Growthpoint Properties has acquired a 30% stake in the operational Boston Hydroelectric plant, a R390 million development by independent power producer Serengeti Energy in the Lesotho Highlands Water Scheme near Clarens.

The new hydroelectric plant was certified for commercial operations by Eskom on the 17^th of October 2025 and it has already started adding renewable energy to the national grid.

As early as 2023, the REIT secured exclusive access to all the approximately 30GWh of renewable energy generated by the plant annually through its 195GWh 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 powering the PPA. The renewable electricity from Boston Hydro has been matched with 23 Growthpoint buildings, including 10 in Sandton Central and three in Cape Town.

Growthpoint took its first steps into rooftop solar generation in 2011, and it has since invested more than R1 billion in solar energy in SA, having grown one of the country’s largest Small Scale Embedded Generator (SSEG) renewable energy fleets and linked it to transparent certification frameworks. The Group owns a fleet of 80 rooftop plants across its portfolio delivering 61.2MWp of capacity and generating a significant amount of clean electricity annually. It says a further 7MWP of solar installations are in its pipeline for commissioning by mid-2026.

The Group now operates and procures one of SA’s most diversified private renewable energy portfolios comprising 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.

Bringing all this together is the Group’s e-co₂ wheeled renewable energy initiative that is built around its tenants — thousands of businesses in SA, big and small, in all sectors. The initiative delivers wheeled renewable electricity directly to 10 flagship buildings in Sandton with the first electrons coming from Boston Hydro over the national grid.

“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,” says Estienne de Klerk, SA CEO of Growthpoint Properties.