Blenheim Capital has set up a new privately held aircraft leasing company in Kuwait called The Essence Group.
The Essense Group was created in the form of transfer of aircraft assets by Raytheon Company, which consists of four Beechcraft 1900C aircraft under 10-year operating leases with a GCC carrier in the region. According to Flight's ACAS database there are six aircraft of the type operated in the GCC region and Falcon Express Cargo Airlines operates four 1989-vintage aircraft.
Blenheim and Raytheon used offset funding to support the creation of the new Kuwaiti owned aircraft leasing business focused on the turboprop market to provide feeder aircraft for the GCC region's distribution and passenger markets.
Blenheim Capital set up the leasing entity and is developing a five-year business plan. As part of the transaction, Blenheim has established a 10-month training programme, in conjunction with tasc aviation, for up to 50 Kuwaiti nationals selected by the National Offset Company, which manages and administers the Kuwait Offset Programme.
Blenheim Capital's CEO Grant Rogan comments: "Partnering with our corporate client, we were able to design an offset project that addressed the objectives desired by the Kuwaiti government, positioned the Kuwaiti start-up for success, and enabled our corporate client to generate significant offset credits against all three of the Kuwait Offset Programme's strategic criteria and contribute to the economic development of its very important customer."