Lyra Energy, a renewable platform jointly owned by Scatec, Standard Bank and Stanlib, has reached financial close for the 255 MW Thakadu PV power plant in South Africa. Construction of the first phase has commenced, while construction of the second phase is expected during the second half of 2026. The project has secured contracted private sector offtake and project financing before construction activities started. The project’s total capital expenditure is approximately ZAR 4 billion (~$240 million). Financing has been structured through non-recourse project debt and equity contributions, targeting 80% leverage, with Standard Bank of South Africa acting as senior lender. Scatec has been appointed to deliver engineering, procurement and construction services, with the EPC scope corresponding to about 80% of total project capital expenditure. Commercial operations for the first phase are expected during the first half of 2027.