Lyra Energy commences construction of 255MW Thakadu solar facility

Core Insights - Lyra Energy, a joint venture between Scatec, Standard Bank, and Stanlib, has reached financial close for the Thakadu solar power plant and commenced construction of the 255MW facility [1][2] - The project has a capital expenditure of approximately R4 billion ($240 million), with funding sourced through a mix of non-recourse project debt and equity contributions, targeting an 80% leverage [2][3] - Scatec is responsible for the engineering, procurement, and construction (EPC) of the project, which constitutes about 80% of the total capex [2][3] Project Timeline - The first phase of the Thakadu project is expected to be commercially operational in the first half of 2027, with the second phase scheduled for the latter half of 2026 [1][3] - Power purchase agreements have been signed with three major commercial and industrial consumers, securing a significant portion of the plant's output [3] Strategic Goals - Lyra Energy aims to provide a low-risk and adaptable power solution tailored for medium-to-large commercial and industrial users through a flexible contracting framework [4]