70% provided for a partial credit guarantee of a $63m XOF equivalent loan to support the financing of 21k electric vehicles, 31.4k batteries and 1k swap stations in Togo (LDC and FCAS) and Benin (LDC). Avoid 28k tC02e and enable an increase in income generation for 21k drivers.
SDG 11.6 + SDG 13 – Reduce the adverse per capita environmental impact of cities and climate change mitigation.
Expected impact: Avoid 28k tCO2e and local air pollutants, particularly NOx that would come from ICE bicycles through the introduction of electric motorbikes. Urban communities will benefit from reduced air pollution as the model scales up.
SDG 8.5 – Sustain productive employment.
Expected impact: 21k drivers will utilise the electric motorbikes which should lead to an increase in income generation. 3.7k operations and maintenance jobs will also be created.
Challenge: Electric mobility is a nascent sector in Benin and Togo.
Channel: Provide leased electric motorbikes at an affordable price point.
Outcome: Enable an increase in electric mobility in Benin and Togo, and a replication of the model in other African markets.
Mobilised $94m of private sector capital.
$42k to conduct a feasibility study for a battery recycling plant.
Spiro is working towards a target of 30% women in workforce (which include engineers, managers, technicians) and community engagement through technical and leadership programmes targeting female employees. Spiro has also committed to undertake a disability audit across their operations and table an action plan according to the results.
As part of the due diligence process, 21 HSES improvements and four HSES enhancement opportunities were identified which are now reflected in the Project Environmental and Social Action Plan (ESAP). Enhancements include a solar feasibility assessment and a community road safety and public health awareness campaign.
