STANLIB Infrastructure Fund II backs new renewable energy platform
STANLIB has partnered with Scatec and Standard Bank to create Lyra Energy.
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STANLIB Infrastructure Investments, through the STANLIB Infrastructure Fund II, has partnered with Scatec, a global renewable energy provider, and Standard Bank, the largest funder of infrastructure in Africa, to create a new renewable energy platform, Lyra Energy.
Lyra Energy will fund, build, own and operate renewable generation assets in South Africa. It will wheel affordable and reliable power across the national utility Eskom’s transmission infrastructure to medium and large commercial and industrial customers, who will sign fixed term offtake agreements. These customers will be able to obtain green energy certifications that are key to achieving individual and global net zero goals.
Scatec, the technical partner, is a global IPP that already has 4.3 GW of power projects in operation or under construction. STANLIB’s role will be to mobilise long-term private sector investment for Lyra Energy, particularly from South Africa’s substantial retirement industry. Standard Bank will support Lyra Energy from the R50 billion (c.$2.6 billion) it has committed towards financing renewable energy projects.
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