AerCap Indigo

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 The proposed investment is a loan of US$155.5 million to a Special Purpose Vehicle, Pio Engine Leasing Limited (“AerCap SPV”or the “Borrower”) incorporated in Ireland and 100% owned by AerCap Ireland Limited (https://www.aercap.com/), a 100% subsidiary of AerCap Holdings NV (AerCap or the “Sponsor”). AerCap is the global leader in aviation leasing with 2,063 aircraft owned, managed or on order, over 1,000 engines (including engines owned and managed by Shannon Engine Support “SES”), over 300 owned helicopters, and total assets of $71 billion as of June 30, 2024.The IFC financing is for the leasing of up to 13 CFM Leading Edge Aviation Propulsion (LEAP) -1A26 and CFM LEAP-1A30 new generation (spare) engines to InterGlobe Aviation Limited (which operates as IndiGo, India's leading low-cost airline https://www.goindigo.in/), with lease terms of over 10 years (the “Project”).  AerCap SPV's sole purpose is to acquire 13 engines for lease to IndiGo. The engines will be used for commercial flights, subject to the airline's operational and maintenance procedures. The SPV will not have any office, staff or management systems separate from the Sponsor. According to the Master Engine Lease Agreement between the AerCap SPV and IndiGo, the SPV will have no direct role in the delivery, operation, maintenance, and/or repair of the leased engines, all of which will be IndiGo's responsibility. The LEAP-1A engine features some of the industry's most cutting-edge technologies, offering up to 15% better fuel efficiency and up to 50% reduction of NOx emissions in comparison to the current technology CFM56-5B engine.  The Project will strengthen IndiGo's operational efficiency and reliability by ensuring adequate availability of spare engines to minimize aircraft downtime as well as support their decarbonization strategy with the use of the most fuel-efficient engines available in the market today.