Lyra Energy, a Scatec ASA-led (OSL:SCATC) South African joint venture, is getting ready to start building its 255-MW Thakadu solar park in South Africa after securing all funds needed to execute the project.

Photo credit: Veselina Petrova.

Financial close on the roughy ZAR-4-billion (USD-241.2m/EUR-207.9m) project was achieved through a combination of non-recourse project debt and equity from the owners. Standard Bank of South Africa is providing the senior debt funding, Lyra Energy said on Friday.

To be located in Thakadu, the photovoltaic (PV) farm will be installed in two phases, the first one of which is scheduled to become operational in the first half of 2027. Construction works on the second phase are expected to be launched in the second half of this year.

The scheme is Lyra Energy’s first solar PV development in South Africa. A large portion of its output is secured under three separate power purchase agreements (PPAs) with unnamed private sector customers. Scatec will provide engineering, procurement, and construction (EPC), as well as asset management and operations and maintenance services for the project.

Lyra Energy is jointly owned by Norway’s Scatec, Standard Bank and Stanlib. The Oslo-based company owns 50% of the business.

(ZAR 10 = USD 0.603/EUR 0.520)