Renewable energy Archives

Nedbank to decarbonise 26 branches with Growthpoint’s pioneering renewable energy certificates for tenants

Nedbank Group Limited has become one of the first businesses in South Africa to offset its carbon emissions by taking up Growthpoint Properties Limited’s (JSE: GRT) renewable energy certificates (RECs) in a groundbreaking initiative enabling tenants to offset electricity emissions in leased buildings.

Nedbank leads on Scope 2 carbon emissions reduction

Setting a new benchmark for corporate decarbonisation in South Africa, Nedbank will offset its Scope 2 emissions across 26 branches located in Growthpoint-owned shopping malls and offices in five provinces — from La Lucia Mall in KwaZulu-Natal to Waterfall Mall in North West, and Woodmead Retail Park in Gauteng to Walmer Park in the Eastern Cape, as well as The Constantia Village in the Western Cape. Together, the branches span over 8,200 square metres of retail space.

Growthpoint solves the challenge of leased-property emissions for businesses

Scope 2 emissions, which stem from purchased electricity, are typically the hardest – if not impossible – for businesses to reduce in multi-tenanted leased premises without support from the landlord. Tenants can reduce their consumption but can’t control the electricity supply at these buildings, and the vast majority of South Africa’s national electricity is coal-fired.

Growthpoint’s REC initiative addresses these gaps for the first time in South Africa by certifying the clean solar power generated at its properties and offering verified RECs to tenants. At the same time, it paves the way for wider use of certified, blockchain-tracked green attributes by businesses in South Africa.

A scalable model for corporate decarbonisation

Nedbank has welcomed the solution as a major step forward on its well-established sustainability journey.

Charl de Kock, Nedbank Executive Head of Group Business Services, says that Nedbank is delighted to partner with Growthpoint in this pioneering initiative.

“Access to RECs through Growthpoint gives us an immediate, auditable way to reduce Scope 2 emissions for our branches in their buildings. This removes a big barrier and supports our long-term climate goals, especially where it is too complex to wheel or generate renewable electrons,” adds de Kock.

“Nedbank achieved a 30% energy reduction target two years ahead of schedule. In 2024, our electricity use stayed below 97,000 MWh, and renewable energy reached 10% of total consumption. We have been carbon-neutral since 2010, making us the only major bank with this track record.”

“Nedbank’s early adoption of RECs marks a pivotal shift for carbon offsetting and reporting in South Africa. Transparent carbon emission offsets are urgently needed, particularly for businesses in leased spaces, as they cannot tackle the challenge alone. Growthpoint is proud to support our tenants in decarbonising their operations,” says Werner van Antwerpen, Growthpoint Head of Corporate Advisory.

Growthpoint’s collaboration with Nedbank unlocks a new way to manage environmental risk while affirming leadership in driving global efforts toward a low-carbon economy.

Shared climate ambitions drive joint action

Nedbank and Growthpoint are naturally aligned on certified decarbonisation. Both are leaders in South Africa’s certified green building movement and catalysts for energy efficiency and renewable energy adoption. Both share ambitious climate targets: Growthpoint is aiming for carbon neutrality across its property portfolio (the largest for a REIT locally) by 2050, while Nedbank is targeting 100% of lending and investing supporting a net-zero carbon economy by the same year.

By taking these initial steps in the REC market together, Nedbank and Growthpoint are advancing their sustainability ambitions and opening the way for businesses of all sizes in South Africa to achieve credible Scope 2 emission offsets while stimulating the local green economy.

This transaction is expected to pave the way for broader integration of green attribute instruments and grow South Africa’s sustainable economy.

Growthpoint’s solar energy infrastructure

Underpinning the solution is Growthpoint’s unique renewable energy mix. The leading property company has grown one of South Africa’s largest Small Scale Embedded Generator (SSEG) renewable energy fleets and linked it to transparent certification frameworks. It has a solar fleet of 80 rooftop systems providing 61.2MWp capacity. Growthpoint plans to commission 7MWp of additional solar capacity by mid-2026.

So far, nearly half of its solar plants are already registered on the international Renewable Energy Certificate (I-REC) registry in partnership with Fuel Switch, Africa’s first blockchain-enabled REC exchange. The I-REC mechanism provides globally recognised certification for renewable energy generation and is increasingly being adopted by companies and institutions to meet sustainability targets.

e-co₂ wheeled green electricity is live

Alongside its on-site rooftop solar fleet, Growthpoint launched its wheeled renewable energy initiative, e-co₂, last month (October 2025). Supported by a landmark 195GWh power purchase agreement (PPA) with Etana Energy for a sustainable mix of renewable hydro, wind and solar electricity.

The first renewable energy generation project to come online as part of the PPA is Boston Hydroelectric Plant in Lesotho Highlands Water Scheme near Clarens, a new R390 million development by Serengeti Energy, with an operational lifetime of over 40 years. Growthpoint has acquired a 30% stake in the plant and secured exclusive access to all the approximately 30GWh of renewable electricity generated by the plant annually. The certified zero-carbon electricity from Boston Hydro is already being added to the national grid and supplying 20 Growthpoint buildings on Eskom’s direct grid and three on the City of Cape Town’s grid. This includes 10 e-co₂ office buildings in Sandton where, in addition to compounding cost-saving fixed escalations on green electricity, each unit of clean energy consumed by a tenant automatically generates a tradable digital REC for them, tracked via Fuel Switch’s blockchain-enabled platform.

A milestone for South Africa’s green economy

“Growthpoint’s first-of-its-kind green electricity programme offers tenants a way to reduce their Scope 2 emissions and marks an important milestone in South Africa’s green energy market. It demonstrates how building owners and tenant businesses can work together to deliver real emissions reductions and build a low-carbon future,” adds van Antwerpen.

Growthpoint acquires a 30% stake in new R390m Boston Hydroelectric Plant

Strategic investment in the hydro plant that is powering the 24/7 clean energy being wheeled to 23 Growthpoint flagship properties

CLARENS, FREE STATE. Growthpoint Properties (JSE: GRT), 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 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 on Friday (17 October 2025) and has already started adding renewable energy to the national grid.

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.