- Power purchase agreements signed with three leading commercial and industrial customers.
- 255 MW solar project to be developed in two phases with construction set to begin in early 2026.
- Platform backed by Scatec, Standard Bank and Stanlib.
Lyra Energy, the joint venture renewable energy trading platform of Scatec in South Africa, has secured power purchase agreements with three top tier commercial and industrial off-takers for a significant share of its 255 MW Thakadu solar power plant.
The agreements mark a key milestone for the platform and underscore rising demand from the private sector for reliable and cost effective clean electricity supply in South Africa.
Terje Pilskog, Chief Executive Officer of Scatec, described the signing as a landmark for the platform’s first solar project in the country. He said securing private sector off-take for Thakadu reflects the growing appetite among businesses for dependable and competitively priced renewable power. He added that the aggregator model improves access to clean energy and supports corporate efforts to lower operating costs and reduce emissions while contributing to the national energy transition.
Eben de Vos, Head of Lyra Energy, said the launch of the Thakadu solar plant alongside strong commercial and industrial partners demonstrates the strength of the platform’s structure. By pooling renewable generation capacity and offering flexible contracts with managed risk, Lyra enables companies of varying sizes to participate in large scale renewable energy projects without developing assets independently.
Scatec will deliver engineering, procurement and construction services for the project, in addition to asset management and operations and maintenance. The 255 MW facility will be developed in two phases. Financial close and construction start for the first phase are expected in the first quarter of 2026, with the second phase scheduled to commence later in 2026. Capital expenditure, financing details and the final engineering and construction scope will be confirmed at financial close.
Lyra Energy is a partnership between Scatec, Standard Bank and Stanlib, with Scatec holding a 50 percent stake and the remaining 50 percent owned by its financial partners. The platform provides flexible and lower risk renewable power solutions tailored to medium and large commercial and industrial users. By aggregating supply and serving multiple customers under structured contracts, Lyra is expanding access to utility scale clean power for businesses that may not have the capacity to develop their own generation projects.
Author: Bryan Groenendaal
