Palma Holdings signs LOI for up to eight new Bombardier Q400 NextGen turboprops

Bombardier Aerospace announced that Palma Holding Limited (Palma) has signed a letter of intent to acquire up to eight dual-class Q400 NextGen aircraft. The agreement would cover four firm-ordered aircraft and four options. Palma intends to lease four aircraft to Ethiopian Airlines.

Based on the list price, the potential contract value for Palma’s transaction covering four Q400 NextGen aircraft and four options would be approximately $282 million US.

Moulay Omar Alaoui, President, Palma Holding Ltd said:

“We are very pleased to become the first Middle Eastern lessor for Bombardier’s Q400 NextGen aircraft, and the first lessor worldwide for the aircraft’s dual-class configuration. We are working to conclude lease structures with interested airlines including existing Q400 NextGen aircraft operator Ethiopian Airlines. We have already concluded commitments with Ethiopian Airlines that will provide the carrier with additional development opportunities.”

Mike Arcamone, President, Bombardier Commercial Aircraft said:

“Our customers’ success with their Q400 NextGen aircraft in the Middle East and Africa is testament to the aircraft’s unique ability to serve the diverse and challenging environment in the region. In addition, the Q400 NextGen aircraft’s comfortable, quiet cabin provides an excellent experience for passengers; and the dual-class option allows flexible integration into carrier’s network operations by providing seamless business class service to passengers,”

Ethiopian Airlines currently operates a fleet that includes 13 Q400s.