Dublin, Ireland-headquartered aircraft lessor Avolon has firmed up an order for 75 Airbus A320neos and 25 A321neos.

Avolon is 70% owned by an indirect subsidiary of Bohai Leasing Co. Ltd., a Chinese public company listed on the Shenzhen Stock Exchange, and 30% owned by ORIX Aviation Systems, a subsidiary of ORIX Corporation.

Avolon became the world's third-largest aircraft leasing company in April 2017, when it acquired the aircraft leasing business of CIT Group in a $10.4bn transaction.

This latest order — worth $11.5bn at list prices — is the single largest order for Airbus aircraft ever placed by Avolon.

The aircraft are scheduled for delivery from 2023 onwards. The agreement takes Avolon’s cumulative orders with Airbus to 284 aircraft (240 single-aisles and 44 widebody aircraft) including the A321neo, the A330neo and the A350 XWB.

Avolon’s orderbook with Airbus increases to over 220 single-aisle and 45 twin-aisle aircraft, making it Airbus’ largest aircraft lessor backlog customer.