Celebrating 50 Years of Aircraft Leasing in Ireland
This year marks a significant milestone for the aircraft leasing industry and for AerCap, as we celebrate 50 years since the industry was founded here in Ireland in 1975.
The aircraft leasing industry in Ireland traces its origins back to Guinness Peat Aviation, which was established in Shannon, County Clare in 1975. During the 1980s, GPA became the world's largest commercial aircraft lessor. Many GPA employees subsequently went on to found or work for other aircraft lessors, including AerCap (a successor company of GPA), GECAS (which was acquired by AerCap from GE in 2021), and ILFC (which was acquired by AerCap from AIG in 2014).
Over the past five decades, Ireland has become the global hub for commercial aviation leasing and financing. Today, approximately 50% of the world’s commercial aircraft fleet is leased, and Irish lessors own and manage ~$150 billion of assets.
AerCap has become the global leader in aviation leasing through carefully planned organic growth and decisive industry-transforming acquisitions, combined with five decades of experience. We are the largest owner of commercial aircraft in the world with a portfolio of over 3,000 assets, including aircraft, engines and helicopters, and an order book of the most in-demand new technology aviation assets. We are proud to be the partner of choice to hundreds of the world’s most successful airlines.
1970
Launch of the Boeing 747
The Boeing 747 enters service with Pan American World Airways, also known as Pan Am. The large capacity and long-range capability of the aircraft, transforms long-haul air travel by significantly reducing cost per seat and increasing passenger and cargo capacity. On January 22, 1970, Pan Am operates the first ever 747 flight from New York JFK to London Heathrow.
1973
ILFC IS ESTABLISHED IN THE UNITED STATES
International Lease Finance Corporation is established in 1973 in Los Angeles, California, to provide leasing and financing services for commercial aircraft. ILFC plays a significant role in the development of the aircraft leasing industry, offering flexible leasing options to airlines. It becomes one of the largest lessors of commercial aircraft globally.
1975
GUINNESS PEAT AVIATION LIMITED IS ESTABLISHED IN IRELAND
In 1971, Aer Lingus takes delivery of the first of two Boeing 747s and names the plane "St. Colmcille." This aircraft, registered EI-ASI, becomes a symbol of the airline’s expansion into the long-haul transatlantic market. However, due to market conditions at the time, Aer Lingus has little use for it. The airline tasks a young executive named Tony Ryan with the job of finding a home for the plane, which he does with Siam Air (now Thai Airways). The aircraft is placed on a wet lease arrangement, where Aer Lingus supplies the plane along with the crew and other services.
In 1975, Guiness Peat Aviation, also known as GPA, is founded by Aer Lingus and the Guiness Peat Group under the leadership of Tony Ryan. GPA's offices are located in the Shannon Free Trade Zone in County Clare.
1977
Boeing Delivers First New 737-204A
In 1977, British Airways becomes the launch customer of the 737-200 Advanced Variant.
1978
The Airline Deregulation Act is Passed by U.S. Congress
The Airline Deregulation Act is passed by U.S. Congress, which liberalizes the U.S. airline industry. This leads to increased competition, lower fares, and the emergence of new carriers. It also increases the demand for aircraft and leads to rapid growth in aircraft leasing, with many airlines opting to lease their aircraft rather than purchasing them directly from the manufacturers.
1982
Introduction of the Boeing 767
The Boeing 767 enters commercial service in 1982, offering a widebody, twin-aisle aircraft designed for both short and long-haul routes. It features innovative design elements such as a two-crew glass cockpit and twin-engine configuration, which boost fuel efficiency
1984
ILFC PLACES LANDMARK ORDER
ILFC places an order for 10 BOEING 737-300 twinjets. At the time, this order is the largest ever placed with Boeing by a leasing company, with the 737-300 considered the most economical aircraft for leasing in the 120-149 seat category.
1985
THE RYANAIR REVOLUTION
Ryanair is established by a group of Irish businessmen, including GPA founder Tony Ryan. In 1985, Ryanair begins flying between Waterford and London Gatwick Airport to compete with British Airways and Aer Lingus. Ryanair pioneers a new era of low-cost air travel in Europe by introducing a no-frills, low-fare service. Today, Ryanair is Europe's largest airline.
1988
Debut of the Boeing 747-400
The Boeing 747-400, an advanced variant of the original 747 enters service with more powerful engines, a new wing design for increased range, and an updated flight deck. It becomes the backbone of many airlines’ long-haul fleets.
1990
AMERICAN INTERNATIONAL GROUP ACQUIRES ILFC
In 1990, AIG acquires ILFC in a deal valued at $1.3 billion, the largest aircraft leasing acquisition to date.
1992
Unsuccessful IPO of GPA
In 1992, under Tony Ryan’s leadership, GPA attempts an initial public offering. However, the IPO fails during a weak aviation environment following the First Gulf War. After the failed IPO, GPA faces financial challenges and is eventually broken up.
General Electric, led by CEO Jack Welch, acquires much of GPA's portfolio of assets at a bargain price and forms GE Capital Aviation Services, a division of GE Capital.
MAIDEN FLIGHT OF THE MEDIUM TO LONG-RANGE AIRBUS A330
The entry into service of the Airbus A330 marks the introduction of a versatile, efficient wide-body aircraft for medium and long-haul routes. Capable of carrying 335 passengers in two classes, the aircraft is notable for being the first Airbus jet to feature Rolls-Royce Trent 700 engines. The A330’s commonality with the smaller A320 Family helps reduce operational costs for airlines.
1997
ILFC places landmark orders with Airbus and Boeing worth $8.5 billion
In 1997, ILFC places a landmark order for 61 Boeing new jets, including 31 B737 NGs, two 747s, seven 767-300ER, and five 767-400ERs, ten 777s and six 757-200/-300s. In addition, ILFC places an order for 65 new Airbus jets in the A320 Family and 15 A330-200s.
1998
GPA BECOMES AERFI, PART OF THE TEXAS PACIFIC GROUP
In 1998, the Texas Pacific Group acquires majority ownership of GPA. As part of this transaction, the name of the company is changed from GPA to AerFi Group
2000
DEBIS AIRFINANCE AQUIRES AERFI
Debis AirFinance, an affiliate of Daimler Chrysler AG, acquires AerFi, with a fleet of 104 aircraft.
2003
ILFC BECOMES WORLD’S LARGEST AIRCRAFT LESSOR
ILFC becomes the largest aircraft lessor in the world measured by fleet value ($27.5 billion)
2005
CERBERUS CAPITAL ACQUIRES DEBIS AIRFINANCE
Cerberus Capital acquires debis AirFinance and renames the company AerCap.
AerCap is headquartered in Amsterdam but maintains an office in Shannon and strong ties to Ireland.
Unveiling of the Airbus A380
The first flight of the Airbus A380, powered by four Rolls-Royce Trent 900 engines, takes off from Toulouse. The world's largest passenger aircraft, it carries up to 800 passengers in an all-economy configuration, offering unparalleled capacity and comfort. Emirates becomes the largest airline customer of the A380.
2006
AERCAP INITIAL PUBLIC OFFERING ON THE NEW YORK STOCK EXCHANGE
In 2006, AerCap completes an initial public offering and lists on the New York Stock Exchange.
Inception of Dublin as a Global Aviation Hub
The aviation finance and leasing sector in Ireland begins to gain greater recognition, as many leasing companies establish headquarters or major operations in Dublin due to Ireland's sector expertise, favourable business environment and attractive tax regime.
2009
Shannon Airport Becomes The First Airport in the World to Offer Full Preclearance Facilities to U.S. Travelers
Shannon Airport becomes the first airport in the world to offer full U.S. preclearance facilities, enabling passengers to complete U.S. customs and immigration procedures before leaving Ireland, making travel to the U.S. from Ireland a more seamless experience.
The first Boeing 787 Dreamliner Flight
The airplane's lighter and robust composite structure enables airlines to reduce fuel use and emissions by 25 percent while range flexibility allows carriers to profitably open new routes. The 787 aircraft features the largest windows of any commercial airplane in the world with 50% of its primary structure made of advanced composite materials.
2010
AerCap acquires Genesis Lease
In 2010, AerCap acquires Genesis Lease. The company is acquired at a discount to book value during the financial crisis.
MILESTONE AVIATION GROUP IS ESTABLISHED
In 2010, Milestone Aviation Group is established to provide leasing and financing solutions to helicopter operators whose missions include oil & gas, search and rescue and emergency services. In 2012, Milestone places an order for 22 aircraft, one of the largest ever, at a cost of $682 million.
2011
First Commercial Flight of the Boeing 787 Dreamliner
The Dreamliner enters commercial service with All Nippon Airways becoming the first operator of the aircraft type. The aircraft features composite materials that reduce weight, increase fuel efficiency, and enhance passenger experience with larger windows and improved cabin pressure.
BOEING 737 AIRPLANE REACHES KEY MILESTONE
The Boeing 737 becomes the first-ever commercial jet airplane to surpass the 10,000 orders milestone. A Boeing 737 takes off or lands every 1.5 seconds.
AerCap becomes the first lessor to take delivery of a Boeing 787 Dreamliner
AerCap becomes the launch lessor customer of Embraer’s E-Jets E2, with a total of 50 E190-E and E195-E2 owned and on order
2014
AERCAP ACQUIRES INTERNATIONAL LEASE FINANCE CORPORATION
AerCap completes the purchase of ILFC from AIG for $7.6 billion, becoming the world’s largest aircraft leasing company and further solidifying Ireland’s position as a leader in aircraft leasing.
AERCAP BECOMES WORLD’S LARGEST A320NEO FAMILY LESSOR
AerCap exercises options to purchase 50 A320neo Family aircraft from Airbus, bringing the company's A320neo orders to 200 aircraft and makes AerCap the world's largest Airbus A320neo lessor.
Introduction of the Airbus A350 XWB
Airbus’ newest and most efficient jetliner, the A350 XWB, conducts its maiden flight from Toulouse-Blagnac Airport. It enters service in 2014, with Qatar Airways as its first operator. This marked the beginning of the A350’s operational service. The aircraft is designed to compete with the Boeing 787 and 777. It features improved fuel efficiency, advanced aerodynamics, and state-of-the-art passenger amenities.
2015
AERCAP RELOCATES ITS HEADQUARTERS TO DUBLIN
AerCap relocates its headquarters from Amsterdam to Dublin, solidifying Ireland’s position as the global hub of commercial aircraft leasing and financing.
AerCap Orders 100 Boeing 737 MAX 8 Aircraft from Boeing
AerCap signs an agreement with Boeing for an order of 100 Boeing 737 MAX 8 aircraft at the Paris Air Show 2015.
2016
CHINA SOUTHERN AIRLINES TAKES DELIVERY OF THEIR FIRST AIRBUS A320NEO AIRCRAFT ON LEASE FROM AERCAP
China Southern Airlines (CSA), AerCap’s largest customer in China, makes history when it takes delivery of the first of twenty-four new A320neo aircraft, on lease from AerCap. CSA become the first airline in China to operate the A320neo.
AerCap Delivers the first of two new Airbus A350-900 aircraft to Ethiopian Airlines
Ethiopian Airlines becomes the first African airline to take delivery of the A350 XWB.
AerCap and Boeing celebrate delivery of Air France’s first Boeing 787 Dreamliner
The milestone delivery signifies AerCap’s 50th 787 delivery and Boeing’s 500th Dreamliner to come off its production line.
Aviation Industry in Ireland Passes Key Financial Thresholds
The value of aviation assets owned and managed from Ireland surpasses $100 billion - approximately 50% of the world’s commercial aircraft fleet is on lease.
AERCAP BECOMES WORLD’S LARGEST 787 LESSOR
AerCap places an order for 30 Boeing 787-9 Dreamliners at the 2017 Paris Air Show. The agreement, valued at $8.1 billion at list prices, makes AerCap the world’s largest 787 lessor.
AERCAP REACHES INDUSTRY-FIRST MILESTONE
In 2017, AerCap becomes the only independent lessor to hold Investment-grade ratings from all three major rating agencies: Standard & Poor's, Moody’s and Fitch Ratings.
2018
AerCap delivers its first Embraer E190-E2 to Air Astana
The special livery features the snow leopard which is native to Kazakhstan.
AerCap Delivers 100th Aircraft to Ethiopian Airlines
AerCap and Boeing celebrate the milestone delivery of the 100th aircraft delivery to Ethiopian Airlines with a new Boeing 787 Dreamliner.
Ethiopian Airlines becomes the first airline in Africa to reach this milestone. This follows a series of firsts celebrated by AerCap and Ethiopian Airlines. In July 2016, AerCap delivered to Ethiopian Airlines their first Airbus A350 aircraft, making the airline the first carrier in Africa to operate the aircraft, followed by the delivery of their first 787-9 in October 2017.
2021
AerCap Acquires GE Capital Aviation Services
On November 1, 2021, AerCap completes the acquisition of GE Capital Aviation Services from GE for $30 billion. This transaction consolidates AerCap’s position as the world’s largest aircraft lessor across all areas of aviation – aircraft, engines and helicopters.
The Endurance
Milestone Aviation becomes a part of polar history when the Endurance, the ship that Irish-born Antarctic explorer Sir Ernest Shackleton abandoned in 1915, is discovered in Antarctica’s Weddell Sea. The Milestone-owned Bell 412EP helicopter, operated by Ultimate Aviation Group, provides aerial support to move crews around the ice, helping to achieve this important discovery.
2023
AerCap Delivers First Airbus A321 Passenger-to-Freighter to IndiGo
AerCap delivers its first Airbus A321 P2F aircraft to IndiGo. The aircraft conversion was completed by Elbe Flugzeugwerke GmbH before being delivered to IndiGo at ST Engineering Aerospace in Singapore.
AerCap Celebrates the Delivery of 50th 737-800 Boeing Converted Freighter
AerCap celebrates the delivery of its 50th 737-800BCF. The aircraft conversion is completed at COOPESA, a leading MRO provider with expertise in aircraft modifications and conversions. The aircraft is redelivered to GOL Linhas Aéreas, who operate the aircraft on behalf of a Latin-American e-commerce company, as part of the growth strategy and logistics solution of GOLLOG, Gol's logistics business unit.
2024
Milestone and Helitak RECORD INDUSTRY-FIRST
Milestone partners with Australian fire-fighting equipment designer, Helitak Firefighting Equipment Pty Ltd (“Helitak”), to develop a new mission for the Sikorsky S-92A as a next-generation, multi-purpose fire-fighting platform. This industry-first firefighting platform combines the unique capabilities of the S-92A with Helitak’s lightweight, carbon fiber FT5000 system which includes a retractable belly-mounted fire suppression tank with a 5,000-liter (1,320 US gallons) capacity.
AerCap Places New Engine Order
In 2024, AerCap places a new engine order for 150 new CFM LEAP engines valued at approximately $3 billion, together with SES. SES is a 50/50 joint-venture company between Safran and AerCap. The additional engines will deliver in line with the growing fleet of in-service Boeing 737MAX and Airbus A320neo Family aircraft.
LEADING AVIATION TOWARDS A MORE SUSTAINABLE FUTURE
Ireland continues to play a pivotal role in leasing next-generation, fuel-efficient aircraft as the industry continues to make aviation more sustainable. In 2024, AerCap achieves its ambitious target to have new-technology aircraft represent ~75% of its fleet, underscoring its unwavering commitment to sustainable aviation.
2025
Aviation Leasing Sector in Ireland Celebrates 50 Years
2025 marks a significant milestone for the aircraft leasing industry and for AerCap, as we celebrate 50 years since the industry was founded here in Ireland in 1975.
Today, approximately 50% of the world’s commercial aircraft fleet is leased, and Irish lessors own and manage ~$150 billion of assets.
Other factors have contributed to the growth and success of the industry, including Ireland’s rich aviation heritage, a highly skilled talent pool, a comprehensive double tax treaty network and pro-enterprise policies, along with a stable political and legal system and regulatory framework, all of which have enabled Ireland to develop a fast-growing and internationally focussed industry.
AerCap has become the global leader in aviation leasing through carefully planned organic growth and decisive industry-transforming acquisitions, combined with five decades of experience. We are the largest owner of commercial aircraft in the world with a portfolio of over 3,000 assets, including aircraft, engines and helicopters, and an order book of the most in-demand new technology aviation assets. We are proud to be the partner of choice to hundreds of the world’s most successful airlines.