Electric motorcycle and scooter manufacturer Spiro, is set to expand its fleet of electric motorbikes, batteries and swap stations in Benin and Togo
The step has been taken as part of Spiro’s mission to tackle the climate emergeancy, enhance public health and stimulate economic growth in Africa. It is achievable through an approximately US$63mn financing solution (with a first tranche of approximately US$35mn) from Societe Generale, secured by a 70% partial credit guarantee from GuarantCo, part of the Private Infrastructure Development Group (PIDG).
“This pivotal funding from GuarantCo and Societe Generale enables us to step up our commitment to decarbonise transportation. By adding at least 15,700 clean electric motorbikes, over 31,400 electric batteries and more than 1,000 swap stations to our existing fleet, we expect to significantly reduce greenhouse gas emissions. Furthermore, this venture allows us to generate numerous operational, maintenance, and technical support jobs, fostering local employment with a strong focus on gender inclusivity,” explained, Spiro CEO, Jules Samain.
Mohamed Fadel Kane, MD structured finance, Societe Generale Group, added, “With the successful backing of SPIRO's significant initiative, we're demonstrating our steadfast commitment to shaping the future of finance in alignment with global sustainability goals. These clean electric motorcycles are not just a stride towards reducing our environmental impact; they promise to stimulate economic growth in Togo and Benin and to fulfil the pressing mobility needs of Africa.”
According to Spiro, more than 100 new jobs will be created during the installation and technical support of the charging stations with an additional 3,710 in operations and maintenance roles. At least 30% of will be filled by women, in accordance with Spiro’s commitment to gender equality.
“This landmark electric mobility project will contribute to improving the environment to the benefit of the people of Benin and Togo and will directly contribute to addressing the challenge of providing affordable, clean vehicles in the two countries. In addition, it will help transform the market through wider demonstration and replication effects,” remarked Layth Al-Falaki, CEO of GuarantCo.
According to the International Energy Agency, global demand for electric vehicles is booming. Read the full article with the organisation’s finding here: https://www.africanreview.com/transport-a-logistics/vehicles/demand-for-electric-vehicles-is-booming-globally-according-to-the-international-energy-agency
