The power of partnership: How Azorra and Embraer grew the E-Jet platform

Azorra’s partnership with Embraer has been built over more than 20 years and is rooted in a shared belief in the long-term value and reliability of the E-Jet platform. This month, we are proud to be in Brazil, the home of Embraer, celebrating its 2,000th E-Jet delivery – a significant milestone that also marks our 10th E2 delivery to Azul. 

Embraer aircraft have always been central to our strategy. In fact, the first aircraft to join Azorra’s portfolio were two Phenom 300s, leased to Gold Aviation. These aircraft remain on lease today, making this our longest standing customer relationship and testament to the way we have approached this business from the beginning.

Azorra and Embraer: a relationship built over decades 

Our relationship with Embraer goes back further than Azorra itself. Before launching the business, our CEO John Evans – an aircraft leasing veteran with decades of experience building and scaling leasing platforms – founded Jetscape. It was there that the relationship with Embraer first took shape. 

In 2008, against the backdrop of the global financial crisis, John placed an order for Embraer E1s. He believed that where there is challenge, opportunity lies and recognized the role these single-aisle aircraft could play in helping airlines navigate periods of disruption. Their economics make them well suited to flying to less dense populations and connecting city pairs, while giving airlines the flexibility to rebuild capacity, test new markets, and respond as passenger demand changes. 

That opportunistic approach to aircraft leasing – understanding what airlines need through periods of dislocation and providing the right fleet solutions at the right time – is fundamental to Azorra’s culture today. 

The small narrowbody market opportunity  

When John launched Azorra 10 years ago, following the sale of Jetscape to Nordic Aviation Capital, he once again saw an opportunity emerging in the small narrowbody market. Other lessors had invested in the E-Jet program, but our timing, experience, and understanding of the sector gave Azorra the springboard to establish itself as a leading lessor of Embraer aircraft. 

As Azorra scaled, Embraer continued to play a central role in our growth. In 2019, we built on that relationship as we expanded into the commercial aircraft market, acquiring five E190s from Copa Airlines. The following year, we facilitated the sale and transition of 14 E190s from Copa Airlines to Alliance Airlines. 

Then came COVID-19. We entered the pandemic with a clean sheet, a modest portfolio of aircraft, and a relatively small equity base. As the industry shut down and passenger traffic collapsed, we drew on what we had learned from previous cycles. Periods of dislocation lead airlines to make difficult decisions: restructuring fleets, raising capital, pursuing sale-and-leasebacks, and renegotiating existing lease terms. Operationally, carriers with larger widebody and narrowbody fleets also needed greater flexibility as they adjusted to a very different demand environment. 

Investing through disruption 

We recognized that when flying returned, regional and small narrowbody markets would be among the first to recover. Travel patterns were changing too. Long distance business travel declined, while people increasingly favored domestic travel and placed greater emphasis on frequencies and schedule flexibility. 

This environment played to the strengths of small narrowbody aircraft such as the E-Jet. At a time when others were stepping back and there was less competition from lessors, we committed to building scale. The aircraft’s lower trip costs gave airlines an efficient way to restore services while matching capacity more closely with demand. 

In 2021, Oaktree Capital Management invested $350m in Azorra, backing our strategy and view of where the market was heading. Later that year, we took our conviction in the E-Jet a step further, placing an order for 20 E2 aircraft, that has since been expanded several times. The initial commitment established Azorra as one of the few lessors with a speculative E2 orderbook and affirmed our position in the small narrowbody market. 

Since then, we have continued to invest in and acquire assets that complement our portfolio and reflect what we know customers need. Embraer remains at the core of that strategy. Last year, we acquired 49 E-Jets from Dubai Aerospace Enterprise (DAE), as well as 13 E190 aircraft from JetBlue. 

Building for what comes next

In a market now returning to pre-COVID levels, flexibility remains essential to operators. E-Jets allow airlines to increase frequencies and serve markets where larger narrowbody capacity may not be the right fit. We see this reflected in our customer base, having placed E-Jets with airlines around the world, including Scoot, Airlink, Virgin Australia, and LOT Polish Airways.  

In 2026, we are continuing to expand in the E-Jet market. At the end of last year, Azorra’s share of the small narrowbody leasing market stood at 19%, and we have recently placed an order for an additional 15 E2s, marking the fourth increase to our original E2 order placed in December 2021. 

At the Farnborough International Airshow in July, we also signed an agreement with Embraer to convert up to 30 E190s to freighters – a natural extension of our story with Embraer and belief in the longevity of the E-Jet platform. We recognized the E190F was an ideal replacement for older 737 freighters, offering reliable Stage 4 noise-compliant operations and, with Azorra’s CF34 engine program, unmatched operating costs. The investment reflects our confidence in the aircraft and the opportunity to extend its useful life into the growing express cargo market.  

Arjan Meijer, President and CEO of Embraer Commercial Aviation, highlights its 2,000^th E-Jet delivery and the enduring value of the E-Jet platform: “With proven reliability, global operator appeal, and strong demand across primary and secondary markets, E-Jets continue to be among the most attractive assets in aviation leasing. We are proud to celebrate this achievement with Azorra, a strategic partner whose confidence in the E-Jet family has helped drive its worldwide success. Together, we are creating value for airlines as they seek greater efficiency, flexibility, and growth.”  

Relationships at the heart of our business 

Our connection with Embraer runs throughout the organization. Several team members have worked at the manufacturer, including Azorra’s President Ron Baur. That depth of experience has given us a strong understanding of the aircraft, the manufacturer and, importantly, the airline customers operating them. 

Relationships within the industry have always been the center of what we do, whether with manufacturers or our customers. Azul – one of Brazil’s largest airlines – has been instrumental in Azorra’s growth, and the partnership extends well beyond individual transactions. Our friend, former Azul CEO and present Azul Chairman, David Neeleman has supported Azorra as a member of our board since 2022. This 2,000^th delivery milestone brings together many of the relationships, decisions, and opportunities that have shaped Azorra’s story over the years.  

Today, Oaktree has invested more than $800m in our business, and our partnership with Embraer continues to grow. From the decisions made more than two decades ago to the opportunities we are pursuing today, our conviction in the E-Jet platform has remained constant. 

We are grateful to Embraer, Azul, Oaktree, and all our airline customers and partners who have been part of that journey. Reaching these milestones together is something we are incredibly proud of, and we look forward to continuing to support each other as we bring the E-Jet platform to a greater number of operators and markets around the world.