Lyra Energy, a joint venture between Scatec, Standard Bank and Stanlib in South Africa, has achieved financial close for its Thakadu solar power plant and begun construction of the 255MW facility.
Scatec holds a 50% ownership stake in the renewable energy platform, with the remaining 50% owned by Standard Bank and Stanlib.
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With initial construction initiated, the second phase of the Thakadu project is scheduled for the latter half of 2026.
The solar plant’s capital expenditure (capex) stands at roughly R4bn ($240m).
This funding will be sourced through a mix of non-recourse project debt and equity contributions from its owners, with an intended leverage target of 80%.
Standard Bank is acting as the senior lender for this initiative.
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By GlobalDataScatec is responsible for providing engineering, procurement and construction (EPC), along with asset management and operations and maintenance services for the Thakadu project.
The EPC scope managed by Scatec represents roughly 80% of the project’s total capex.
The first phase is set to become commercially operational in the first half of 2027.
Scatec CEO Terje Pilskog said: “This marks an important milestone for Lyra Energy and the Thakadu project. With contracted private sector offtake in place and financing secured, the project is well positioned for construction and delivery.”
Last month, Lyra Energy signed power purchase agreements with three major commercial and industrial consumers covering a significant part of the Thakadu plant.
Lyra Energy aims to provide a low-risk and adaptable power solution customised for medium-to-large commercial and industrial users through its flexible contracting framework.
