Ashurst advises Société Générale and GuarantCo on the deployment of electric vehicles, batteries and swap stations in Benin and Togo

Ashurst advised Société Générale and GuarantCo (part of the Private Infrastructure Development Group (PIDG)) on a up to XOF 37.8 billion (c. USD 63 million) limited recourse financing, to support SPIRO (an affiliate of the Africa Transformation and Industrialization Fund (ATIF)) 's deployment in Benin and Togo of a fleet of electric motorbikes as well as the associated batteries and swap stations.

The financing comprises a 70 percent partial credit guarantee from GuarantCo and a borrowing base facility provided by Société Générale.

This transaction will directly contribute to addressing the challenge of providing affordable, clean vehicles in Benin and Togo, and is expected to transform the market through wider demonstration and replication effects.

According to Mark Barges, partner in Ashurst Projects and Energy Transition group, “this innovative project, the first transaction of this type on the continent, developed by SPIRO and supported by Société Générale and GuarantCo, constitutes a crucial and important step for the energy transition and development in Africa".

The Ashurst Paris team was supervised by partner Mark Barges and led by senior associate Cédric Gamambaye Dionmou, and comprised associates Alix Damecour and Santina Aboue. Partner Tom Longmuir and associate Samia Khennous both acted for GuarantCo on GuarantCo-specific matters. UAE-based partner David Charlier and associate Sam Bold were also involved in this project.