JSE listed Growthpoint Properties, South Africa’s leading Real Estate Investment Trust (REIT), has acquired a 30% stake in the Boston Hydroelectric plant, a new R390 million development with an operational lifetime of over 40 years.
The newly operational Boston Hydroelectric plant is located near Clarens in the Free State.
The hydroelectric plant, developed by independent power producer Serengeti Energy and located within the Lesotho Highlands Water Scheme near Clarens, was certified for commercial operations by Eskom in mid-October 2025. It has already started supplying renewable energy to the national grid.
In 2023, Growthpoint secured exclusive access to the planned 30 GWh of renewable electricity to be generated by the plant annually, through its landmark 195 GWh power purchase agreement (PPA) with licensed 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 that constitute the PPA. The renewable electricity from Boston Hydro will supply 23 Growthpoint buildings, including 10 in Sandton Central and three in Cape Town.
Investing in energy security
Growthpoint’s 30% stake in Boston Hydro continues its investment in renewable electricity sources and furthers its transition to green energy which it began more than a decade ago. The property group took its first steps into rooftop solar generation in 2011. It has established 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; it has grown one of South Africa’s largest Small Scale Embedded Generation (SSEG) renewable energy fleets and has linked this to transparent certification frameworks. Growthpoint owns 80 rooftop solar PV plants across its portfolio, delivering 61.2 MWp of capacity and generating a significant amount of clean electricity annually. A further 7 MWp of solar installations are in the pipeline and due for commissioning by mid-2026.
From left: Anton-Louis Olivier, CEO, Serengeti Energy, Evan Rice, CEO of Etana Energy, Estienne de Klerk, SA CEO of Growthpoint Properties.
Growthpoint now operates 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, about 40% of Growthpoint’s total electricity demand will be supplied from renewable energy.
Additionally, 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 its investments in renewable energy together is Growthpoint’s e-co₂ wheeled renewable energy initiative (an abbreviation for electricity minus carbon dioxide, pronounced ‘eco two’). This solution is built around the company’s tenants — thousands of businesses, big and small, in all sectors of South Africa’s economy.
Growthpoint’s pioneering e-co₂ now delivers wheeled renewable electricity to 10 flagship office buildings in Sandton and their tenants, with the first electricity coming from the Boston Hydro plant. e-co2 wheeled green electricity is stable and cost competitive for Growthpoint tenants, it has a zero-carbon footprint and is certified with tradable digital RECS.
This means businesses can cut their Scope 2 emissions from purchased electricity in the selected Growthpoint buildings. 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.
Estienne de Klerk, SA CEO of Growthpoint Properties, said: “This innovative initiative has been made possible by a visionary team, dedicated partners such as Etana Energy, Serengeti Energy, Fuel Switch and many talented people over a number of years. It benefits the immediate occupants of Growthpoint’s properties and helps to create a brighter and more sustainable future for South Africa.”
Evan Rice, CEO, of Etana Energy, commented saying: “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 off-take 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, 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 provide the generation backbone of this clean energy partnership, powering a scalable solution for South African businesses through Growthpoint’s e-co₂.”
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