Clarens, Free State – Growthpoint Properties, South Africa’s leading Real Estate Investment Trust (REIT), has acquired a 30% stake in the operational Boston Hydroelectric plant, a new R390 million development with an operational lifetime exceeding 40 years.
The plant, developed by leading independent power producer Serengeti Energy within the Lesotho Highlands Water Scheme near Clarens, was certified for commercial operations by Eskom on Friday, 17 October, and has already begun adding renewable energy to the national grid.
South Africa’s newest hydroelectric facility represents a significant milestone in the country’s renewable energy transition, combining strategic investment with practical energy security solutions.
Exclusive Access to Clean Energy
As early as 2023, Growthpoint secured exclusive access to all approximately 30GWh of renewable electricity generated by the plant annually through its landmark 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 will supply 23 Growthpoint buildings, including 10 in Sandton Central and three in Cape Town.
Advancing Energy Security Strategy
Growthpoint’s 30% stake in Boston Hydro continues its investment in renewable electricity sources, furthering its green energy transition that began more than a decade ago. The property group first entered rooftop solar generation in 2011, developing a track record of practical, scalable, carbon-reducing energy solutions.
Since its initial installation, the property group has invested more than R1 billion in solar energy locally, building one of South Africa’s largest Small Scale Embedded Generator (SSEG) renewable energy fleets linked to transparent certification frameworks.
Growthpoint currently owns a fleet of 80 rooftop plants across its portfolio, delivering 61.2MWp of capacity and generating significant amounts of clean electricity annually. A further 7MWp of solar installations are scheduled for commissioning by mid-2026.
Diversified Renewable Portfolio
Growthpoint now operates and procures one of South Africa’s most diversified private renewable energy portfolios, combining solar and hydro generation, with wind set to join its renewable energy mix as part of the PPA.
Together with its rooftop solar, when its PPA with Etana Energy becomes fully operational, approximately 40% of Growthpoint’s total electricity demand will be supplied from renewable energy.
The company verifies its renewable energy by registering electricity generated on the International Renewable Energy Certificate (I-REC) registry via Fuel Switch, Africa’s first blockchain-enabled REC exchange, ensuring global transparency, traceability, and accountability across its clean-energy portfolio.
Innovative e-co₂ Initiative
Central to Growthpoint’s strategy is its game-changing e-co₂ wheeled renewable energy initiative (electricity minus carbon dioxide, pronounced “eco two”), built around the company’s tenants—thousands of businesses across all sectors of South Africa’s economy.
Growthpoint’s pioneering e-co₂ now officially delivers wheeled renewable electricity directly to 10 flagship office buildings in Sandton and their tenants, with the first electrons coming from the operational Boston Hydro over the national grid.
The wheeled green electricity is stable and cost-competitive for Growthpoint tenants, has zero carbon footprint, and is certified with tradeable digital RECs.
Commercial Benefits
For the first time in South Africa, businesses can reduce their Scope 2 emissions from purchased electricity in select Growthpoint buildings, enabling them to save money, advance sustainability goals, and report certified emissions reductions aligned with evolving IFRS sustainability reporting standards.
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 made available to tenants in a verified, auditable format.
Industry Collaboration
Estienne de Klerk, SA CEO of Growthpoint Properties, said: “We are incredibly proud of this innovative initiative, made possible by a visionary team and dedicated partners such as Etana Energy, Serengeti Energy, Fuel Switch, and many passionate and talented people over several 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.”
Evan Rice, CEO of Etana Energy, commented: “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.”
Technical Excellence
Anton-Louis Olivier, CEO of Serengeti Energy, said: “Boston Hydro brings 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.”
The Boston Hydro plant, a 5MW run-of-river hydropower facility located on the Ash River within the Lesotho Highlands Water Project, represents Serengeti Energy’s fourth operational hydro plant in South Africa and incorporates insights from nearly 15 years of operating experience across the continent.
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