The Portuguese ACMI/charter specialist is part of a consortium of three firms whose two other members are AAR Aircraft Sales & Leasing and the German Aviation Capital Corporation (GACC), that won a tender for the supply of two A330-200s - provisionally msn 1845 and 1854 - to the Nepali carrier earlier this year. They have since collectively established a special purpose vehicle - Hi Fly X Ireland (Dublin Int'l) - to undertake the procurement process which is being managed through Hi Fly.
The Kathmandu Post reports that last week, Nepal Airlines deposited USD79 million, into an escrow account held by Norton Rose Fulbright as advance payment for the two wide-body aircraft. The sum is equivalent to around 35% of the total USD209.6 million the two sides agreed to for the purchase.
Hi Fly was not immediately available for comment.
According to Nepal Airlines, the first of the two aircraft is expected to arrive in Nepal in May, with the second due by June in 2018. The carrier has borrowed NPR24 billion Nepali rupees (USD232.5 million) from the Citizen Investment Trust (CIT) and the Employees Provident Fund (EPF) to fund the purchase.
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