Lyra Energy, a joint venture between Scatec and South African financial institutions Standard Bank and Stanlib, has reached financial close on its 255 MW Thakadu solar power project, located between the Free State and North West provinces of South Africa.
The project is backed by long-term power purchase agreements with a portfolio of private sector buyers. The agreements cover the majority of the 255 MW output and reflect ongoing demand from South African businesses for predictable electricity costs and supply stability.
“Reaching financial close is a significant moment for Lyra Energy and for Thakadu,” says Eben de Vos, Head of Lyra Energy. “We have secured long-term offtake with leading businesses and translated that demand into bankable, funded generation capacity. Our focus is on delivering physical assets that supply real electrons to the grid – not just simply trading power.”
Scatec is set to handle the engineering, procurement and construction (EPC) as well as asset management and operations and maintenance (O&M) services for the solar project. Commercial operation of phase one is expected in the first half of 2027.
Scatec CEO Terje Pilskog said: “The announcement of Lyra Energy’s first solar plant in South Africa is a milestone for this trading platform.
“Securing offtake agreements with private sector customers for the Thakadu project demonstrates the growing appetite amongst businesses for reliable, cost-effective clean power. Our aggregator model is making renewable energy more accessible, helping South African companies reduce costs and emissions while supporting the country’s energy transition.”
Having secured funding for the project, Lyra will begin construction on phase one of the Thakadu solar power project.
Through energy aggregation, Lyra Energy is able to generate power from a single source to serve multiple commercial clients, including those unable to develop their own renewable energy projects.
“We control the critical elements – site development, grid integration, financing, construction and long-term operations,” de Vos explains. “That continuity reduces execution risk and strengthens alignment with our customers over the full duration of their contracts.”
