Rapidly growing Copa Airlines signed an agreement Nov. 30 to acquire as many as 32 more Boeing 737-800s in what the Panamanian carrier is describing as the largest new aircraft order in its history.

Copa says the order—which includes CFM56-7BE engines and 787-style “modern” interiors—is valued at about $2.6 billion at Boeing list prices, but is not saying what it actually is paying. The order includes 10 options, although Copa clearly plans to exercise them.

“These 32 aircraft, which will be delivered between 2015 and 2018, are an integral part of our medium-term growth plan,” Copa CEO Pedro Heilbron says.

In the past two years, Copa has bought 37 737-800s from Boeing and signed leasing agreements for an additional 10. By the end of this year, the airline’s fleet will grow to 63 aircraft, 37 of which will be Boeing 737 Next Generation aircraft.

With this order, the airline could take delivery of an additional 68 in the next seven years, including 22 that would be delivered in 2011 and 2012. Copa usually uses Export-Import Bank financing for deliveries.

Copa Holdings—the parent of Panama-based Copa Airlines and the newly rebranded Copa Airlines Columbia—recently reported a 19.5% operating margin and $63.9 million profit for the third quarter. That’s up 5.4 percentage points and 48.2%, respectively, year-over-year (DAILY, Nov. 15).

It expects capacity to increase 17-19% in 2011, with the introduction of 10 higher-gauge 737-800s accounting for about a third of that increase; the other contributors will be new service, more frequencies and a longer average stage length.

Most of the 2011 expansion coincides with the completion of a new terminal in May at Tocumen International Airport in Panama City, which Copa promotes as the “best connecting point for intra-Latin America travel.”