet of [Boeing] B777, B787, [Airbus] A320 and A380 aircraft.”
“Last year 21 aircraft joined the fleet, including our first A380 and Boeing 787 Dreamliner aircraft. With another 16 Airbus and Boeing aircraft scheduled for delivery in 2015, it’s vital that we have the recommended level of inventory to keep our fleets fully serviceable at all times,” stated James Hogan, Etihad Airways president and chief executive.
Etihad now leases more than $450 million worth of assets from Sanad, according to the statement.
“Our relationship with the airline continues to drive our shared mandate in creating a global aerospace hub here in Abu Dhabi and we look forward to further collaboration as a long-term partner in the airline’s record growth,” stated Troy Lambeth, Sanad chief executive.
Sanad, headquartered in Switzerland, has over $900 million worth of assets in its portfolio.
