Wizz Air has entered into a sale and leaseback agreement with Mitsubishi Corporation Aviation Partners (MCAP) for three new Airbus A320s, which will join the fleet in 2013 and 2014.
The deal marks the first transaction between the two parties.
"We are pleased to expand our existing group of leasing companies and to announce our first financing deal with MCAP," says József Váradi, chief executive of Wizz Air.
"The addition of these three new aircraft will contribute to the growth capacity of the airline and maintain the average age of our fleet - just under four years," he adds.
MCAP chief executive Hiroshi Nakanishi says the transaction allows the operating lessor to enter the central and eastern European region.
According to Flightglobal's Ascend Online database, Wizz Air operates a fleet of 37 A320s, with firm orders for another 76 units plus 45 options.