Lyra Energy secures private sector offtake for a 255 MW solar power plant

16 Feb 2026 08:30 CET

Oslo/Cape Town, 16 February 2026: Scatec's joint venture renewable energy
platform in South Africa, Lyra Energy (Lyra), has signed power purchase
agreements (PPA) with three top tier commercial and industrial offtakers for a
large portion of a 255 MW solar power plant (Thakadu).

"The announcement of Lyra Energy's first solar plant in South Africa is a
milestone for this trading platform. Securing offtake agreements with private
sector customers for the Thakadu project demonstrates the growing appetite
amongst businesses for reliable, cost-effective clean power. Our aggregator
model is making renewable energy more accessible, helping South African
companies reduce costs and emissions while supporting the country's energy
transition," says Scatec CEO Terje Pilskog.

"We're proud to launch the Thakadu solar power plant with strong commercial
and industrial partners onboard. By pooling resources and offering flexible,
risk-managed contracts, Lyra Energy is empowering businesses of all sizes to
benefit from large-scale renewable energy. This project is a testament to the
strength of our partnership and our commitment to building a sustainable
future for South Africa," says Eben de Vos, Head of Lyra.

Scatec will provide Engineering, Procurement, and Construction (EPC), Asset
Management (AM) and Operations & Maintenance (O&M) services for the project.
The power plant will be built in two phases, with financial close and
construction start of the first phase expected during the first quarter of
2026, and the second phase during 2026. Capital expenditures (capex),
financing structure, and Scatec's EPC-scope will be provided at financial
close.

Lyra is a renewable energy platform in partnership between Scatec, Standard
Bank, and Stanlib, with Scatec owning 50% and the partners owning the
remaining 50%. Lyra offers a low-risk, flexible power solution for medium and
large commercial and industrial (C&I) users, through a flexible contracting
structure. By pooling renewable energy resources and serving multiple
commercial users, Lyra Energy makes large-scale clean power accessible to
businesses that might not have the capacity to develop their own renewable
projects. To learn more, visit www.lyraenergy.co.za

For further information, please contact:
For analysts and investors:
Andreas Austrell, SVP Investor Relations
andreas.austrell@scatec.com
+47 974 38 686

For media:
Meera Bhatia, SVP External Affairs & Communications
meera.bhatia@scatec.com
+47 468 44 959

About Scatec
Scatec is a leading renewable energy solutions provider, accelerating access
to reliable and affordable clean energy in emerging markets. As a long-term
player, we develop, build, own, and operate renewable energy plants, with 6.2
GW in operation and under construction across five continents today. We are
committed to grow our renewable energy capacity, delivered by our passionate
employees and partners who are driven by a common vision of Improving our
Future'. Scatec is headquartered in Oslo, Norway and listed on the Oslo Stock
Exchange under the ticker symbol SCATC'. To learn more, visit www.scatec.com
or connect with us on LinkedIn.

This information is subject to disclosure under the Norwegian Securities
Trading Act, §5-12. The information was submitted for publication, through the
agency of the contact persons set out above, 16.02.2026 08:30 CET.

More information:
Access the news on Oslo Bors NewsWeb site

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