- 255 MW solar project to be developed in two phases in South Africa.
- Total investment estimated at US$240 million with 80% debt financing.
- First phase expected to reach commercial operations in H1 2027.
Scatec’s South African joint venture Lyra Energy has reached financial close and commenced construction of the 255 MW Thakadu solar power plant in South Africa.
The project will be developed in two phases. Construction of the first phase has now begun, while the second phase is scheduled to start in the second half of 2026.
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Scatec CEO Terje Pilskog said the milestone positions the project for successful delivery following the completion of financing arrangements and the securing of private sector off-taker agreements.
The total capital expenditure for the Thakadu solar project is estimated at about ZAR4 billion, equivalent to roughly US$240 million. The project will be financed through a mix of non-recourse project debt and equity contributions from the project owners, targeting leverage of about 80%.
Standard Bank of South Africa has been appointed as the senior lender.
Scatec will deliver engineering procurement and construction services for the project and will also provide asset management and operations and maintenance services once the plant becomes operational. The company’s EPC scope represents about 80% of the total capital cost.
Commercial operations for the first phase of the Thakadu solar power plant are expected in the first half of 2027.
Author: Bryan Groenendaal
LONGi’s high quality solar panels are available through an extensive distributor network in Africa. Link to the LONGi distributor list: LONGi Distributors List – Africa
