Lyra Energy has achieved financial close on its 255 MW Thakadu solar power project in South Africa, marking another step forward for one of the country’s largest privately contracted renewable energy developments.
Once fully operational, the 255 MW Thakadu solar PV project will supply clean energy to the South African grid.
This follows long-term power purchase agreements with a portfolio of private sector offtakers, as announced earlier. These agreements form the ‘anchor offtake’ of the 255 MW development - and reflect sustained demand from South African corporate and industrial organisations seeking price stability, energy security and measurable decarbonisation outcomes.
“Reaching financial close is a significant moment for Lyra Energy and for Thakadu,” says 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. Our focus is on delivering physical assets that supply electricity to the grid – rather than on only trading power.”
In a market where a growing number of participants aggregate and resell power from third-party assets, Thakadu stands apart. Lyra Energy originates, finances, builds, owns and operates its projects, maintaining accountability across the full project lifecycle. This structure provides customers with direct alignment on performance, delivery timelines and long-term asset management.
“Our customers are entering into long-term partnerships backed by industry stalwarts like Scatec, who have been reputably responsible for developing and operating renewable assets in country since the sector came into being,” de Vos adds. “That integrated approach provides certainty – from financial close through to commissioning and decades of operation.”
Phase 1 of the Thakadu project is scheduled to enter commercial operation in the first half of 2027. Once fully operational, the 255 MW project will supply clean energy capacity to the South African grid, supporting industrial growth and contributing to emissions reductions. Construction is also expected to generate local employment and socioeconomic development opportunities in the surrounding communities.
“At a time when reliable supply remains critical to economic performance, projects like Thakadu demonstrate that privately contracted renewable energy can be delivered at scale,” says de Vos. “Lyra Energy is building long-term generation capacity that supports business resilience and South Africa’s broader energy transition.”
With funding secured and construction starting on phase one, Lyra Energy moves into the delivery stage of a flagship project designed to provide dependable, competitively priced renewable power for years to come.
In an increasingly competitive market, Thakadu represents a model built on infrastructure ownership and long-term operational responsibility. Lyra Energy develops its own generation capacity and remains engaged through construction and operations.
“We control the critical elements – site development, grid integration, financing, construction and long-term operations,” de Vos states. “That continuity reduces execution risk and strengthens alignment with our customers over the full duration of their contracts.”
Lyra Energy is a joint venture involving Scatec, STANLIB, and Standard Bank as funder and advisor.
For more information visit: www.lyraenergy.co.za