South Africa’s renewable energy landscape is getting a major boost with the start of construction on Lyra Energy’s 255 MW Thakadu solar PV plant, a R4-billion project located on the border of the Free State and North West provinces.
Financial Close and Partnerships
In February, Lyra Energy secured power purchase agreements (PPAs) with three private anchor offtakers—described as “top tier” industrial and commercial companies—for a significant portion of the electricity that Thakadu will generate. While the offtakers remain unnamed, their involvement signals strong market confidence in the project.
Lyra Energy’s head, Eben de Vos, called financial close a “significant moment” for the venture. The company is jointly owned by Scatec of Norway (50%) and Standard Bank and Stanlib (50%), with Standard Bank also serving as the senior lender.
A Different Approach
Unlike many players who aggregate and resell power from third-party assets, Lyra Energy takes a fully integrated approach—originating, financing, building, owning, and operating its projects. De Vos emphasizes that this model ensures accountability across the entire lifecycle, aligning customer expectations with performance, delivery timelines, and long-term asset management.
Project Timeline
- Phase 1: Commercial operation expected in the first half of 2027
- Phase 2: Construction to begin in the second half of 2026
The project will be financed through a mix of non-recourse project debt and equity, with a target leverage of 80%.
Scatec’s Role
Scatec will oversee engineering, procurement, and construction (EPC), as well as asset management and operations and maintenance. This ensures that the project benefits from international expertise while contributing to South Africa’s renewable energy capacity.
Why It Matters
At a time when reliable electricity supply is critical to economic performance, Thakadu demonstrates how privately contracted renewable energy can be delivered at scale. Once fully operational, the plant will inject substantial clean energy into the national grid, helping to drive sustainability and energy security.
This project isn’t just about electrons—it’s about reshaping South Africa’s energy future with accountability, innovation, and scale.
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