Lyra Energy, a joint venture of Scatec in South Africa, has achieved financial close for the 255 MW Thakadu solar project and commenced construction.
The project will be implemented in two phases, with work on the first phase already under way and the second phase scheduled to begin in the second half of 2026. The project is expected to commence operations for the first phase from the first half of 2027. The project entails an estimated capital expenditure of about USD 240 million and is being financed through a mix of non-recourse project debt and equity, with a targeted leverage of 80 per cent. Standard Bank of South Africa is the senior lender, while Scatec will provide engineering, procurement and construction, asset management, and operations and maintenance services.