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Spiro secures $63m debt financing to propel electric motorcycle expansion in Africa
Société Générale and GuarantCo offer Spiro $63m loan for electric motorcycles across Africa
In partnership with Societe Generale and GuarantCo, part of the Private Infrastructure Development Group (PIDG), Spiro is set to significantly expand its fleet of electric motorbikes, alongside the associated batteries and swap stations, in Benin and Togo. This significant step will be backed by a XOF 37.8 billion (c. USD 63 million) financing solution, with a first tranche of XOF 21 billion (c. USD 35 million), from Societe Generale, secured by a 70% partial credit guarantee from GuarantCo.
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This major transaction, in line with the green loan principles, propels Spiro’s mission to tackle the climate emergency, enhance public health, and stimulate economic growth in Africa. Spiro aims to replace conventional combustion engines with clean electric alternatives, significantly reducing CO2 emissions and air pollution.
Spiro CEO, Jules Samain, said: “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.”
Mohamed Fadel Kane, MD Structured Finance Societe Generale Group, said: “Consistent with our “raison d’être” at Societe Generale—to co-create with our clients a more sustainable and prosperous future by delivering innovative, responsible financial solutions—we’re proud to propel the evolution of sustainable mobility in Africa. 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. The project’s financing was significantly strengthened by our partner GuarantCo. This successful partnership testifies to our ability to forge robust alliance, reinforcing our commitment to deliver sustainable, high-impact transformation.”
Layth Al-Falaki, CEO of GuarantCo, said: “We are delighted to have closed this transaction with Spiro, and to have further cemented our strong relationship with Societe Generale. 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.”
Abdoul Aziz Ba CEO of ATIF adds: “This transaction is an important milestone for Spiro, and as a sponsor we strive to channel global private capital and expertise to companies operating in Africa. 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”
At least 100 new jobs for the installation of charging stations and technical support will be created through this project. Moreover, an additional 3,710 operations and maintenance roles are expected. Spiro maintains a strong commitment to gender equality, aiming for at least 30% of these roles to be filled by women, and offering technical and leadership programmes to enhance their skills.
The expansion plan contributes directly to the achievement of Sustainability Development Goal (SDG) 11.6: Reduce the environmental impact on cities and SDG 13: Limit and adapt to climate change. Spiro, in partnership with Societe Generale and GuarantCo, will continue to lead the charge in e-mobility, contributing to a cleaner, healthier, and more sustainable Africa.
