Lyra Energy inks deal with commercial clients for 255MW solar project

Lyra Energy, a South Africa-based joint venture renewable energy platform owned equally by Scatec and partners Standard Bank and Stanlib has entered into power purchase agreements (PPAs) with three major commercial and industrial consumers.

These agreements cover a significant part of a 255MW solar power plant named Thakadu.

Scatec is set to handle the engineering, procurement and construction (EPC) as well as asset management and operations and maintenance (O&M) services for the solar project.

Scatec CEO Terje Pilskog said: “The announcement of Lyra Energy’s first solar plant in South Africa is a milestone for this trading platform.

“Securing offtake agreements with private sector customers for the Thakadu project demonstrates the growing appetite amongst businesses for reliable, cost-effective clean power.

“Our aggregator model is making renewable energy more accessible, helping South African companies reduce costs and emissions while supporting the country’s energy transition.”

The construction of the solar power plant will occur in two phases.

The first phase is anticipated to reach financial close and commence construction in the first quarter of 2026, followed by the second phase later that same year.

Details regarding capital expenditures, financing arrangements and Scatec’s specific EPC role will be disclosed at the time of financial close.

Lyra Energy aims to provide a low-risk and adaptable power solution tailored for medium-to-large commercial and industrial users through its flexible contracting framework.

Lyra head Eben de Vos said: “We are proud to launch the Thakadu solar power plant with strong commercial and industrial partners onboard. By pooling resources and offering flexible, risk-managed contracts, Lyra Energy is empowering businesses of all sizes to benefit from large-scale renewable energy.

“This project is a testament to the strength of our partnership and our commitment to building a sustainable future for South Africa.”

By consolidating renewable energy resources to serve various commercial clients, Lyra facilitates access to large-scale clean power for businesses that may not have the means to develop independent renewable initiatives.

Last month, Scatec entered into a power purchase agreement with the Egyptian Electricity Transmission Company for 1.95GW of solar power and 3.9 gigawatt-hours of battery energy storage systems in Egypt.

“Lyra Energy inks deal with commercial clients for 255MW solar project” was originally created and published by Power Technology, a GlobalData owned brand.