Aircraft lessor AviLease signs SAF MOU with Saudi Investment Recycling Company
AviLease, an aircraft leasing compny, has signed a Memorandum of Understanding (MoU) with Saudi Investment Recycling Company (SIRC) to produce and distribute Sustainable Aviation Fuel (SAF).
The leasing company will commit to buying SAF from SIRC. It also plans to build SAF use into its lease agreements with airlines.
“This partnership will allow us to jointly advance the production and uptake of SAF within the Kingdom and around the world, in line with the Kingdom’s Vision 2030 for sustainable development and economic diversification,” said Ted O’Byrne, chief executive, AviLease. “We believe this initiative will trigger large-scale production of SAF in a country that has the natural competitive advantages to become a low-cost producer and has already made clear commitments towards energy transition.”
Saudia Arabia’s Public Investment Fund launched AviLease in July 2022. Its first clients include Saudia and NAS. It grew its portfolio to 32 aircraft before the end of the year.
