Pedro Heibron, Chief Executive Officer made the announcement, raising the projected capital expenditure from initial $ 150 million.
American Economy reports on their web site, "The company could announce new orders for Boeing jets, said Heilbron, and fund these investments with loans from the Export-Import Bank of United States, other commercial banks or from to their own resources."
The airline ordered an additional 13 Boeing 737 airplanes, a $1 billion investment, doubling its original request.
This order increases to 27 the number of planes Copa Airlines has ordered from Boeing. Additionally, they have agreed a purchase option for 8 more planes.
"Boeing 737s have been an important element in Copa's success, proving us with efficient operations and costs, which allows us to offer our passengers world class services and an extensive network of routes in Latin America", said Pedro Heilbron, CEO of Copa Airlines. "This order restates the confidence we have in our business model and the growth potential for air travel in Latin América".
Copa announced the signing of a lease for ten new Boeing 737-800 aircraft.
Five will be delivered in 2011 and the balance in 2012. Copa Airlines already has commitments for the delivery of 33 aircraft, all Boeing 737-800.
"These new leases represent a new impulse to our expansion plans and give us the opportunity to further strengthen our leadership position as a regional hub", said Pedro Heilbron, CEO of Copa Airlines.
Copa Airlines and Boeing signed a purchase agreement for 32 737-800 aircraft, valued at about $ 2,600 million.
The purchase, worth approximately $ 2.6 billion, is the largest order for new aircraft in the history of Copa Airlines. Furthermore, the purchase represents one of the largest transactions ever made between a private sector company in the United States and the Republic of Panama.