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Updated on Feb 17, 2026
M Kubwa
Scatec’s joint venture renewable energy platform in South Africa, Lyra Energy (Lyra), has inked power purchase agreements (PPA) with three top tier commercial and industrial offtakers. This will foresee the development of the 255 MW Thakadu Solar Power Plant. This project will join others such as the SunCentral Solar Project in increasing South Africa’s solar power capacity.
Addotionally, Scatec will be providing Engineering, Procurement, and Construction (EPC), Asset Management (AM) and Operations & Maintenance (O&M) services for the 255MW Thakadu Solar Power Plant. Additionally, the power plant will be constructed in two phases.
Furthermore, the financial close and construction start of the first phase expected during the first quarter of 2026. As for the second phase, it is also expected to commence in 2026. Capital expenditures (capex), financing structure, and Scatec’s EPC-scope will be provided at financial close.
“The announcement of Lyra Energy’s first solar plant in South Africa is a milestone for this trading platform” stated Scatec CEO Terje Pilskog. “Securing off take agreements with private sector customers for the Thakadu project demonstrates the growing appetite amongst businesses for reliable, cost-effective clean power. Our aggregator model is making renewable energy more accessible, helping South African companies reduce costs and emissions while supporting the country’s energy transition.”
Additionally, Lyra is a renewable energy platform in partnership between Scatec, Standard Bank, and Stanlib, with Scatec owning 50 percent and the partners owning the remaining 50 percent. Lyra provides a low-risk, flexible power solution for medium and large commercial and industrial (C&I) users. Also, this is done through a flexible contracting structure. By accumulating renewable energy resources and serving multiple commercial users, Lyra Energy makes large-scale clean power accessible to businesses that might not have the capacity to develop their own renewable projects.
“We’re proud to launch the Thakadu solar power plant. This will be done in partnership with strong commercial and industrial partners onboard” added Eben de Vos, Head of Lyra. “By pooling resources and offering flexible, risk-managed contracts, Lyra Energy is empowering businesses of all sizes to benefit from large-scale renewable energy. Lastly, this project is a testament to the strength of our partnership.  Also, it is an indication of our commitment to building a sustainable future for South Africa.”
Project Name: Thakadu Solar Power Plant
Capacity: 255 MW
Developer: Lyra Energy (Scatec, Standard Bank, Stanlib)
EPC & O&M: Scatec
Phase 1: Financial close and start of construction are expected in Q1 2026.
Phase 2: Also, this phase is expected to follow later in 2026.
Commercial operation: To be confirmed following construction (typically 12–18 months after groundbreaking).
Lyra Energy: Project Owner & Developer
Scatec: Lead Technical Partner. Also, Scatec holds a 50% stake in Lyra Energy. Responsible for EPC (Engineering, Procurement, and Construction), Asset Management, and long-term Operations & Maintenance (O&M).
Standard Bank: Financial Advisor & Lead Funder.
Stanlib: Equity Partner & Investor.
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