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.

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