Growthpoint Properties has entered into a partnership with Fuel Switch, Africa’s first open blockchain-enabled Renewable Energy Certificate (REC) exchange, to offer tradeable clean energy certificates to its tenants. The initiative forms part of Growthpoint’s wider green energy strategy and is designed to lower barriers for businesses looking to demonstrate sustainability compliance.
South Africa’s largest JSE-listed real estate investment trust (REIT) will launch its green energy platform, branded e-co₂, in October 2025. The platform will begin by supplying renewable electricity to 10 Sandton office buildings through hydropower delivered over the national grid. This energy will be sourced from the newly developed Boston Hydroelectric Plant, part of the Lesotho Highlands Water Scheme, in partnership with Serengeti Energy.
A head start in renewable integration
The rollout of e-co₂ positions Growthpoint ahead of the curve in delivering certified renewable energy directly to commercial tenants. The company explained that wheeled renewable electricity would be both cost-competitive and zero-carbon, creating opportunities for tenants to reduce operating expenses while enhancing their sustainability credentials.
Corporate representatives acknowledged that many South African firms, particularly listed entities, often face difficulties in meeting international sustainability goals. Environmental audit obligations are becoming as demanding as financial audits, while the costs of registering with global renewable energy platforms have remained high. The new system aims to simplify access for businesses of varying sizes.
Growthpoint’s engagement with renewable energy is not new. Since 2007, the company has installed solar panels across its property portfolio, generating 61 GWh of electricity annually, a volume comparable to that produced by a commercial-scale renewable utility. In 2023, the firm also secured a 195 GWh Power Purchase Agreement with Etana Energy, underpinned by a mix of hydro, wind, and solar sources, forming the backbone of its e-co₂ initiative.
Blockchain-enabled certification
A key breakthrough enabling the scheme lies in how energy is certified and tracked. This has been achieved through Fuel Switch, a blockchain-based energy technology platform recognized with the Agence Française de Développement’s Digital Energy Challenge award. The platform uses IoT, blockchain, and AI to provide independent third-party verification. Each megawatt-hour of renewable energy generated and delivered to the grid is certified and stored as a REC, recorded on the blockchain as a time-stamped digital asset linked to its source.
RECs not only confirm green energy generation but can also be redeemed to verify Scope 2 carbon emission reductions. Fuel Switch connects seamlessly with South Africa’s national REC registry, zaRECs, and aligns with the global I-REC standard managed by the I-TRACK Foundation. By creating an immutable record of each REC from issuance through to retirement, the system ensures compliance with global ESG audit requirements.
The certificates can also be monetized through the voluntary REC market, where demand from large multinational technology firms — including Amazon, Google, Microsoft, Apple, and Meta — has surged as they pursue 100% renewable energy commitments.
Unlocking Africa’s REC market
Historically, Africa’s participation in the voluntary REC market has been limited due to high costs, manual processes, and a lack of transparency. These barriers restricted access mainly to large-scale projects. With the launch of e-co₂, Fuel Switch will make it possible for Growthpoint tenants of all sizes to participate, offering near-instant transactions that previously took weeks.
The initiative is expected to create new opportunities for South African businesses to engage in renewable energy markets while improving carbon reduction reporting. Executives from both Growthpoint and Fuel Switch emphasized that the collaboration is aimed at making participation in the green economy faster, more cost-effective, and more transparent, setting a precedent for wider adoption across the continent.
