Azorra has finalized a landmark $190 million financing agreement with the Brazilian Development Bank (BNDES) to fund up to eight Embraer E2 jets. The finance facility marks the inaugural collaboration between BNDES and ITASCA MGA, enhancing Azorra’s commitment to new financing solutions.
Itasca MGA, established in October 2023, focuses on specialist aviation finance credit risk insurance. The company works with aircraft financiers to originate solutions, provide Aircraft Non-Payment Credit Insurance (ANPI) and traditional non-payment (re)insurance to banks and other lenders.
Itasca MGA‘s target clients include airlines, aviation finance banks, institutional investors and specialized aircraft leasing companies.
The financing, structured under BNDES’ Exim Post-shipment Product, will fund delivery of aircraft from Azorra’s E2 orderbook with Embraer at delivery.
“Fueling aviation growth through innovative financing is a cornerstone of Azorra’s mission,” Azorra’s SVP of finance, Claudia Ziemer said. “This non-recourse facility represents a significant step forward in our relationship with BNDES and reinforces our commitment to modernizing airline fleets globally.”
Non-recourse to Azorra, means it does not guarantee loans outstanding and lenders rely upon the collateral/aircraft and lease attached. Typically – and in the case of Azorra’s other BNDES financing – BNDES requires Azorra to guarantee loans outstanding.
“By enabling the placement of next-generation aircraft, we’re not only meeting airlines’ operational needs but also advancing their sustainability goals,” Ziemer added.
This is the latest agreement between Azorra and BNDES. Previous agreements have included a $300 million facility secured in July 2024 and a $150 million facility in December 2023.
Collectively, these agreements have facilitated debt financing for up to 15 E2 aircraft, delivering to airlines such as Royal Jordanian, Azul (Brazil) and Scoot (Singapore).
With the addition of this ITASCA-backed facility, Azorra now has access to $640 million in total BNDES financing, enabling the delivery of 23 next-generation Embraer E2 jets.
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