South Africa’s renewable energy sector received a major jolt this week as Lyra Energy — a joint venture between Norwegian solar developer Scatec, Standard Bank, and Stanlib — reached financial close and broke ground on the 255 MW Thakadu solar power plant, one of the country’s most significant clean energy builds in recent years.
The project, to be constructed in two phases, has a total capital expenditure of approximately ZAR 4 billion (USD 240 million). Construction of the first phase is now underway, with the second phase expected to commence in the second half of 2026. Commercial operations for the first phase are targeted for the first half of 2027. Financing follows a non-recourse project debt and equity structure, targeting 80% leverage, with Standard Bank of South Africa acting as senior lender.
Scatec CEO Terje Pilskog called the milestone ‘an important achievement for Lyra Energy and the Thakadu project,’ noting that having contracted private sector offtake in place and financing secured positions the project well for delivery. Scatec will handle Engineering, Procurement and Construction (EPC), Asset Management, and Operations and Maintenance services, covering approximately 80% of total capex.
Lyra Energy positions itself as a flexible, low-risk clean power solution for medium and large commercial and industrial users, pooling renewable resources to serve multiple businesses that lack the capacity to independently develop their own projects.
Source: energy-pedia.com