Turkish Airlines closes landmark Itasca JOLCO financing for two new A350-900 aircraft

Turkish Airlines has successfully closed a landmark financing deal for the delivery of two new Airbus A350-900 aircraft, the carrier announced, adding the wide‑body jets to its expanding fleet.

The transaction combines Itasca insurance‑backed financing with a Japanese operating lease with call option (JOLCO) structure, marking Turkish Airlines’ first Itasca JOLCO deal and the first aircraft financing transaction between Bank of China, JP Lease and the national flag carrier of Türkiye.

Bank of China acted as the sole lender and facility agent in the JOLCO transaction, while JOLCO equity was arranged and underwritten by JP Lease, with support from Itasca’s insurance solution, the airline said.

Assoc Prof Murat Şeker, Turkish Airlines’ Chief Financial Officer and member of the board and executive committee, said, "As Turkish Airlines, we are delighted to have successfully closed this milestone transaction, which not only reflects the confidence of our international financial partners but also demonstrates Turkish Airlines’ commitment to diversifying its funding sources through innovative and sustainable financing structures. I would like to thank Itasca, Bank of China and JP Lease for their ongoing support and valuable partnership. I would also like to congratulate Bank of China and JP Lease on their first aircraft financing transaction with Turkish Airlines. We continue strengthening our global partnerships while supporting our fleet expansion strategy."

Arnaud Fiscel, London‑based Head of Transportation at Bank of China, said, "We are extremely delighted to support Turkish Airlines on the financing of these brand‑new A350-900 aircraft. The successful execution of this transaction comes as a testimony to the strong relationship between Bank of China and Turkish Airlines. It also reflects our ability to deliver tailored solutions across the aviation sector, and we wish to congratulate all teams involved for an efficient and smooth closing of the financing."

Teiji Ishikawa, President and Chief Executive Officer of JP Lease Products and Services Co, said, "It is our utmost pleasure to support the financing of Turkish Airlines for its brand‑new A350-900. This transaction demonstrates our strong relationship and commitment to the Turkish aviation sector, and we are proud to close this transaction as the equity provider, together with our esteemed and innovative partners."

Gareth John, Chief Executive Officer of Itasca, said, "This transaction highlights the strength and versatility of Itasca’s financing platform and our ability to deliver innovative, insurance‑backed solutions for leading global airlines. We are delighted to work with Turkish Airlines on this significant JOLCO financing, supporting the addition of two new A350-900 aircraft to its fleet and reinforcing our commitment to providing efficient, competitive funding structures across the aviation sector."

Turkish Airlines said it will continue to develop new aviation finance structures through strategic collaborations with international partners as part of its long‑term strategic objectives and fleet expansion plans.

Turkish Airlines Inc Directorate of Communications provided the statement.