EIB grants US$53 million to renew SATA aircraft fleet

18 December 2009

Lisbon, Portugal, 18 Dec – the European Investment bank (EIB) has approved funding of U$53 million to Azorean airline SATA to acquire four Bombardier Q400 NextGen aircraft, as part of the Portuguese regional airline’s fleet renewal process.

Approval of the funding makes it possible for the company to secure half of the investment needed to acquire the four aircraft expected to cost US$106 million.

Renewal of the SATA Air Açores fleet began this year with the arrival of two Bombardier Q200 aircraft, which replaced the Dornier the company used in links with smaller islands, and will be concluded in the first quarter of 2010 when the four Q400s start operating, replacing the current ATPs in links within the Azorean archipelago.

Funding for the new SATA fleet will mainly be secured through access to long term loans.

SATA said that, as well as funding from the EIB, which cover half of the expected investment, it was also negotiating other loans. (macauhub)