KEY POINTS
- Lyra signs power purchase agreements with three private offtakers
- Thakadu marks Lyra’s first renewable project in South Africa
- Project comes as Nersa reviews electricity trading rules
Lyra Energy has signed power purchase agreements with three private sector buyers for electricity from its 255 megawatt Thakadu solar PV project. The deal marks an early milestone for the new trading platform in South Africa’s power market.
Thakadu will be Lyra’s first project in the country. The platform is a partnership between Norwegian independent power producer Scatec, which owns 50 per cent, and financial institutions Standard Bank and Stanlib.
The company said the three commercial and industrial customers will buy a large share of the electricity once the plant begins operating. Their names were not disclosed. Scatec described them as top tier businesses.
First project signals market entry
According to Engineering News, Lyra secured its electricity trading licence from the National Energy Regulator of South Africa in 2025. The company is targeting medium and large-sized commercial and industrial customers. Many of these businesses cannot afford to build their own renewable energy plants.
Scatec Chief Executive Terje Pilskog said the agreements mark an important step for Lyra. He said they show that South African companies want reliable and affordable clean power.
Lyra head Eben de Vos said the platform allows companies to combine their electricity demand. This gives them access to large scale renewable energy through flexible, risk managed contracts.
Construction plans and project structure
The Thakadu solar PV project will be developed in two phases. Financial close for the first phase is expected in the first quarter of 2026. Construction will begin soon after.
Scatec will handle engineering, procurement and construction. It will also provide asset management and oversee operations and maintenance once the plant is operational.
The company said details on capital costs, financing and the final construction scope will be shared at financial close.
The project forms part of a broader wave of privately backed renewable developments in South Africa. Many businesses are signing bilateral power purchase agreements to protect themselves from power cuts and rising electricity prices.
Regulatory environment influences the electricity trading market
The announcement comes as South Africa reviews its electricity trading framework. Nersa is holding public consultations on draft trading rules. These rules will shape how licensed traders operate.
Eskom has raised concerns about parts of the draft regulations. The utility has asked for revisions and said it may consider legal action once the regulator makes a final decision.
