TORONTO, CANADA —Porter Airlines' expansion strategy leaps forward with Avolon sale-leaseback deal.

Porter Airlines, a leading regional carrier in Canada, has entered into a sale-and-leaseback agreement with the Irish lessor Avolon for 10 of its forthcoming Embraer E195-E2 aircraft. The total list price for the 10 E-jets is around $841 million, as stated by Avolon on June 20. However, the specifics of the transaction have been kept under wraps.

Delivery of four of these jets is set to occur this year, while the rest are anticipated in 2024, according to the leasing company. This arrangement marks Porter as Avolon's fifth lessee in Canada, bolstering the global lessor's footprint in North America.

In a statement to FlightGlobal, Porter conveyed their enthusiasm about this partnership, which also introduces Avolon to the E195-E2 platform. The airline hinted at likely future utilization of sale-and-leaseback strategies for raising capital.

"Given the considerable interest from lessors, we anticipate the continuation of the sale-leaseback structure for upcoming deliveries," Porter Airlines declared. The company is also exploring debt financing alternatives for a portion of its firm deliveries due in 2024.

The first E195-E2 of the airline took to the skies in February, enabling Porter to accelerate its expansion strategy across North America. Porter's order book includes 50 confirmed E195-E2s and options for an additional 50. According to Cirium's fleet data, the airline presently operates 11 new E-jets.