ORIX Aviation announces the successful closing of an unsecured bilateral revolving credit facility with Bank of China (Europe) S.A. Dublin Branch

ORIX Aviation Systems Limited (“ORIX Aviation”) announces the successful closing of an inaugural Revolving Credit Facility with Bank of China Dublin Branch. This strategic financing initiative reflects ORIX Aviation’s commitment to continued expansion of its funding base.

Marie-Louise Kelly, Chief Financial Officer, ORIX Aviation commented: “ORIX Aviation is delighted to partner with Bank of China Dublin Branch on this initial transaction and we look forward to further developing our relationship in the future. In addition, ORIX Aviation has strong shareholder support and is well positioned to continue to seek attractive financing options to support the growth of our business.”

Jamie Menton, Head of Corporate Banking, Bank of China (Europe) S.A. Dublin Branch, commented: “I am absolutely delighted to announce the successful closure of this bilateral RCF with ORIX Aviation. This marks a significant milestone for BOC Dublin Branch, representing our first collaboration with ORIX Aviation, a renowned leader in aviation finance. This partnership not only underscores our commitment to strategic growth but also reflects the trust and confidence we place in ORIX Aviation’s expertise. We look forward to a fruitful relationship and the opportunities this financing will unlock for our continued success.”

ORIX Aviation partners with Avolon and Boeing to support a Feasibility study by SkyNRG and SFS Ireland on ‘Ireland’s SAF Opportunity’

Potential for €2.55 billion Sustainable Aviation Fuel (SAF) Industry in Ireland by 2050


  • SAF Industry could provide up to 1,000 high skilled jobs

  • Policy changes needed to help accelerate pathway for SAF production

  • Feasibility study by SkyNRG and SFS Ireland, supported by Avolon, Boeing, ORIX Aviation


Dublin, 25 October 2023: Ireland has the potential to develop a sustainable aviation fuel (SAF) industry generating revenue of €2.55 billion by 2050 and providing up to 1,000 high-skilled jobs. These are the findings of a feasibility study into the production of SAF in Ireland produced by SkyNRG and SFS Ireland, in a partnership supported by Avolon, Boeing and ORIX Aviation.

The study – Ireland’s Sustainable Aviation Fuel Opportunity – was launched today by the Minister for Enterprise, Trade and Employment, Simon Coveney TD, and looks at the key role SAF will play in helping the aviation industry achieve its net zero goal by 2050. IATA estimates that SAF, which can be used to replace traditional jet fuel, will deliver over 60% of the contribution needed to reduce aviation emissions to reach net zero by 2050. The European Union’s RefuelEU initiative obligates fuel suppliers to blend SAF into the fuel available at all EU airports, rising from 6% SAF by 2030, to 70% by 2050.

To meet EU mandated SAF volumes alone, Ireland will require approximately 10 SAF plants of 80 kilo tonnes production capacity each. This would create an Irish SAF sector generating revenue of €2.55 billion per annum and could provide up to 1,000 high-skilled jobs in direct and indirect employment. Further export opportunities could significantly increase these numbers.

The research finds that the biggest opportunity for Ireland lies in Power to Liquid (PtL) production of eSAF, a synthetic fuel produced by combining green hydrogen (extracted through electrolysis from water using renewable energy) with biogenic CO2. SAF derived from bio-based intermediates like renewable natural gas has potential to scale up more rapidly to fulfill the advanced biofuels portion of the ReFuelEU mandate.

Significant progress is required for Ireland to be able to develop eSAF at scale, particularly to ensure there is enough excess renewable power available to produce hydrogen in the required quantities. The increased levels of offshore wind power generation that Government initiatives are targeting by 2030 will put the country in a stronger position to develop a domestic SAF industry.

Key policy initiatives the research recommends to be prioritised by the Government and other stakeholders include:

  • Targets: Include sustainable aviation in climate action plans to strengthen Ireland’s position as a renewable fuel aviation hub.
  • Incentivise: Incentivising mechanisms are crucial for a viable PtL business case to stimulate the development of both SAF and hydrogen: capital allowances, tax credits, guaranteed minimum pricing, investment incentives (e.g. via EII or SCI schemes).
  • Research and Development: Funding and promotion of SAF technologies leveraging Ireland’s third-level institutions and Government entities such as Enterprise Ireland, Science Foundation Ireland and SEAI.
  • Reforming planning process: Implement a comprehensive and systematic approach in the planning process for SAF production plants, taking into account the potential for future energy parks and circular economy development in Ireland.
  • Storage and transport: Invest in hydrogen storage and transport, and solving the electricity congestion issues through more flexible use / development of the grid.
  • Collaboration: Collaboration between public and private sector is critical to mobilise the required investment. Cross-departmental Government relationships are also essential (DECC, DOT, DAFM) to ensure comprehensive policy framework.

Minister for Enterprise, Trade and Employment, Simon Coveney, TD said: “The Government is committed to supporting EU and international action to reduce aviation emissions. The European Green Deal has set ambitious targets for reducing net emissions by at least 55 per cent by 2030, when compared to 1990 levels, and to be the first climate neutral continent by 2050. The agreement of the global long-term aspirational goal (LTAG) for international aviation at the International Civil Aviation Organisation (ICAO), which includes a collective global goal of net-zero carbon emissions by 2050 further demonstrates the level of ambition of States and Industry alike. We welcome the proactive approach from the aviation sector to progress its own net zero commitments. This research presented today shows that there are clear future economic benefits from the green economy, which can create new jobs and exciting new business ventures. We look forward to engaging further with industry to explore Ireland’s Sustainable Aviation Fuel (SAF) potential.”

Andy Cronin, CEO, Avolon, said: “Our support for this partnership reflects our ambition to be at the forefront of sustainable innovation that will reshape the future of aviation. Large-scale deployment of SAF and the transition of the global fleet to new technology aircraft are the two biggest near-term drivers that can progress the sector’s net zero by 2050 goal. It is going to require large levels of investment and close collaboration across many stakeholders, and we value the Minister’s engagement to explore Ireland’s sustainable aviation fuel opportunity.”

Sheila Remes, Vice President, Environmental Engagement and Business Development, Boeing, said: “Significant progress is required for Ireland to be able to develop eSAF at scale, particularly to ensure renewable power is available in the scale required production of hydrogen in the required quantities. The increased levels of offshore wind power generation that Government initiatives are targeting by 2030 will put the country in a much stronger position to develop a domestic SAF industry.”

Marie-Louise Kelly, CFO, ORIX Aviation, and Chair, Aircraft Leasing Ireland, said: “ORIX Aviation joined with its partners Avolon, Boeing, SkyNRG and SFS Ireland on this ambitious project because we want to be part of the innovations and as crucially, the collaborations, that will define aviation’s journey to Net Zero 2050. Along with our sectoral experience we were also able to add the wider ORIX Group’s extensive expertise in renewable power generation to this study. This report has identified multiple opportunities for Ireland on this journey. We welcome the Minister’s commitment to engage on SAF production and look forward to exploring ways to position Ireland at the heart of the global drive to Net Zero 2050.”

Darren Carty, Partner, SFS Ireland commented: “We welcome the Minister’s support and take pride in collaborating with industry leaders like SkyNRG, Avolon, Boeing, and ORIX Aviation as an SME. This feasibility study is the foundation for establishing a low-carbon SAF industry in Ireland. We look forward to advancing collaboration and essential public-private partnerships. SFS Ireland is firmly dedicated to spearheading the production of SAF in Ireland and actively participating in the overarching mission to reduce carbon emissions within the aviation industry.”

Philippe Lacamp, CEO, SkyNRG, said: “Ireland has an opportunity to combine its renewable resources, skilled workforce, and the right policy environment to create a thriving Sustainable Aviation Fuel (SAF) industry. SAF is essential for the aviation industry to achieve its net-zero target by 2050 and we need to build up SAF production capacity to cater to the rapidly rising demand. While there is still work to be done, we are convinced that Ireland can play a significant role in creating this SAF production capacity. We look forward to working with the Irish Government and other stakeholders to make SAF a reality for the important Irish aviation sector.”

Cian Coakley included on Airline Economics Forty under 40 list for 2023

ORIX Aviation are proud to congratulate our Airline Economics Forty Under 40 honouree for the Class of 2023, Head of Aircraft & Asset Management Origination Cian Coakley.

The Airline Economics Forty under 40 list for 2023 has been compiled from a record amount of nominations and endorsements, with well over 100 nominees drawn from across senior members of the broad aviation community.

Cian has been recognised for the second year in succession by ORIX customers who highlighted the value and support he has brought to relationships, particularly throughout the recent pandemic and ongoing recovery, which has brought unprecedented challenges to our sector.

In nominating Cian for inclusion in the Forty Under 40, his clients praised the strength of his relationship with customers; “There is no better legacy of the first generation of aircraft leasing executives than to know that the industry they built is – and will continue to be for decades to come – in the very good hands of extraordinarily knowledgeable, talented young executives like Cian, who are wise and experienced beyond their years, both in terms of their knowledge of the aviation industry and, even more importantly, in terms of their people skills,” shared one senior industry veteran.

A traditional element of the Airline Economics Forty under 40 sees recipients nominate mentors who have helped guide their careers in aviation. This year ORIX Aviation CEO James Meyler and Chief Commercial Officer Paul O’Dwyer have been recognised for the support they have given to Cian.

ORIX CEO James Meyler commented; “We are delighted to congratulate Cian on his selection to the prestigious Airline Economics Forty Under 40 Class of 2023 for the second year running. Cian is most deserving of this recognition, his selection is a testament to his unwavering dedication and professionalism towards to his customers and colleagues alike”.

You can read the full list of Airline Economics Forty Under 40 honourees and their citations below:


ORIX Aviation’s Chief Financial Officer and ALI Chair Marie-Louise Kelly is named Sustainability Leader 2023

ORIX Aviation are delighted to announce that our Chief Financial Officer and ALI Chair, Marie-Louise Kelly was named Sustainability Leader 2023 at this year’s Aviation News Airline Economics Sustainability Awards.

The awards celebrate the advancement in aviation sustainability and Marie-Louise was recognised for her leadership in driving the decarbonisation agenda in the aircraft leasing sector through ALI initiatives such as the first-ever Global Aviation Sustainability Day and the launch of the ALI Sustainability Charter.

Accepting the award, Marie-Louise said, “The signing of the ALI Charter saw the Irish aviation leasing community come together as one, committing to ten ESG principles. ALI were proud to deliver this Charter, consulting with our members to ensure we could all support the drive for sustainability in our sector. So many people worked so hard to make the ALI Charter happen, particularly our ALI volunteer team, I was honoured to accept the award on their behalf.”

ORIX Aviation announces the successful closing of its first Lessor JOLCO to Avolon

ORIX Aviation Systems Limited (“ORIX Aviation”) is pleased to announce the successful closing of a Japanese Operating Lease with a Call Option (JOLCO) transaction with Avolon, supported by MUFG acting as lender.

James Meyler, ORIX Aviation’s CEO, remarked: “We are delighted to confirm the closing of our first Lessor JOLCO to Avolon. This transaction is a testament to ORIX Aviation’s strong reputation within the JOL/JOLCO market and further demonstrates our close working relationship with Avolon.”

Andy Cronin, Avolon CEO commented; “Avolon is excited to partner with ORIX on this, our first JOLCO operating lease financing. This transaction demonstrates our commitment to access capital from a wide pool of funding sources and allowed us to leverage ORIX Aviation’s deep investor network within Japan to create a beneficial outcome for both parties.”

Olivier Trauchessec, Head of Global Aviation, MUFG commented; “MUFG is extremely pleased to have partnered with ORIX Aviation and Avolon, acting as Mandated Lead Arranger on this milestone transaction between two successful lessors”

ORIX Aviation announces the successful acquisition of the remaining 50% of a Joint Venture from Merx Aviation

ORIX Aviation is pleased to confirm the 100% acquisition of an aircraft portfolio, consisting of 14 narrowbody aircraft with 10 lessees across multiple continents, from Merx Aviation. The aircraft were previously held in a joint venture between ORIX Aviation and Merx Aviation, which commenced in 2017 with 35 aircraft valued at $1bn. After trading activity, the portfolio currently consists of 14 narrow body aircraft valued at over $300 million.

Commenting on the transaction, James Meyler, Chief Executive Officer of ORIX Aviation, said:

“We are delighted to have taken this opportunity to acquire the remaining 50% of an attractive aircraft portfolio. Our current business plan outlines that ORIX Aviation has committed to invest up to €2bn in aircraft assets across the next 12 months, of which over $1bn has already been contracted to close during the remainder of 2023. The transaction we announce today further underlines our intention to continue to grow the ORIX Aviation platform.”

ORIX Aviation announces the appointment of Dean N. Gerber as Advisor to the Board of Directors of ORIX Aviation

ORIX Aviation today announces the appointment of Dean N. Gerber as Advisor to the Board of Directors of ORIX Aviation. Primarily based in the US, Mr. Gerber will work with the senior management team at ORIX Aviation across a broad range of commercial activities. Mr. Gerber previously served as General Counsel to ORIX Aviation from 2019 to 2021. Prior to that, Mr. Gerber was the Chair of the Global Transportation Finance team at Vedder Price. He currently serves as Board President of the International Society for Transport Aircraft Trading (ISTAT).

Commenting on the announcement, James Meyler, Chief Executive Officer of ORIX Aviation said;
“We are delighted to welcome Dean Gerber back to ORIX Aviation as an advisor to our Board. I feel certain that Dean’s vast industry experience, along with his working knowledge of ORIX Aviation, will prove invaluable to our Board and senior management as we continue to grow the ORIX Aviation platform.”

Dean Gerber commented;
“I am thrilled to be re-joining my ORIX Aviation colleagues in this advisory capacity and look forward to working closely again with James and all the team in a wide array of commercial matters. The continued recovery across aviation has presented us with both challenges and as well as significant opportunities. As a leading global lessor, ORIX Aviation has an ambitious growth strategy and is well positioned for success in this market environment, and I am most eager to assist ORIX with these endeavours.”

ORIX Aviation partners with Avolon and Global Aviation Leaders to launch Sustainable Aviation Fuel Feasibility Study in Ireland

  • Avolon, Boeing, ORIX Aviation, SFS Ireland and SkyNRG to assess opportunities for SAF production in Ireland

  • Growth in renewable energy makes Ireland a potential location for SAF production

  • SAF can cut sector emissions up to 80% and offer the largest potential to reduce carbon emissions over the next 20 to 30 years in all aviation segments.

Dublin, 10 November 2022: Avolon, the international aircraft leasing company, announces a collaboration with Boeing, ORIX Aviation, SFS Ireland and SkyNRG, to conduct a feasibility study into the production of Sustainable Aviation Fuel (SAF) in Ireland. This partnership reflects Avolon and its partners’ commitment to taking a leading role in helping develop future technologies that reduce the aviation sector’s carbon footprint.

The study is being led by SFS Ireland and SkyNRG with the goal of identifying market level opportunities for an investable commercial-scale SAF production facility in Ireland. The study will be completed in 2023.

The planned growth of renewable energy sources in country makes Ireland a potential location for SAF production. As a global leader in aviation finance and airline operations, Ireland is home to key stakeholders in aviation’s decarbonization journey.

SAF is a commercially used fuel that reduces lifecycle emissions by up to 80%, creating the opportunity to significantly lower aviation’s reliance on fossil fuels, as well as its overall emissions. IATA, the trade association of the world’s airlines, sees SAF playing a key role in helping aviation reach its net zero target by 2050 – a target that has been set by its member airlines – contributing to c.65% of the reduction in emissions needed.

Andy Cronin, Avolon CEO commented: “It’s imperative that the aviation sector delivers on its promise to invest in innovation to reduce its carbon footprint. We are delighted to be partnering with a team of global experts that have a shared ambition of being at the forefront of sustainable innovation that will reshape the future of aviation. The path to net zero requires a combination of new technology aircraft and large-scale deployment of SAF, and this project will help deliver sustainable solutions to accelerate decarbonization.”

Sheila Remes, Boeing Vice President, Environmental Engagement and Business Development commented: “We will need a massive increase in the amount of SAF if we are to reach our industry’s commitment to net zero carbon emissions by 2050. Scaling SAF is paramount. Ireland’s growth in renewable energy makes it a prime location for SAF production with zero climate impact. Global partnerships like this enable us all to advocate for and scale SAF supply.”

James Meyler, ORIX Aviation CEO commented: “We are delighted to be a part of this project which we see as being an important step in the roadmap to decarbonising aviation. We are looking forward to bringing value to this partnership of global experts by leveraging the ORIX Group’s expertise. Further development and large scale commercialisation of SAF is a critical milestone for the industry to reach together and this project will help deliver on that.”

Darren Carty, SFS Ireland commented: “Aviation has a rich history in Ireland, embedded in over 50 years of innovation and leadership. As pilots, we understand and acknowledge the importance of delivering SAF to the market and see the Irish aviation industry as a central player in the mission to decarbonise air transport globally. We are proud to be a part of this exciting new team, forging a path toward a cleaner, brighter, and more sustainable future.”

Philippe Lacamp, SkyNRG CEO commented: “The aviation industry will rely on a number of pathways to meet its net-zero 2050 targets and collaboration with global experts to help drive innovation in SAF is key to being successful. We are proud to be working with Avolon, Boeing, ORIX Aviation, and SFS Ireland on this feasibility study. Each new SAF research project brings us one step closer to identifying what production pathways and sustainable feedstocks are available and helping evaluate how best to assist the aviation industry in meeting mandated targets. The outcome of this study will be of great value to Ireland’s aviation sustainability journey.”



About Avolon

Headquartered in Ireland, with offices in the United States, Dubai, Singapore, Hong Kong and Shanghai, Avolon provides aircraft leasing and lease management services. Avolon is 70% owned by an indirect subsidiary of Bohai Leasing Co., Ltd., a public company listed on the Shenzhen Stock Exchange (SLE: 000415) and 30% owned by ORIX Aviation Systems, a subsidiary of ORIX Corporation which is listed on the Tokyo and New York Stock Exchanges (TSE: 8591; NYSE: IX). Avolon is a global leader in aircraft leasing with an owned, managed and committed fleet, as of 30 September 2022 of 833 aircraft. Learn more at www.avolon.aero

About Boeing

As a leading global aerospace company, Boeing develops, manufactures, and services commercial airplanes, defence products and space systems for customers in more than 150 countries. As a top U.S. exporter, the company leverages the talents of a global supplier base to advance economic opportunity, sustainability, and community impact. Boeing’s diverse team is committed to innovating for the future and living the company’s core values of safety, quality, and integrity. Learn more at www.boeing.com

About SFS Ireland

SFS Ireland’s mission is to help bring a level of sustainability to Ireland’s aviation industry that will meet the urgent climate goals of the European Union and provide a pathway to net-zero emissions before 2050. Established in 2020 by two airline pilots, the company is partnered in this project with leading corporates in the aviation industry, connecting them to the Irish renewable energy and circular bio-economy sectors. With expertise in engineering, business management and operations, the company is well-positioned to facilitate the development of a path to decarbonise the aviation industry here in Ireland.

About SkyNRG

Since 2009, SkyNRG has been building up SAF capacity and production for the industry to meet its 2050 net zero commitment. SkyNRG has supplied SAF to over 40 airlines across the world and is now developing dedicated SAF production facilities to support the transition from fossil jet fuel to sustainable aviation fuel.
SkyNRG does not compromise when it comes to sustainability; we are a globally recognized Certified B Corp™, our operations are certified by the Roundtable on Sustainable Biomaterials (RSB), and we are advised by an independent Sustainability Board, as well as a worldwide NGO network to ensure we make the right sustainability decisions across all of our operations. Learn more at www.skynrg.com

ORIX Aviation manages aircraft acquisition from Novus Aviation Capital

ORIX Aviation Systems Limited (“ORIX Aviation”) today announced it has managed the acquisition of a Boeing 777-300 on lease to British Airways from Novus Aviation Capital, a global leading aircraft platform.

Commenting on the transaction, James Meyler, Chief Executive Officer of ORIX Aviation, said “We are delighted to successfully manage the acquisition of this aircraft, yet another example of ORIX delivering for its investors. This transaction also deepens our relationships with long-standing customers of ORIX Aviation, Novus and British Airways, where the aircraft will remain on lease.”

Mamoun Kuzbari, Chief Commercial Officer at Novus Aviation Capital, said: “Novus is delighted to have completed this transaction with ORIX Aviation and extend our long-standing relationship with ORIX. We are seeing the trading market return following the ease of travel restrictions as the aviation market continues to prove its long-term resilience and promise for investors looking to diversify their assets. The appetite for widebody aircraft is returning especially for long term leases with strong credits. The 777-300ER remains a strong asset given its longevity with multiple cargo conversation programmes in the market.”