Powering the Future: Uruguay Accelerates Toward a Greener Last-Mile with Swapy

Powering the Future: Uruguay Accelerates Toward a Greener Last-Mile with Swapy

Uruguay has long been a global frontrunner in clean energy. A new strategic operation under the Renewable Energy Innovation Fund (REIF), implemented by UNIDO in collaboration with the Resident Coordinator’s Office, UN Women, UNDP, and national partners, is driving the country’s Second Energy Transition. At the heart of this effort lies an innovative partnership: REIF and Banco Santander have joined forces to finance Swapy, Uruguay’s first motorbike battery swap project.

A New Model for Urban Mobility

Swapy is redefining how electric mobility works for last-mile delivery services. Instead of waiting hours for batteries to charge, drivers simply swap a depleted one for a fully charged unit in under a minute. Powered by a Hardware as a Service (HaaS) model, the project operates on a subscription basis, giving users access to electric motorcycles and a network of easily accessible swapping stations. The result consists of greater autonomy, minimal downtime, and lower emissions.

The pilot phase is ambitious yet practical—60 electric motorcycles, 200 batteries, and six strategically located stations across key urban zones. Together, they form a scalable system designed to ensure operational continuity for delivery drivers while cutting carbon emissions and keeping operating costs competitive.

“The cultural shift our company seeks to drive is aligned with global ESG principles,” said Martín Piñeyro, Head and Co-Founder of Swapy. “The technical support from REIF has been key to strengthening our capacity and ensuring long-term sustainability.”

Financing the Green Shift

Behind this innovation lies a creative financing structure. REIF co-financed 30% of the project, while Banco Santander provided the remaining 70%. It is a model that blends public and private investment to make sustainable innovation bankable. Over the next eight years, Swapy is projected to eliminate approximately 1,380 tons of CO₂ emissions.

For Banco Santander Uruguay, this initiative is a natural extension of its sustainability strategy. “Projects like Swapy directly contribute to our commitment to sustainable development,” explained Ignacio Rivela, Head of Green Finance. “They also help build local expertise, paving the way for more green investments in the future.”

The project also reflects REIF’s commitment to gender inclusion with 33% of Swapy’s team members are women, advancing gender equality within Uruguay’s growing green tech sector.

Toward a Cleaner Tomorrow

Swapy is proof of concept for how smart financing, innovation, and sustainability can converge to accelerate a country’s green transition. By electrifying Uruguay, it is reducing emissions and reimagining mobility for the next generation.

Manuel Albaladejo, UNIDO’s Representative for Argentina, Chile, Paraguay, and Uruguay, emphasized REIF’s catalytic role: “This is the kind of high-innovation, high-impact project we aim to support. Commercial banks want to invest in green finance, but they often need reassurance on the bankability and measurable impact of such projects. REIF bridges that gap through concessional financing and impact frameworks that guarantee triple bottom-line results.”

Through initiatives like REIF, UNIDO and its partners are helping shape a new economic model—one where clean technology, inclusion, and business innovation go hand in hand, powering a future that’s as sustainable as it is forward-looking.

Original publication: https://www.unido.org/news/unido-supports-uruguay-its-last-mile-decarbonization

Note:

All joint programmes of the Joint SDG Fund are led by UN Resident Coordinators and implemented by the agencies, funds and programmes of the United Nations development system. With sincere appreciation for the contributions from the European Union and Governments of Belgium, Denmark, Germany, Ireland, Italy, Luxembourg, Monaco, The Netherlands, Norway, Poland, Portugal, Republic of Korea, Saudi Arabia, Spain, Sweden, Switzerland for a transformative movement towards achieving the SDGs by 2030.

Extraído de: https://jointsdgfund.org/article/powering-future-uruguay-accelerates-toward-greener-last-mile-swapy