• Scatec signs private power purchase agreements for a 255 MW solar plant.
• The Thakadu project marks its entry into South Africa’s wheeling market.
• Financial close for phase one is expected in the first quarter of 2026.

Norwegian group Scatec is deepening its presence in South Africa’s power market. In a Feb.16 statement, the company said its joint platform Lyra Energy has signed power purchase agreements with three commercial and industrial clients for a large share of the 255 MW Thakadu solar plant.

The deal marks Scatec’s operational entry into the wheeling segment and into direct power contracts with private companies, complementing its projects developed under South Africa’s public procurement programs.

The Thakadu plant will be built in two phases. Financial close and construction start for the first phase are expected in the first quarter of 2026, with the second phase scheduled later the same year. Investment details, financing structure and EPC scope will be confirmed at financial close, according to the company.

Scatec CEO Terje Pilskog said the signing of power purchase agreements with private sector clients for the Thakadu project reflects growing demand among companies for clean, reliable and cost-competitive electricity.

The move builds on momentum that began in 2024 with the launch of Lyra Energy. In July 2025, its trading arm, Lyra Energy Trading, obtained an electricity trading license from South Africa’s regulator NERSA. The license allows it to operate in the wholesale market and sign supply agreements with commercial and industrial clients backed by large-scale generation assets.

The expansion aligns with Scatec’s strategy outlined in August 2024 during the partial sale of its stakes in the Kalkbult, Linde and Dreunberg plants. At the time, the group said it intended to recycle capital into new growth opportunities in South Africa, naming Lyra as its vehicle for the private segment alongside the Grootfontein project and the Mogobe storage initiative.

Abdoullah Diop