Growthpoint Properties, South Africa’s leading Real Estate Investment Trust, has acquired a 30% stake in the operational Boston Hydroelectric plant, a new R390-million development with an operational lifetime of over 40 years by leading 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 in 2025 and has already started adding renewable energy to the national grid. Strategic investment in the hydro plant that is powering the 24/7 clean energy being wheeled to 23 Growthpoint flagship properties
As early as 2023, Growthpoint secured exclusive access to all the 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 from Boston Hydro will supply 23 Growthpoint buildings, including 10 in Sandton Central and three in Cape Town.
Strategic investment advances energy security
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 R1-billion in solar energy locally, grown one of South Africa’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 one of South Africa’s most diversified private renewable energy portfolios, 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.
Powering up transparency too, 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.
Making renewable energy work for business
Bringing all this together is Growthpoint’s game-changing e-co₂ wheeled renewable energy initiative (which is short for electricity minus carbon dioxide and pronounced “eco two”). This solution is built around Growthpoint’s tenants — thousands of businesses, big and small, in 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. 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. So, they can save money, advance their 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 that are made available to tenants in a verified, auditable format.
Leading collaboration in South Africa’s private renewable energy market
Leading the way in bringing certified renewable energy into daily business use, e-co2 is built on unprecedented collaboration and leading-edge skills, cemented by deep environmental stewardship, that forms a connected ecosystem. 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 pioneering collaboration advancing South Africa’s renewable energy transition.
Growthpoint sits at the centre of this transparent ecosystem, demonstrating how the property sector can lead the shift toward energy security and sustainability, while unlocking shared value for stakeholders.
Estienne de Klerk, SA CEO of Growthpoint Properties, says:“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.”
Evan Rice, CEO, of Etana Energy, says:“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.”
Anton-Louis Olivier, CEO, Serengeti Energy, says: “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 and powering a scalable solution for South African businesses through Growthpoint’s e-co₂.”
Etana Energy: enabling renewable wheeling at scale, cost efficiently
Etana Energy plays a pivotal role in bringing eco₂ to life for Growthpoint and its tenants. As a licensed electricity trader, Etana 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.
Etana’s integrated trading platform provides a reliable and scalable mechanism for wheeling clean energy, opening access to affordable renewable energy for businesses across the country. Its collaboration with Growthpoint demonstrates how private-sector partnerships can drive meaningful progress towards a low-carbon, energy-secure future for South Africa.
Growthpoint’s long-term commitment to take up 195GWh of clean electricity annually from Etana Energy has already helped to unlock vital 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.
Serengeti Energy: powering progress sustainably
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. This makes Boston Hydro a cornerstone of Growthpoint’s renewable supply mix.
What is the impact of droughts and climate change be on viability of the powerplant?
Climate change will result in increased climate volatility which will also affect rainfall in the country and the water flows in our rivers. The Ash River is however no longer a natural river as it is not fed from rainfall in its catchment, but is supplied from the huge reservoirs in the Lesotho Highlands Water Project. Boston Hydro and the other hydropower plant in the Ash River are therefore largely insulated from the future effects of climate change, with the upstream dams holding 3-years’ worth of storage.
What inspired the design of the power plant?
Hydropower plants last for a very long time. Some of the first hydropower plants built in the 1880’s are still in operation. We feel that if you build such long lasting infrastructure, you have the responsibility to at in a responsible manner and ensure that your structures are a source of inspiration and pride for society. We took our inspiration from the beautiful sandstone hills and cliffs of the Eastern Free State. Our power plant’s use of natural materials such as wood allows it blend into and compliment the landscape.
Where does the technology in the power plant come from?
We sourced our hydro electrical equipment from Andritz and Indar, two top tier European suppliers. The engineering, civil construction and most of the balance of plant equipment was supplied by local contractors.
Certified zero-carbon electricity, fixed costs, digital RECs: what tenants gain from Growthpoint’s e-co₂
Growthpoint Properties (JSE: GRT), South Africa’s leading REIT (real estate investment trust), is transforming clean energy access for businesses in the country with its e-co₂ green electricity initiative, launched in October 2025. e-co₂ provides Growthpoint’s tenants with three valuable benefits: certified zero-carbon electricity; blockchain registered Renewable Energy Certificates (RECs); and cost-saving fixed escalations on green electricity.
Growthpoint secured a landmark 195 GWh Power Purchase Agreement with Etana Energy as early as 2023, ensuring a supply mix of hydro, wind and solar power to underpin this effort.
E-co₂ will start by delivering renewable electricity to ten Growthpoint office buildings in Sandton. The first electrons of e-co₂ green electricity will be wheeled over the national grid from the Boston Hydroelectric Plant in Lesotho, newly developed in partnership with Serengeti Energy.
What makes this initiative truly groundbreaking is that with each unit of clean e-co₂ energy a Growthpoint tenant uses, they automatically get a digital REC. This is possible thanks to an innovative partnership with Fuel Switch, Africa’s first blockchain-enabled REC exchange.
Fuel Switch uses IoT, blockchain and AI to certify, track and monetise renewable energy consumption. From integrated smart meters to automated smart contracts, each unit of green e-co₂ energy a tenant uses is captured as an immutable digital REC that the tenant can access through their own secure digital wallet on the Fuel Switch platform.
This innovation opens up the voluntary REC market to South African business. It places Growthpoint’s tenants of all sizes are in a better position to meet stringent ESG and net-zero targets by redeeming their RECs as verified proof of Scope 2 carbon emission reduction for sustainability benefits. Or, if they’d prefer, to trade them for financial benefits on global renewable energy markets through the Fuel Switch platform.
Together, Growthpoint and its partners are setting a new standard for renewable energy access in commercial real estate in Africa. With a shared understanding that a vibrant and healthy green energy market is crucial for energy security and job creation, they also democratising green energy trading – the Fuel Switch platform can be used by any business or individual, globally.