Oslo-based Scatec's joint venture in South Africa, Lyra Energy, has reached financial close on the 255-megawatt Thakadu solar power plant.  

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

"This marks an important milestone for Lyra Energy and the Thakadu project,” says Scatec chief executive officer Terje Pilskog. “With contracted private sector offtake in place and financing secured, the project is well positioned for construction and delivery."

Total capital expenditure for the project is estimated at 4 billion rand ( US$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%. 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. Its EPC scope corresponds to approximately 80% of total capex. The first phase of the project is expected to start operations in the first half of 2027. 

Lyra Energy is a renewable energy platform jointly owned by Scatec, Standard Bank, and Stanlib, with Scatec taking a 50% stake and the other partners holding the remaining 50%.