Scatec JV Lyra Energy Achieves Financial Close for 255 MW Thakadu Solar Project in South Africa

Scatec’s joint venture in South Africa, Lyra Energy, has announced that it has reached financial close and is starting construction of the 255 MW Thakadu solar power plant in South Africa.

The project will be built in two phases. Construction of the first phase is now commencing, while the second phase is expected to start construction in the second half of 2026, the company stated.

Commenting on the development, Terje Pilskog, CEO of Scatec, 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.”

The total capital expenditure (capex) for the project is approximately ZAR 4 billion (USD 240 million) and will be financed by a combination of non-recourse project debt and equity from the owners, with a target leverage of 80 percent. The senior lender is Standard Bank of South Africa.

Scatec will provide engineering, procurement and construction (EPC), asset management (AM) and operations and maintenance (O&M) services for the project. Scatec’s EPC-scope corresponds to approximately 80 percent of total capex. Commercial operations date for the first phase is expected in the first half of 2027, the company stated.