• 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.”

ENDS

Contacts:

• Doug Keatinge, Avolon Head of Communications, [email protected], +353 06 037 4163
• Jonathan Neilan, FTI Consulting, [email protected], +353 06 231 4135

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 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.”

On the 3^rd of March, ORIX Aviation had the pleasure of presenting the first annual Fiachra Treacy ORIX Aviation awards to Patrick O’Connor and Ben Austin, both of whom are senior Aeronautical Engineering students at the University of Limerick.

ORIX Aviation’s Chief Operations Officer Mike MacConnie and Technical team members Aaron Gilmartin and Kiran Srinivasan represented ORIX Aviation. Members of Fiachra’s family as well as University of Limerick President Kerstin May also attended the ceremony to show their support for the recipients.

Of the occasion Mike said, “I was so proud to see that we have been able to take the energy from our grief and help make a positive impact in the lives of two worthy young men.”

The Fiachra Treacy award was launched in September 2021 through the University of Limerick Foundation, awarding two final-year Bachelor or Masters of Aeronautical Engineering students with a bursary of €2,500 to assist with their studies at the University in memory of our colleague Fiachra.

ORIX Aviation Systems Limited (“ORIX Aviation”), announced today a number of business updates.

• ORIX Aviation has established a new office in Dubai, situated in the DIFC. CEO of ORIX Aviation Group James Meyler, comments, “with direct flights from Dubai to over 100 countries and 250 cities, Dubai is very well positioned to enable us to service our clients globally and remain in close contact to our shareholder in Japan. The opening of the Dubai office is in response to the continued growth and success of ORIX Aviation’s business.” Chief Commercial Officer of ORIX Aviation Paul O’Dwyer, has relocated from Dublin to Dubai and will play a key role in the development of the new office. The Dubai office will be staffed by a number of ORIX Aviation Group employees relocating from Dublin and Hong Kong. In response to a changing business environment, ORIX Aviation will be closing its office in Hong Kong on 31 March 2022.

• In January 2022, Kiyoshi Fushitani Senior Managing Executive Officer in ORIX Corporation retired from the Group. A valued member of the ORIX Aviation and Avolon Boards, Fushitani held a number of roles within the ORIX Group, including, Head of East Asia Business Headquarters and Head of Global Transportation Services. In response to these changes, Ryujiro Tokuma, who has succeeded Fushitani in the role of Head of Global Transportation Services Headquarters for ORIX Corporation has joined the ORIX Aviation board and James Meyler has joined the Avolon board. The changes to the ORIX Aviation and Avolon boards became effective on the 11th January 2022.

Today, at the University of Limerick, a new award, the Fiachra Treacy ORIX Aviation Award was launched in memory of Fiachra Treacy, who had been an integral part of the ORIX Aviation team for over three years, until he died tragically in January 2020. Fiachra graduated with a Bachelor’s Degree in Aeronautical Engineering from UL in 2000 and pursued his passion for aviation through a successful career, working with various leading aviation companies in Seattle, Bristol and Dublin, prior to joining ORIX Aviation.

Fiachra was a keen aerospace enthusiast and an active member of several clubs and societies during his undergraduate years. He always spoke fondly of his time at the university, during which he made many life-long friendships and also met his wife Cróine, herself a UL Alumna. Speaking about the scholarship, Cróine Treacy said: “UL holds many happy memories for Fiachra, I, his many friends and especially the Aero Eng class of 2000. On behalf of Fiachra’s family, his friends and our three girls I would like to thank ORIX Aviation for their generosity. It means a great deal to us that Fiachra’s love for Aeronautical Engineering will continue in the next generation of UL Engineers”.

The new award at the University of Limerick, which is being gifted through the University of Limerick Foundation, will award two final-year Bachelor or Masters of Aeronautical Engineering students with a bursary of €2,500 to assist with their studies at the university. The first two successful recipients will receive their awards in 2021.

Speaking about the newly launched award, Mike MacConnie, Chief Operations Officer at ORIX Aviation said: “Fiachra was an invaluable colleague within the ORIX Aviation team in Dublin. We support this award to honour the memory of our dear friend and colleague.”

The University of Limerick is pleased that ORIX Aviation has decided to pay tribute to Fiachra’s memory in this way, so that his spirit, passion and dedication to aviation will continue through current and future students who receive this award.

Speaking about the Award, Sarah Hartnett, Director of Development at the UL Foundation said: “We at the University and Foundation are very touched and honoured that ORIX Aviation have chosen to remember Fiachra in this way. It’s very fitting that his spirit will continue through students who receive this award based on a shared passion for aviation”.