Scatec Joint Venture Launches First Project in South Africa: Lyra Energy Secures PPA for 255 MW Solar Project – Scatec Shares Up

Oslo (Norway) / Cape Town (South Africa) – The South African joint venture platform Lyra Energy, which acts as a trading and aggregation platform for renewable energy, has signed power purchase agreements (PPAs) with three commercial and industrial customers for the majority of a 255 MW solar power plant.

The “Thakadu” solar project marks the platform’s market entry with its first own solar venture. Lyra aggregates electricity from large renewable energy plants and sells it to companies that are unable to develop their own projects. In this way, the platform makes clean energy accessible to a broader customer base while simultaneously supporting South Africa’s energy transition.

Lyra is a partnership between the Norwegian project developer Scatec ASA, Standard Bank, and Stanlib. Scatec, listed on the global RENIXX index, holds a 50 percent stake in the joint venture and will be responsible for engineering, procurement, and construction (EPC) as well as asset management and operations (O&M).

Scatec CEO Terje Pilskog described the signing of the PPAs as an important milestone: “The announcement of Lyra Energy’s first solar plant in South Africa is a milestone for this trading platform." Signing purchase agreements with private-sector customers for the Thakadu project demonstrates the growing demand from companies for reliable and cost-efficient clean energy. Our aggregator model makes renewable energy more accessible and helps South African companies reduce costs and emissions, Pilskog added.

Eben de Vos, Head of Lyra, also highlighted the structure of the model: “By pooling resources and offering flexible, risk-managed contracts, Lyra Energy is empowering businesses of all sizes to benefit from large-scale renewable energy.”

The Thakadu plant is planned to be built in two phases. Financial close and the start of construction for the first phase are expected in the first quarter of 2026, with the second phase to follow later in the year. Scatec plans to release details on investment costs, financing structure, and the specific EPC scope at the time of financial close.

Scatec shares rose 1.1 percent yesterday to €10.27 (closing price, 16 February 2026, Stuttgart Stock Exchange).

Source: IWR Online, 17 Feb 2026