Avolon, the international aircraft leasing business, is to partner with Wells Fargo, a diversified financial services company, to form a new joint venture aircraft leasing business called Avolon Capital Partners (ACP).

The formation of ACP is subject to a number of regulatory approvals.

Since its inception in 2010, Avolon has raised a total of USD3.7bn of debt capital from a wide range of financial institutions, including Wells Fargo, which has been a significant lender to Avolon since January 2011.