Landmark wind-hydro-solar PPA deal
28 June 2024
News
Growthpoint Properties recently signed a Power Purchase Agreement (PPA) with licensed electricity trader Etana Energy to wheel electricity to its commercial property buildings in several jurisdictions across the country. This deal will see Etana providing 195 GWh of renewable energy a year, representing 32% of Growthpoint’s total current annual electricity consumption (612 GWh in 2023).
The deal has set in motion the country’s first multi-jurisdiction, multi-building, multi-source renewable energy wheeling arrangement, and will enable Growthpoint’s tenants to access green energy and reduce their carbon footprint. Through this agreement, Etana will cover 70% of the power consumed by Growthpoint’s participating buildings, and in some buildings, Growthpoint will even be able to provide its tenants with the ability to purchase 100% renewable energy and actively drive carbon reduction.
As a result of the agreement with Etana Energy, Growthpoint has exclusive rights to purchase all of the roughly 30 GWh that will be generated annually by a 5 MW hydroelectric power plant developed, owned and operated by Serengeti Energy. The project is situated on the Ash River within the Lesotho Highlands Water Scheme (LHWS), close to Clarens in the Free State, which provides the added benefit of effectively generating 24/7 baseload power. Growthpoint has also shown some interest in investing in the power plant by signing a Memorandum of Understanding with Serengeti Energy. Serengeti Energy owns and manages renewable energy projects of up to 50 MW in sub-Saharan Africa, and currently operates nine plants in five countries.
The hydroelectric power plant has reached financial close and is currently under construction. The commercial operations date is expected to be 1 July 2025, when it will supply its first electricity to Growthpoint, wheeled via the Eskom grid and traded through Etana.
Thereafter, the commissioning of wind and additional solar production from Etana’s portfolio of renewable energy projects connected to the national electricity grid will commence.
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