A renewable energy venture backed by Norwegian developer Scatec has signed power purchase agreements with three commercial and industrial companies for a significant share of a 255-megawatt solar plant in South Africa — a deal that underscores the private sector’s accelerating push to secure its own clean energy supply.
Lyra Energy, the joint venture platform Scatec established to serve South Africa’s commercial and industrial market, announced the agreements for the Thakadu solar project on 16 February 2026.
The plant is set to be built in two phases, with construction on the first phase expected to begin as early as the first quarter of this year.
The identities of the three offtakers have not been disclosed, but Scatec described them as “top tier” commercial and industrial customers — the kind of large energy consumers that have increasingly sought to bypass an ailing national grid by contracting directly with independent power producers.
For Scatec CEO Terje Pilskog, the announcement marks a significant moment for the platform.
“Securing offtake agreements with private sector customers for the Thakadu project demonstrates the growing appetite amongst businesses for reliable, cost-effective clean power,” he said.
South Africa has grappled for years with chronic electricity shortages driven by the deterioration of the state utility Eskom’s aging coal fleet.
That crisis has pushed scores of businesses toward private renewable energy solutions, creating fertile ground for aggregator models like Lyra’s — which pools demand from multiple buyers to make large-scale projects financially viable.
Eben de Vos, who heads Lyra Energy, said the model is designed to lower the barriers that have historically kept smaller businesses out of the renewable energy market.
“By pooling resources and offering flexible, risk-managed contracts, Lyra Energy is empowering businesses of all sizes to benefit from large-scale renewable energy,” he said.
Scatec will handle engineering, procurement, construction, asset management, and ongoing operations and maintenance for Thakadu.
Financial details, including total capital expenditure and the project’s financing structure, are expected to be disclosed when the first phase reaches financial close.
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