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Published on 03/09/2026 at 11:55 am EDT
Lyra Energy has begun construction on a 255MW Thakadu solar photovoltaic plant in South Africa after the project reached financial close, marking a milestone for privately contracted renewable energy generation in the country, Mining Weekly reported.
In February, Lyra Energy said it had signed power purchase agreements with three private anchor offtakers for a significant portion of the electricity that will be generated by the facility, although the companies were not identified and were described only as “top-tier” industrial and commercial customers.
The ZAR4bn ($210mn) project is the flagship development of Lyra Energy, which is jointly owned by Norwegian renewable energy company Scatec ASA (OSL:SCAT) and South African financial institutions Standard Bank Group (JSE:SBK) and Stanlib.
Lyra Energy head Eben de Vos described financial close as a major step forward for the project, noting the model focuses on delivering physical generation assets rather than trading power in the market.
The solar project will be constructed in two phases, with the first phase expected to reach commercial operation in the first half of 2027 and the second phase scheduled to begin construction in the second half of 2026.
The capital expenditure will be financed through a mix of non-recourse project debt and equity from the project sponsors, with a target leverage ratio of about 80%. Standard Bank of South Africa (JSE:SBK) will act as the senior lender.
In a separate statement, Norwegian renewable energy developer Scatec (OSL:SCAT), said it will provide engineering, procurement and construction services for the project, as well as asset management and operations and maintenance once the plant is operational.
© 2026 bne IntelliNews, source Magazine
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