Airbus, a unit of European Aeronautic Defence & Space Co. (EAD.FR) said Wednesday the development costs of its fuel-saving A320 aircraft, or A320 NEO, will be over EUR1 billion.

Earlier Wednesday, EADS said Airbus will offer offer fuel-saving engine options of up to 15% for its popular A320 family of single-aisle jets, with first deliveries slated for Spring of 2016.

The options also provide lower emissions, reduced engine noise, lower operating costs and more range for the aircraft.

Airbus forecasts market potential for around 4,000 such aircraft over the next 15 years.

"We are certain that the A320 NEO will be a big success with all carriers in all markets," Airbus Chief Executive Tom Enders is quoted as saying in a statement.

-By Frankfurt Bureau, Dow Jones Newswires; +49 69 29725 500;