Lyra Energy, Scatec’s joint venture in South Africa, has officially reached financial close and commenced construction on the 255 MW Thakadu solar power plant. Backed by the Standard Bank of South Africa, the project represents a total capital expenditure of approximately $240 million (ZAR 4 billion) and will be executed in two phases.
Scatec is stepping in as the primary Engineering, Procurement, and Construction (EPC) contractor, with a scope covering roughly 80% of the total CAPEX. With construction on Phase 1 now underway and commercial operations targeted for the first half of 2027, the project is moving rapidly into the equipment procurement and subcontracting stages. Phase 2 construction is slated to follow in the second half of 2026.
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