OÜ Transpordi Varahaldus, founded by the state, acquired for 31 million euros from EDC (Export Development Canada), a Canadian export agency, the lease agreements of three passenger planes previously used by Estonian Air.

“These aircraft were built by a Canadian aircraft manufacturer Bombardier and financed by Export Development Canada (EDC). Estonian Air used the three planes on the basis of lease agreements and failed to make any more rental payments after the termination of the company’s flight operations. As a result of negotiations, Transpordi Varahaldus concluded an agreement with EDC, acquiring the loan granted by EDC, and basically stepped into the boots of this financial institution,” explained Ergo Blumfeldt, OÜ Transpordi Varahalduse (TVH) Management Board Member

Next, TVH is planning to organize an international public tender with negotiations to find a new long-term lessee for the aircraft. AS Nordic Aviation Group has already indicated its interest in participating in the lease tender.

OÜ Transpordi Varahaldus is a state-owned company founded on September 30, 2015 by the Republic of Estonia as a sole shareholder with the objective of operating as an investment firm financing and managing investments into fixed assets in the field of transport (including acquisition and rental). The Company was entered in the commercial register on October 10, 2015.