Rolls-Royce, UK Export Finance celebrate expanding role at Ethiopian

November 6, 2024 in Business, Companies, Finance, Financial Services, Transport, Travel & Tourism by Editor

British propulsion and energy systems manufacturer Rolls-Royce, along with the UK government’s export credit agency, UKEF, are celebrating significant inroads into the Ethiopian market following Airbus’s success in securing orders for 35 aircraft from Ethiopian Airlines.

Rolls-Royce, the exclusive engine supplier for the A350, and UKEF, which arranged financing for Ethiopian Airlines’ A350-1000s, highlighted Airbus’s significant contribution to employment in the United Kingdom. The UK’s aerospace industry plays a key role in designing and manufacturing engines and wings for several Airbus aircraft.

“Export credit agency financing continues to play an important role in providing a wide range of financing solutions to our customers. Airbus is very appreciative of the ongoing support UKEF has been able to provide to Ethiopian Airlines as it becomes the first African operator of the A350-1000,” said Airbus Commercial Aircraft head of Customer Finance Boris Sakrauski.

Ethiopian Airlines received its first of four Airbus A350-1000s on November 5, bringing the total number of Airbus aircraft in service with the flag carrier to 21. With an additional 14 aircraft awaiting delivery, Rolls-Royce now has 45 of its engines powering Ethiopian’s Airbus fleet. Ethiopian’s A350-900s are exclusively powered by the Trent XWB-84 engines, while the A350-1000s are powered by the XWB-97 variant.

“We are proud to have played a part in this historic moment as the first A350-1000 is delivered to an African airline. This deal encompasses UKEF’s vision to support UK exporters and jobs, drive local growth and create global impact,” said Pat Cauthery, Divisional Head – Aerospace, Defence, Shipping, Space, at UK Export Finance.

UKEF partnered with Bpifrance and Euler Hermes as reinsurers to provide a guarantee to the commercial banks that financed Ethiopian Airlines’ purchase of four A350-1000 aircraft, which will be delivered to the airline over the coming months.

“The wings and engines are the product of the UK aerospace industry, which supports over 120,000 highly-skilled jobs, most of these outside London and the south-east,” UKEF said in a statement.

Airbus sites at Filton and Broughton design, test, and manufacture the wings for all Airbus’ A320, A330 and A350 commercial aircraft. They directly support more than 8,000 full-time jobs and hundreds of apprenticeships. The Trent XWB is manufactured at the Rolls-Royce site in Derby.

Rolls-Royce touts the Trent XWB-97 as the world’s most efficient large aero-engine delivering a 25pc reduction in specific fuel consumption compared to its nearest competitor.

Ethiopian Airlines, a Rolls-Royce customer for over 20 years, became Africa’s first operator of the A350-900 powered by the Trent XWB-84 engine in 2015. Ethiopians A350-1000 is the first to be delivered to an airline in Africa. The aircraft will complement the airline’s existing fleet of Rolls-Royce-powered widebody aircraft; Rolls-Royce will power 45 Ethiopian Airlines’ aircraft.

“We are thrilled to celebrate this milestone with Ethiopian Airlines, a valued partner, as they become the first in Africa to operate the Airbus A350-1000 powered by our Trent XWB-97 – the world’s most efficient large aero engine in service today. We are proud to support Ethiopian’s continued growth with engines that provide exceptional reliability, fuel efficiency, and environmental performance. We look forward to building on our partnership and supporting Ethiopian’s journey toward a more sustainable future in aviation,” said Omar Al Adib, Senior Vice President Customers at Rolls-Royce.