Lyra Energy’s 255 MW Thakadu Solar Project Reaches Financial Close in South Africa

A significant milestone has been achieved in South Africa’s renewable energy sector as Lyra Energy has successfully reached financial close for its 255 MW Thakadu solar PV project. This crucial step has unlocked the start of construction, marking a major advancement for privately contracted clean energy initiatives in the country.

Thakadu Solar Project at a Glance

The Thakadu project, with an investment of approximately ZAR 4 billion, stands as Lyra Energy’s flagship development and is one of the largest privately funded renewable energy projects in South Africa. Located on the border of the Free State and North West provinces, the facility is designed to supply clean power directly to commercial and industrial (C&I) customers through long-term power purchase agreements (PPAs). This model directly addresses the nation’s energy supply challenges and supports the decarbonization goals of the private sector.

Financing and Key Partners of the Thakadu Solar Project

Lyra Energy is a joint venture backed by prominent players in the energy and finance sectors. The ownership structure includes the Norwegian renewable energy company Scatec, which holds a significant stake of about 50%, alongside financial giants Standard Bank and Stanlib.

The project’s financing is a robust combination of non-recourse project debt and equity from its sponsors. The Standard Bank of South Africa is acting as the senior lender for the initiative. In addition to its equity partnership, Scatec is playing a multifaceted role by providing engineering, procurement, and construction (EPC) services, as well as long-term asset management and operations & maintenance (O&M) for the plant.

Construction Timeline and Phased Rollout of the Thakadu Solar Project

With financing secured, construction is now underway. The project is being developed in two phases to ensure a streamlined and efficient rollout:

• Phase 1: Construction has already commenced, with commercial operations anticipated to begin in the first half of 2027.
• Phase 2: The second phase is scheduled to break ground in the latter half of 2026.

Strategic Impact on South Africa’s Energy Landscape: Thakadu Solar Project

The Thakadu solar project is poised to have a substantial positive impact beyond just generating clean electricity. It is set to enhance grid reliability for industrial power users, create valuable local employment opportunities, and deliver significant socioeconomic benefits to the surrounding communities.

Eben de Vos, head of Lyra Energy, highlighted the project’s importance in delivering bankable generation capacity through strong, long-term partnerships, which effectively reduces execution risks. The successful financial close of Thakadu signals powerful momentum in South Africa’s private renewable market, driven by a growing corporate demand for stable, affordable, and low-carbon energy solutions.