Caisse de Depot et Placement du Quebec, Montreal, and GE Capital Aviation Services on Monday announced it would create a joint aircraft leasing and financing venture.
Caisse will provide an unspecified amount of capital over the next four years to help fund the $2 billion platform, to be called Einn Volant Aircraft Leasing, according to a news release. GE Capital Aviation Services will administer the platform.
EVAL will acquire modern fuel-efficient aircraft from a diverse set of global airlines and lease them back to the airlines under long-term leases.
The investment is the first in aircraft leasing and financing by Caisse, which manages C$270.7 billion ($200.9 billion) in Quebec public pension and other assets.
Officials at Caisse could not be reached for further details.