Renewable energy platform Lyra Energy has reached financial close on its 255MW Thakadu solar PV project in South Africa.
The project has an estimated total capital expenditure of approximately ZAR4 billion (US$240 million) and will be financed through a mix of non-recourse project debt and equity from its owners, with a target leverage of 80%. Standard Bank of South Africa is acting as the senior lender.
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The 255MW PV plant will be developed in two phases. With financial close now reached, construction of the first phase is commencing and is due for commercial operation by the first half of 2027. Construction of the second phase is expected to begin later this year.
In February, Lyra signed power purchase agreements (PPAs) with three commercial and industrial offtakers, covering a significant portion of the project’s capacity. The agreements establish the anchor offtake for the 255MW development.
“Reaching financial close is a significant moment for Lyra Energy and for Thakadu,” said Eben de Vos, head of Lyra Energy. “We have secured long-term offtake with leading businesses and translated that demand into bankable, funded generation capacity.”
“We control the critical elements – site development, grid integration, financing, construction and long-term operations,” de Vos added. “That continuity reduces execution risk and strengthens alignment with our customers over the full duration of their contracts.”
Lyra Energy is a joint venture between Norwegian independent power producer (IPP) Scatec, Standard Bank and Stanlib. Founded in 2024 and based in Cape Town, Lyra Energy develops utility-scale solar projects for commercial and industrial clients through an aggregator model.
Scatec, which holds a 50% stake in Lyra, will oversee engineering, procurement and construction (EPC) work on the project, as well as asset management and operations and maintenance (O&M) services. Scatec’s EPC scope represents approximately 80% of the project’s total capex.
Scatec operates over 730MW of solar in South Africa and specialises in solar and battery storage, including flagship projects like the Kenhardt hybrid facility.
