Scatec Joint Venture Launches First Project in South Africa: Lyra Energy Secures PPA for 255 MW Solar Project – Scatec Shares Up

Why It Matters

The deal shows rising corporate appetite for affordable clean energy in South Africa and validates Scatec’s aggregator model, potentially speeding the nation’s renewable transition. It also secures a near‑term revenue stream for Scatec, bolstering its growth outlook and shareholder confidence.

Key Takeaways

• Lyra Energy secures PPAs for majority of 255 MW Thakadu project.
• Scatec holds 50% stake, leads EPC and O&M.
• Phase one construction starts Q1 2026; phase two later.
• Platform aggregates large renewable assets for corporate buyers.
• Scatec shares rose 1.1% to €10.27 after news.

Pulse Analysis

South Africa’s power sector is under pressure to replace aging coal plants, and corporations are increasingly turning to long‑term power purchase agreements to lock in stable, low‑cost electricity. Lyra Energy’s aggregator platform addresses a market gap by bundling output from utility‑scale solar farms and offering flexible contracts that mitigate project risk for buyers lacking the capital or expertise to develop their own assets. This model mirrors successful approaches in Europe and North America, where third‑party aggregators have accelerated renewable adoption by simplifying procurement for mid‑size enterprises.

For Scatec, the Thakadu venture marks a strategic expansion beyond its traditional development role into a service‑oriented business line. By retaining 50% ownership and assuming EPC, O&M, and asset‑management responsibilities, Scatec secures a recurring revenue stream while leveraging its engineering pedigree. The partnership with Standard Bank and Stanlib also provides local financing insight, reducing currency and regulatory exposure. Investors have responded positively, as reflected in a modest share price uptick, signalling confidence that the aggregator model can deliver predictable cash flows and enhance the company’s earnings profile.

The broader implications for the African renewable landscape are significant. Successful execution of the Thakadu project could encourage other multinational developers to adopt similar joint‑venture structures, fostering a pipeline of bank‑financed, corporate‑backed solar assets. This, in turn, supports South Africa’s Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) objectives and may prompt policymakers to streamline PPA approvals. As more corporates lock in clean‑energy contracts, the continent moves closer to meeting its climate commitments while reducing reliance on costly fossil‑fuel imports.

Scatec Joint Venture Launches First Project in South Africa: Lyra Energy Secures PPA for 255 MW Solar Project – Scatec Shares Up

Source: IWR Online, 17 Feb 2026

Oslo (Norway) / Cape Town (South Africa) – The South African joint venture platform Lyra Energy, which acts as a trading and aggregation platform for renewable energy, has signed power purchase agreements (PPAs) with three commercial and industrial customers for the majority of a 255 MW solar power plant.

The “Thakadu” solar project marks the platform’s market entry with its first own solar venture. Lyra aggregates electricity from large renewable energy plants and sells it to companies that are unable to develop their own projects. In this way, the platform makes clean energy accessible to a broader customer base while simultaneously supporting South Africa’s energy transition.

Lyra is a partnership between the Norwegian project developer Scatec ASA, Standard Bank, and Stanlib. Scatec, listed on the global RENIXX index, holds a 50 percent stake in the joint venture and will be responsible for engineering, procurement, and construction (EPC) as well as asset management and operations (O&M).

Scatec CEO Terje Pilskog described the signing of the PPAs as an important milestone: “The announcement of Lyra Energy’s first solar plant in South Africa is a milestone for this trading platform. Signing purchase agreements with private‑sector customers for the Thakadu project demonstrates the growing demand from companies for reliable and cost‑efficient clean energy. Our aggregator model makes renewable energy more accessible and helps South African companies reduce costs and emissions,” Pilskog added.

Eben de Vos, Head of Lyra, also highlighted the structure of the model: “By pooling resources and offering flexible, risk‑managed contracts, Lyra Energy is empowering businesses of all sizes to benefit from large‑scale renewable energy.”

The Thakadu plant is planned to be built in two phases. Financial close and the start of construction for the first phase are expected in the first quarter of 2026, with the second phase to follow later in the year. Scatec plans to release details on investment costs, financing structure, and the specific EPC scope at the time of financial close.

Scatec shares rose 1.1 percent yesterday to €10.27 (closing price, 16 February 2026, Stuttgart Stock Exchange).