Sanad, airberlin ink financing deal
Abu Dhabi, December 19, 2013
Abu Dhabi-based Mubadala said its spare engine and component financing and leasing solutions unit Sanad Aero Solutions has extended its $130 million finance deal with airberlin.
It added four new CFM56-7B engines under a sale and lease back agreement, said Sanad in a statement.
The addition boosted the current engine portfolio with Sanad to include 15 spare engines expanding Sanad’s lease pool arrangement, utilising spare capacity across Mubadala’s MRO Network customer base.
Suresh Rao, chief operating officer at Sanad, said: “We have worked closely together with airberlin since Sanad’s launch and we are delighted to continue growing our relationship, adding four new CFM56 engines to our agreement.”
The addition of these engines will ensure airberlin’s MRO requirements are fully met during peak maintenance periods, with further support through the wider Mubadala Aerospace MRO Network, including a 10-year contract with SR Technics to provide comprehensive engine maintenance services for airberlin’s Airbus and Boeing fleets, he stated.
Ulf Hüttmeyer, chief financial officer at airberlin, said: “The relationship with Sanad enables us to optimise our spare engine requirements in accordance with the fleet development going forward.” - TradeArabia News Service