Growthpoint Properties Expands Renewable Portfolio with Major Hydroelectric Investment and Tenant-Focused Green Energy Initiative

Strategic Renewable Energy Investment

JSE-listed real estate investment trust Growthpoint Properties has reportedly acquired a 30% stake in independent power producer Serengeti Energy’s operational Boston Hydro plant near Clarens in the Free State, according to a joint media release from the companies. The R390-million hydroelectric facility represents a significant addition to South Africa’s renewable energy infrastructure with an operational lifespan exceeding 40 years.

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Sources indicate that Growthpoint secured exclusive access to approximately 30 GWh/y of renewable electricity generated by the plant through its landmark 195 GWh power purchase agreement with licensed energy trader Etana Energy, finalized as early as 2023. The arrangement positions Boston Hydro as the first operational project within a diversified mix of cost-saving, certified zero-carbon generation assets supporting the PPA., according to industry experts

Pioneering Tenant-Focused Green Energy Initiative

Growthpoint has reportedly launched its “e-co” initiative, described by company representatives as South Africa’s first commercial-scale wheeled renewable energy solution specifically designed for multi-tenanted commercial properties. The program, which stands for “electricity minus carbon dioxide,” will deliver renewable electricity directly to ten flagship office buildings in Sandton, Gauteng, and their tenants through the national grid.

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Analysts suggest this approach represents a significant innovation in corporate renewable energy distribution. According to the media release, “The launch of e-co 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.”

Technical Specifications and Environmental Impact

The Boston Hydro project is a 5 MW run-of-river hydropower plant located on the Ash river within the Lesotho Highlands Water Project, according to development specifications. As the largest of six hydropower facilities along the Ash river, the plant represents Serengeti Energy’s fourth operational hydro plant in South Africa and will generate approximately 30 GWh/y of renewable electricity.

The report states that when combined with Growthpoint’s existing rooftop solar installations and the full implementation of its PPA with Etana Energy, approximately 40% of the REIT’s total electricity demand will be supplied from renewable sources. The hydro plant will provide reliable 24/7 baseload power to Growthpoint’s e-conetwork through Etana Energy’s wheeling framework, making it what company representatives describe as “a cornerstone of Growthpoint’s renewable supply mix.”

Certification and Corporate Sustainability Benefits

Growthpoint verifies its renewable energy by registering electricity generated on the International Renewable Energy Certificate registry through Fuel Switch, reportedly Africa’s first blockchain-enabled REC exchange. This ensures global transparency, traceability and accountability across its clean-energy portfolio, according to company documentation.

The companies explained that businesses operating in select Growthpoint buildings can, for what they claim is the first time in South Africa, reduce their Scope 2 emissions from purchased electricity. This enables tenants to simultaneously save money, advance sustainability goals, and report certified emissions reductions aligned with evolving International Financial Reporting Standard sustainability reporting standards.

Industry Leadership and Future Developments

In statements to Engineering News, Growthpoint South Africa CEO Estienne de Klerk noted that the PPA with Etana would reportedly pave the way for developing several additional generating plants, including wind and solar facilities. “Our contribution really is to help facilitate the development of these plants which add, clearly, significant capacity to the grid and helps us as a country, alleviate the challenges we’re having with consistent energy supply,” de Klerk told the publication.

According to the joint release, the collaboration between Serengeti Energy’s independent power generation, Etana Energy’s wheeling offering and PPA, Growthpoint’s renewable energy offtake for its commercial properties, and Fuel Switch’s digital REC registration represents a pioneering model for advancing South Africa’s renewable energy transition. Industry observers suggest this positions Growthpoint at the center of a transparent ecosystem demonstrating how the property sector can lead toward energy security and sustainability while unlocking shared value for stakeholders.

References & Further Reading

This article draws from multiple authoritative sources. For more information, please consult:

• http://en.wikipedia.org/wiki/Kilowatt-hour
• http://en.wikipedia.org/wiki/Etana
• http://en.wikipedia.org/wiki/Serengeti
• http://en.wikipedia.org/wiki/Power_purchase_agreement
• http://en.wikipedia.org/wiki/Hydroelectricity

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