Lyra Energy, a joint venture between Scatec, Standard Bank, and Stanlib in South Africa, has reached financial close for its Thakadu solar power plant and has officially begun construction on the 255MW facility. This milestone marks a significant step forward for the renewable energy platform, with Scatec holding a 50% ownership stake while Standard Bank and Stanlib collectively own the remaining 50%.
The Thakadu project is divided into two phases, with the initial construction phase currently underway and the second phase scheduled for the latter half of 2026. The total capital expenditure (capex) for the solar plant is estimated at approximately R4bn ($240m), with funding to be sourced through a combination of non-recourse project debt and equity contributions from its owners, aiming for an 80% leverage target.
As the senior lender for this initiative, Standard Bank plays a crucial role in facilitating the financing of the Thakadu project. Scatec, on the other hand, is responsible for providing engineering, procurement, and construction (EPC) services, as well as asset management and operations and maintenance for the facility. The EPC scope managed by Scatec represents around 80% of the project’s total capex.
The first phase of the Thakadu project is expected to be commercially operational by the first half of 2027. Scatec CEO Terje Pilskog expressed enthusiasm for the project’s progress, stating, “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.”
Last month, Lyra Energy signed power purchase agreements with three major commercial and industrial consumers, covering a significant portion of the Thakadu plant’s output. The company aims to provide a low-risk and adaptable power solution tailored for medium-to-large commercial and industrial users through its flexible contracting framework.
In conclusion, the commencement of construction on the 255MW Thakadu solar facility represents a significant achievement for Lyra Energy and its partners. The project’s progress underscores the commitment to renewable energy development in South Africa and the potential for sustainable power solutions in the region.
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