Spiro

GuarantCo, in partnership with Societe Generale, provided an up to XOF 37.8 billion (c. USD 63 million) financing solution, with a first tranche of XOF 21 billion (c. USD 35 million) to support the financing of Spiro’s fleet of electric motorbikes as well as the associated batteries and swap stations in Benin and Togo.

Spiro is looking to deploy at least 21,400 clean electric motorbikes with 31,400 electric batteries and more than 1,170 swap stations. Through the project, up to 100 jobs will be created for the installation of charging stations and technical support, while an additional 3,710 operations and maintenance jobs are expected.

Spiro is working towards a target of 30 percent women in workforce (long term jobs) including engineers, managers and technicians whilst providing technical and leadership programmes to enhance their skills.  In addition, there will be community engagement initiatives through technical and leadership programmes targeting female employees.

It is estimated to deliver a 96kt C02 equivalent reduction of greenhouse gas emissions so urban communities in particular will benefit from reduced air pollution as internal combustion engines are replaced.

This transaction has been a catalyst for projects in other countries in Africa.