- Lyra Energy has secured power purchase agreements with commercial and industrial customers for a major solar project in South Africa.
- The deal strengthens private-sector demand for reliable, cost-competitive clean electricity outside traditional utility procurement models.
Lyra Energy, a Scatec joint venture renewable energy platform, has signed power purchase agreements (PPAs). The agreements cover a significant share of electricity from the 255 MW Thakadu solar project in South Africa. The company signed the deals with three major commercial and industrial customers.
The agreements mark Lyra Energy’s entry into the South African solar market. They also signal rising corporate demand for stable and lower-cost clean electricity. Many businesses continue to face grid reliability challenges.
Scatec Chief Executive Officer Terje Pilskog described the development as a key milestone. He said the agreements reflect strong private-sector demand for reliable renewable power. He added that Lyra’s aggregator model lowers market entry barriers. The model also allows multiple companies to access utility-scale renewable energy without developing projects independently.
Meanwhile, Lyra Head Eben de Vos said the project shows the value of pooled procurement. He said flexible contracting structures allow companies of different sizes to access large-scale renewable generation. He added that the structure also helps companies manage risk exposure.
Under the project structure, Scatec will deliver Engineering, Procurement and Construction (EPC) services. The company will also provide Asset Management and Operations and Maintenance services.
Furthermore, developers will build the solar plant in two phases. They expect financial close and construction start for the first phase in the first quarter of 2026. They expect the second phase to follow later in 2026.
Lyra Energy operates as a partnership between Scatec and financial institutions, including Standard Bank and Stanlib. Scatec holds a 50 per cent stake. The financial partners collectively hold the remaining 50 per cent.
In addition, the platform focuses on delivering low-risk renewable power solutions to medium and large commercial and industrial users. Lyra uses flexible contracting structures to support this model. The platform aggregates demand across multiple customers. This structure allows businesses to access large-scale renewable electricity. It also helps them avoid the capital and development risks linked to owning generation assets.
The Thakadu project reflects a broader shift in African electricity markets. Many corporates now procure renewable energy directly. They use this strategy to manage energy costs, improve supply reliability and meet decarbonisation targets. This trend is stronger in markets facing grid constraints.