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Updated on Mar 9, 2026
Eugene Frank
Lyra Energy has reached financial close on its 255 MW Thakadu solar photovoltaic (PV) project in South Africa, clearing the way for construction of the large-scale facility aimed at supplying clean electricity to private-sector customers. Thakadu solar project also represents the company’s first utility-scale solar development in the country.
Thakadu solar PV project is being built in two phases. Construction of the first phase is underway while the second phase is expected to start later 2026. Additionally, commercial operation of the first phase is targeted for the first half of 2027. Located in the Thakadu area of South Africa, the project’s power output will be supplied to three commercial and industrial customers. The power offtakers signed the long-term PPAs in early 2026.
Financial close was achieved on Thakadu solar PV project valued at approximately ZAR 4 billion (USD 240 million). The funding structure combines non-recourse project debt with equity contributions from the project sponsors.
The financing structure also targets around 80 percent leverage, with Standard Bank of South Africa acting as the senior lender for the project.
The remaining equity is provided by the project’s owners through their joint-venture platform. This also enables the developers to move forward with engineering, procurement and construction (EPC) activities.
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Engineering and operations
Scatec is also handling the following for the Thakadu solar PV project in South Africa:
Additionally, Scatec’s EPC scope accounts for around 80% of the project’s capital expenditure.
Capacity: 255 MW
Location: Thakadu, South Africa
Developer: Lyra Energy
Ownership: Scatec (50%), Standard Bank, Stanlib
EPC Contractor: Scatec
Capex: ZAR 4 billion (USD 240 million)
Financing: Non-recourse project debt, sponsor equity
Senior Lender: Standard Bank of South Africa
Phasing: Two phases
First Phase COD: H1 2027
With financial close secured and construction beginning, the Thakadu solar project is expected to strengthen South Africa’s rapidly expanding corporate renewable energy market.
Once completed, the facility will contribute new renewable capacity to the country’s power mix alongside those awarded in South Africa’s REIPPPP Bid Window 7. This is also while providing stable, long-term electricity supply to industrial customers. The project also establishes Lyra Energy as a new platform for large-scale renewable development aimed specifically at the corporate energy market.
Lyra Energy operates as a renewable platform formed by major financial and energy partners to develop solar projects specifically for the private-sector market. Through flexible contracting structures, the platform enables companies that may lack the capacity to build their own generation assets to access utility-scale renewable power.
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