BENIN/TOGO: a €57m credit line for Spiro’s electric motorbikes
GuarantCo, a company in the Private Infrastructure Development Group (PIDG), and the French bank Société Générale have granted a credit facility of 37.8 billion CFA francs to finance electric mobility solutions from the start-up Spiro, which operates in Benin and Togo, among other countries.
Spiro is taking off again in Benin and Togo. The mobility start-up plans to operate 31,400 batteries there, with a view to assembling 15,700 electric motorbikes over the next few months. This roll-out, which will be accompanied by the installation of 1,000 exchange stations for the existing fleet, will require a total investment of 37.8 billion CFA francs, or 57.6 million euros.
This amount has already been secured thanks to a credit line backed up to 70% by GuarantCo, a company in the Private Infrastructure Development Group (PIDG). The first tranche of this local currency facility, costing CFA 21 billion (€32 million), is covered by the Société Générale banking group based in Paris, France. The agreement was signed in the presence of its Managing Director of Structured Finance, Layth Al-Falaki, the CEO of GuarantCo and Abdoul Aziz Ba, the Managing Director of the investment company ATIF.
“This major transaction supports Spiro’s mission to tackle the climate emergency, improve public health and stimulate economic growth in Africa. Spiro aims to replace conventional combustion engines with clean electric alternatives, significantly reducing the carbon dioxide (CO2) emissions that cause air pollution,” says Spiro.
As well as decarbonising road transport in these West African countries, this “green” loan should help to create jobs, particularly for Beninese and Togolese women. The latter could also work in the new joint venture launched by Spiro and its Austrian partner Horwin to manufacture electric bicycles on the African continent.
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