Lyra Energy reaches financial close and starts construction of 255 MW solar power plant

06 Mar 2026 19:52 CET

Oslo/Cape Town, 6 March 2026: Scatec's joint venture in South Africa, Lyra
Energy, has reached financial close and is starting construction of the 255 MW
Thakadu solar power plant. The project will be built in two phases,
construction of the first phase is now commencing, while the second phase is
expected to start construction in the second half of 2026.

"This marks an important milestone for Lyra Energy and the Thakadu project.
With contracted private sector offtake in place and financing secured, the
project is well positioned for construction and delivery," says Scatec CEO
Terje Pilskog.

The total capital expenditure (capex) for the project is approximately ZAR 4
billion (USD 240 million) and will be financed by a combination of
non-recourse project debt and equity from the owners, with a target leverage
of 80%. The senior lender is Standard Bank of South Africa.

Scatec will provide Engineering, Procurement and Construction (EPC), Asset
Management (AM) and Operations & Maintenance (O&M) services for the project.
Scatec's EPC-scope corresponds to approximately 80% of total capex. Commercial
operations date for the first phase is expected in the first half of 2027.

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

For media:
Meera Bhatia, SVP External Affairs & Communications
meera.bhatia@scatec.com

About Lyra Energy
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.

This information has been submitted pursuant to the Securities Trading Act §
5-12 and MAR Article 17. The information was submitted for publication,
through the agency of the contact persons set out above, 06.03.2026 19:52 CET.

More information:
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