Lyra Energy has successfully signed power purchase agreements (PPAs) with three commercial and industrial customers for its 255MW Thakadu solar PV project in South Africa. The agreements cover a significant portion of the plant’s output, highlighting the increasing demand among businesses for affordable, reliable clean energy.
Lyra Energy is a joint venture between Norwegian independent power producer Scatec, Standard Bank, and Stanlib, with Scatec holding a 50% stake. Scatec will oversee engineering, procurement, and construction (EPC) as well as asset management and ongoing operations and maintenance for the project.
The Thakadu solar project will be developed in two phases. Phase one is expected to reach financial close and begin construction in the first quarter of 2026, while phase two will follow later in the year. Specific details on capital expenditure, financing, and EPC arrangements will be confirmed at financial close.
“This first solar plant in South Africa marks an important milestone for Lyra Energy. Securing PPAs with private sector clients demonstrates a strong appetite for cost-effective, dependable renewable power. Our aggregator model is helping businesses access clean energy more easily,” said Terje Pilskog, CEO of Scatec.
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Founded in 2024 and based in Cape Town, Lyra Energy focuses on developing utility-scale solar projects for commercial and industrial clients through its aggregator approach. Its parent company, Scatec, already operates over 730MW of solar capacity in South Africa and is known for its expertise in solar and battery storage projects, including the Kenhardt hybrid facility.
By Thuita Gatero, Managing Editor, Africa Digest News. He specializes in conversations around data centers, AI, cloud infrastructure, and energy.
