Scatec’s Lyra Energy Secures Major Commercial Agreements For 255 MW Thakadu Solar Plant, Paving Way For First Large-Scale Solar Project In South Africa

Scatec’s joint venture renewable energy platform in South Africa, Lyra Energy, has taken a significant step forward by signing power purchase agreements with three major commercial and industrial offtakers for a substantial portion of its 255 MW Thakadu solar power plant. This marks Lyra Energy’s first large-scale solar project in South Africa and highlights the growing interest among businesses in reliable and cost-effective renewable energy.

Terje Pilskog, CEO of Scatec, described the milestone, emphasizing that the agreements with private sector customers demonstrate a strong appetite for clean power. He explained that Lyra Energy’s aggregator model is helping make renewable energy more accessible, enabling South African companies to reduce both costs and carbon emissions while contributing to the country’s broader energy transition.

Eben de Vos, Head of Lyra Energy, noted that the launch of the Thakadu solar power plant with committed commercial and industrial partners reflects the strength of the partnership. By pooling resources and offering flexible, risk-managed contracts, Lyra Energy allows businesses of varying sizes to benefit from large-scale renewable energy. The project serves as a clear example of how collaboration in the sector can support sustainable growth for South Africa.

Scatec will handle the engineering, procurement, and construction (EPC), as well as asset management (AM) and operations and maintenance (O&M) for the Thakadu project. The power plant will be constructed in two phases. The first phase is expected to reach financial close and begin construction in the first quarter of 2026, while the second phase is scheduled for later in 2026. Detailed information on capital expenditures, financing structures, and Scatec’s EPC scope will be provided once financial close is achieved.

Lyra Energy is a collaborative renewable energy platform jointly owned by Scatec, Standard Bank, and Stanlib. Scatec holds a 50% stake, with the remaining 50% split between the two partners. The platform is designed to offer medium and large commercial and industrial users a low-risk, flexible renewable power solution. Through its innovative contracting model, Lyra Energy pools resources from multiple renewable projects to provide large-scale clean power to businesses that may not have the capacity to develop their own renewable energy facilities.

The Thakadu solar plant underscores Lyra Energy’s approach to making renewable energy accessible, affordable, and reliable for businesses, while also supporting South Africa’s transition to a more sustainable energy system. By combining expertise, financial backing, and flexible solutions, Lyra Energy is setting a benchmark for how commercial partnerships can drive large-scale clean energy adoption across the country.