Lyra Energy, a joint venture of Scatec in South Africa, has achieved financial close for the 255 MW Thakadu solar project and has commenced construction. The project will be implemented in two phases. Construction activities for the first phase have begun, while the second phase is scheduled to begin in the second half of 2026. The commercial operations date for the first phase is expected during the first half of 2027.
The total capital expenditure for the project is estimated at approximately $240 million. The financing structure comprises a mix of non-recourse project debt and equity contributions from the project owners, with a targeted leverage level of 80 per cent. Standard Bank of South Africa is serving as the senior lender for the project. Furthermore, Scatec will deliver EPC services for the project, along with asset management and operations and maintenance services.
In December 2025, Scatec ASA commenced commercial operations of the 273 MW Grootfontein solar project in South Africa. The project, located in the Western Cape, will supply electricity under a 20-year power purchase agreement (PPA). It is expected to produce 700 GWh of electricity annually. The project is anticipated to offset around 630,000 tonnes of carbon emissions annually.