Subscribe to download Archive

AfrElec: Scatec and partners launch renewable energy platform for South Africa’s private sector

Renewable energy developer Scatec has joined South African financial services provider Standard Bank and its asset management unit Stanlib to launch Lyra Energy, a renewable energy platform aimed at delivering a low-risk, flexible commercial solution to South Africa's private sector.

Lyra, a private power solution, will offer distributed access to high-quality, affordable, and predictable utility-scale renewable energy for medium to large commercial and industrial (C&I) entities.

According to the partner companies, the name Lyra is derived from the constellation and symbolises the partners’ commitment “to illuminating a sustainable pathway for private sector power users in South Africa.”

The platform targets previously unserved C&I power users with substantial electricity demands that may not justify dedicated large renewable energy projects. Lyra aims to provide green energy certifications crucial for achieving individual and global net-zero goals, the partners say.

Operating on an aggregator model, Lyra will fund, build, own and operate generation assets, with competitively priced energy wheeled to multiple off-takers across the national grid.

If you would like to read more about the key events shaping the African energy sector, then please click here for NewsBase's AfrElec Monitor.