Scandinavian budget carrier Norwegian is to establish a joint venture with China Construction Bank Leasing to take over 27 Airbus A320neo aircraft scheduled for delivery from next year.
The airline says the leasing arm will be the majority owner of the venture, with a 70% shareholding, while Norwegian will hold the balance.
Norwegian says the venture will initially have 27 A320neo-family jets which are due to be delivered over the period from 2020 to 2023.
The Chinese bank will provide aircraft financing within the joint venture, Norwegian adds.
It states that the agreement will reduce the airline's committed capital expenditure by around $1.5 billion, and have a "positive equity effect".