State job-creation fund invests €50m in Barings aircraft lessor
Aviation firm pledges to hire Irish companies for maintenance ‘where practicable’
Genesis buys Boeing and Airbus short-haul craft that are leased to airlines around the world. Photograph: iStock
The State’s job-creation fund is investing €50 million in an aircraft-leasing business owned by financial services group Barings.
The Ireland Strategic Investment Fund (ISIF), set up with the €9 billion left from the old National Pension Reserve Fund following the bank bailout, said on Friday that it was putting €50 million into Genesis Aircraft Services Ltd.
Genesis, which is based in Stillorgan, Co Dublin, is an aircraft lessor owned by US financial services and investment firm Barings.
According to a statement, the ISIF’s investment will boost Genesis’s Irish operations. This will result in the lessor using local companies to service its aircraft.
The ISIF said Genesis had pledged that “where practicable” it would hire Irish companies to do this work.
The company originally provided the financial and accounting services for Baring’s aircraft investments.
In 2017, its parent expanded Genesis to become a leasing company, following which the firm bought several aircraft. It now has 88 aircraft on its books and will spend the ISIF cash on on increasing its fleet.
Eugene O’Callaghan, ISIF director, predicted Genesis would create opportunities for aircraft maintenance, repairs and overhaul companies at Irish airports.
Cian Mackey, Genesis’s chief financial officer, said the company was “delighted” to have the State fund as an investor.