International Airlines Group (IAG) is to convert options for eight Airbus A330-200s into firm orders for Iberia.
The aircraft, with a list price of $185 million each, will be delivered between 2015 and 2018.
The British Airways and Iberia parent has also taken out options for a further ten A330s to “provide fleet flexibility” for the group.
Plans for new A330s were announced last month alongside an order for eight Airbus A350-900 aircraft.
In total they will replace 16 A340 aircraft in the Spanish carrier’s long-haul fleet.