Fort Lauderdale-based carrier Silver Airways, which operates flights in Florida and the Bahamas, is planning a major expansion, the company announced this week.

Silver signed a letter of intent to renew and expand its fleet with up to 50 new ATR-600 series aircraft, a transaction valued at up to $1.1 billion, according to the company.

The initial order is for 20 new planes, with the option to “upgauge” to the larger ATR-72-600 aircraft.

The first 20 aircraft will be lease financed by the company.

“As the world’s leading regional aircraft, new ATRs will provide Silver’s passengers unparalleled experience and reliability and our pilots the industry’s most advanced cockpit,” said Jason Bewley, Silver Airways’ President and CFO. “Silver is honored to partner with ATR as its North American launch customer for these technologically advanced aircraft.”

Silver will take delivery of up to four ATRs this year, beginning in the first quarter, with the complete delivery of all of the first 20 aircraft by 2020.

The new aircraft will replace Silver’s existing fleet of 21 Saab 340B Plus turboprop aircraft over time.

Silver also announced that it had entered negotiations to explore commercial cooperation with Seaborne Airlines.

Silver also announced the appointment of Steven Rossum as its new CEO, replacing Sami Teittinen, who had decided to leave the company for “personal reasons.”