Jan 29 (Reuters) - Ireland-based SMBC Aviation Capital and Canada's CDPQ will create a $1.5 billion aircraft financing and leasing firm, the companies said on Monday, to tap into red-hot demand for commercial aircraft.

The new company, to be called Maple Aircraft Co Holdings, will target an initial deployment of $500 million per year, with SMBC sourcing the transactions.

Further details were not disclosed.

Aircraft lessors are gaining from higher rental revenues as a shortage of commercial jets due to supply snags forces airlines to lease airplanes to take advantage of a boom in travel demand.

On Monday, the executive chairman of Air Lease Corp warned at an industry conference that broader supply challenges hurting aerospace production would continue.

SMBC Aviation capital has an owned, managed and committed fleet of over 900 aircraft. Established in 2001, the company was acquired in 2012 by a consortium comprising Japan's SMFG and Sumitomo Corp.

Quebec, Montreal-based CDPQ is Canada's No.2 pension fund manager with C$424 billion ($315 billion) assets under management. ($1 = 1.3458 Canadian dollars) (Reporting by Abhinav Parmar; Editing by Sriraj Kalluvila)