NORWALK, Conn.--(BUSINESS WIRE)--GE Capital Aviation Services (GECAS), the commercial aircraft leasing and financing arm of GE, today announced it signed an agreement with Virgin America, Inc., to lease 10 new Airbus A321neo aircraft powered by CFM’s LEAP-1A engines to expand the carrier’s fleet.

The first aircraft is scheduled for delivery in Q1 2017 and the remainder will deliver in 2017 and 2018. All 10 aircraft are part of GECAS’ existing orderbook with Airbus.

“We have been a partner with Virgin America since their founding and we’re thrilled they turned to GECAS to help them expand their fleet with new, more efficient aircraft under lease,” said Norman C.T. Liu, GECAS president and CEO.

“As Virgin America continues to grow its network, there’s no question the Airbus A321neo is the right aircraft for us, and we were pleased to work with GECAS to make today possible,” said Virgin America President and CEO David Cush. “Not only will these aircraft allow us to further reduce our unit costs and improve our revenue position, they demonstrate our continued commitment to reducing carbon emissions and creating an even more sustainable airline.”

The A321neo, featuring Airbus’ “Sharklets” and CFM’s LEAP-1A engines, delivers per seat fuel savings of up to 20 percent, and provide the best seat-mile costs of any single-aisle aircraft on the market.

Virgin America currently operates a fleet of more than 55 aircraft to more than 20 destinations in the U.S. and Mexico.

About GE Capital Aviation Services (GECAS)

GE Capital Aviation Services (GECAS) is a world leader in aviation leasing and financing. With over 45 years of experience, GECAS offers a wide range of aircraft types including narrow-bodies, wide-bodies, regional jets, turboprops, freighters and helicopters, plus multiple financing products and services including operating leases, purchase/leasebacks, secured debt financing, capital markets, engine leasing, airframe parts management and airport/airline consulting. GECAS owns or services a fleet of over 2,150 aircraft (~1,840 fixed wing/ ~310 rotary wing) in operation or on order, plus provides loans collateralized on an additional ~400 aircraft. GECAS serves over 270 customers in over 75 countries from a network of 25 offices. www.gecas.com

GE (NYSE:GE) is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com