October 28 2025 13:00
Clarens, Free State, South Africa
Growthpoint Properties (JSE: GRT), South Africa’s largest Real Estate Investment Trust (Reit), has acquired a 30% stake in the operational Boston Hydroelectric plant, a R390m development with an operational lifetime of over 40 years by independent power producer Serengeti Energy within the Lesotho Highlands Water Scheme near Clarens. South Africa’s newest hydroelectric plant was certified for commercial operations by Eskom on Friday October 17 2025 and has started adding renewable energy to the national grid.
In 2023, Growthpoint secured exclusive access to all of the approximately 30GWh of renewable electricity generated by the plant annually, through its 195GWh power purchase agreement (PPA) with licenced energy trader Etana Energy. Boston Hydro is the first project to come online in a mix of cost-saving, certified zero-carbon hydro, wind and solar electricity generation projects powering the PPA. The renewable electricity from Boston Hydro will supply 23 Growthpoint buildings, including 10 in Sandton Central and three in Cape Town.
Growthpoint’s 30% stake in Boston Hydro continues its investment in renewable electricity sources and furthers its green energy transition which began more than a decade ago. The property group took its first steps into rooftop solar generation in 2011, from which is has grown a track record of practical, scalable, carbon reducing energy solutions for its business, tenants and South Africa.
Since its first installation, the property group has invested more than R1bn in solar energy locally, grown one of the country’s largest Small Scale Embedded Generator (SSEG) renewable energy fleets and linked it to transparent certification frameworks. Growthpoint owns a fleet of 80 rooftop plants across its portfolio delivering 61.2MWp of capacity and generates a significant amount of clean electricity annually. A further 7MWp of solar installations are in the pipeline for commissioning by mid-2026.
Growthpoint now operates and procures a diversified private renewable energy portfolio, combining solar and hydro generation, with wind soon set to join its renewable energy mix as part of the PPA. Together with its rooftop solar, when its PPA with Etana Energy is fully operational, approximately 40% of Growthpoint’s total electricity demand will be supplied from renewable energy.
Growthpoint verifies its renewable energy by registering the electricity generated on the International Renewable Energy Certificate (I-REC) registry via Fuel Switch, Africa’s first blockchain-enabled REC exchange. This ensures global transparency, traceability and accountability across its clean-energy portfolio.
Growthpoint also has its e-co₂ wheeled renewable energy initiative (which is short for electricity minus carbon dioxide and pronounced “eco two”).
The e-co₂ delivers wheeled renewable electricity directly to 10 office buildings in Sandton and their tenants, with the first electrons coming from the operational Boston Hydro over the national grid. e-co2 wheeled green electricity is stable and cost competitive for Growthpoint tenants, it has zero-carbon footprint and certified with tradable digital RECS.
Businesses can, for the first time in South Africa, cut their Scope 2 emissions from purchased electricity in select Growthpoint buildings.
The launch of e-co2 positions Growthpoint as South Africa’s first provider of a commercial-scale wheeled renewable energy solution for multi-tenanted commercial properties, with building-level certification and benefits that are made available to tenants in a verified, auditable format.
The e-co2 system is built on unprecedented collaboration and leading-edge skills, cemented by deep environmental stewardship, that forms a connected ecosystem, according to Growthpoint.
Together, Serengeti Energy’s independent power generation at Boston Hydro, Etana Energy’s wheeling offering and power purchase agreement, Growthpoint’s renewable energy offtake for its commercial properties and Fuel Switch’s digital REC registration have formed a collaboration advancing South Africa’s renewable energy transition.
“We are incredibly proud of this innovative initiative, made possible by a visionary team, dedicated partners such as Etana Energy, Serengeti Energy, Fuel Switch and many passionate and talented people over a number of years. It not only benefits the immediate occupants of Growthpoint’s properties but helps to create a brighter and more sustainable future for South Africa,” said Estienne de Klerk, SA CEO of Growthpoint Properties.
“Growthpoint and Etana’s clean energy partnership is accelerating renewable energy in a way that works for business, the country and the planet. Together, we’re making clean electricity accessible through the grid, securing long-term take-off for IPPs and enabling businesses to cut costs and carbon without complexity. It’s a scalable, transparent model for South Africa’s energy future,” said Evan Rice, CEO, of Etana Energy.
Anton-Louis Olivier, CEO, Serengeti Energy said Boston Hydro brought affordable, baseload renewable power to the grid reliably and around the clock. It’s the product of 15 years of operational experience across Africa.
“We’re proud to be the generation backbone of this ground-breaking clean energy partnership and powering a scalable solution for South African businesses through Growthpoint’s e-co₂,” Olivier said.
Etana Energy is a licensed electricity trader, and provides the platform that allows renewable electricity generated by independent power producers to reach Growthpoint’s buildings through South Africa’s electrical grid.
This is achieved through renewable electricity wheeling, the process that allows electricity users to buy electricity generated by private power projects located elsewhere in the country, like Boston Hydro, using existing transmission and distribution networks. For businesses in office nodes such as Sandton and the Cape Town Foreshore, this is a game-changer. In these areas, where building roof space is extremely limited, on-site solar generation is impractical, if not impossible.
Growthpoint’s long-term commitment to take up 195GWh of clean electricity annually from Etana Energy has helped to unlock capital for the development of new renewable energy infrastructure for South Africa. In addition to the newly developed Boston Hydro plant, wind and solar generation from Etana’s growing renewable portfolio will be added to Growthpoint’s energy mix from 2026 onwards.
At the generation end of the eco₂ collaboration, Serengeti Energy brings deep technical expertise and a proven track record in renewable power development across Africa. The company is the developer, constructor and operator of the Boston Hydro project, a 5MW run-of-river hydropower plant located on the Ash River within the Lesotho Highlands Water Project, which is the major water transfer scheme linking Lesotho and Gauteng.
Boston Hydro is the largest of six hydropower facilities along the Ash River and represents Serengeti Energy’s fourth operational hydro plant in South Africa. As a third-generation project of this leading independent power producer, it incorporates insights gained from Serengeti’s nearly 15 years of operating experience across the continent, enhancing system availability, lowering maintenance requirements and improving overall plant performance.
The plant will generate approximately 30GWh of renewable electricity annually, providing reliable 24/7 baseload power to Growthpoint’s eco₂ network through Etana Energy’s wheeling framework.
247@propertyflash.co.za
