Spiro, an electric motorbike manufacturer and clean-energy provider in Africa, has secured up to XOF37.8bn (€58m) funding to expand its fleet of electric motorbikes in Benin and Togo.

Private Infrastructure Development Group-owned GuarantCo is providing 70% of the financing guarantee alongside a borrowing base facility provided by Societe Generale.

Spiro is looking to deploy at least 15,700 electric motorbikes with 31,400 electric batteries and more than 1,000 swap stations in addition to its existing operational fleet of 5,706 vehicles and around 130 swap stations.

Layth Al-Falaki, CEO of GuarantCo, said: “We are delighted to have signed this transaction with Spiro and to have further cemented our strong relationship with Societe Generale.”

Al-Falaki said the 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,” Al-Falaki added.

Mohamed Fadel Kane, managing director of structured finance at Societe Generale, said: “With the successful backing of Spiro’s significant initiative, we are demonstrating our steadfast commitment to shaping the future of finance in alignment with global sustainability goals.”

Jules Samain, CEO of Spiro, said: “This pivotal partnership with Societe Generale and GuarantCo has accelerated our mission to tackle climate change, enhance public health and empower Africa’s economies.

“By expanding our e-mobility footprint in Benin and Togo, we’re making significant strides in reducing greenhouse gases.”

Abdoul Aziz Ba CEO of Spiro’s main shareholder ATIF, said: “It is very important also to provide growth capital to our investment portfolios via innovative structures with local and international financial investors.

“As such, the financing close with Societe Generale and GuarantCo is a great partnership to promote clean energy and sustainable growth in Africa.”

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