Growthpoint extends certified green power programme to Standard Bank branches in South Africa

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Growthpoint green power to Standard Bank

Highlights

Standard Bank will use Growthpoint Properties' certified green electricity to lower Scope 2 emissions across 21 South African branches.
Growthpoint's power purchase agreement with Etana Energy will eventually supply 195 GWh of renewable electricity annually to its properties by 2028, with 11% already wheeled to 43 sites.
Since September 2024, Growthpoint has issued over 69,000 renewable energy certificates from 53 systems, further linking Standard Bank through its financing of Etana Energy.

Certified power rollout across bank branches

As reported by Moneyweb, Standard Bank is the latest large financial institution to join Growthpoint Properties' renewable energy certificate programme, using certified green electricity to lower Scope 2 emissions at 21 branches. The sites are located at Alberton City, Bayside Mall, N1 City Mall, Howard Centre, Paarl Mall, Longbeach Mall, Westville Mall, La Lucia Mall, Beacon Bay Retail Park, Woodmead Retail Park, River Square, Lakeside Mall, Festival Mall, Key West Shopping Centre, Greenacres Shopping Centre, Walmer Park Shopping Centre, Waterfall Mall, Hillcrest Corner, Vaal Mall, Brooklyn Mall and Newlands on Main.

Standard Bank already reduces electricity demand through LED lighting, energy-efficient equipment and smart-meter-enabled operational controls. But emissions linked to purchased electricity from the fossil-fuelled grid are typically harder to cut in multi-tenanted leased buildings without support from landlords.

Growthpoint says its programme addresses that gap by certifying renewable electricity supplied to properties from onsite solar plants and from wheeling arrangements with independent power producers. It then offers independently verified renewable energy certificates to tenants under the International Renewable Energy Certificate, I-REC, standard.

Portfolio expansion and market implications

Alongside onsite solar generation, Growthpoint is scaling renewable energy wheeling across its portfolio through a long-term power purchase agreement with Etana Energy, a Black-owned renewable energy supplier based in Cape Town. When fully implemented by 2028, the agreement is set to supply 195 GWh of renewable electricity a year to Growthpoint properties.

About 11% of the committed volume is currently being wheeled, and the company says it has already enabled wheeling to 43 properties. The footprint is set to expand as additional hydro, wind and solar capacity comes online.

Growthpoint says it has generated more than 69,000 renewable energy certificates across 53 registered renewable energy systems since registering its first system for certificates in September 2024. Standard Bank Group also provided financing and investment facilities to Etana Energy, linking the bank to both the demand and funding sides of the renewable electricity market.

Executives at both companies say the arrangement supports credible decarbonisation in leased property. The broader shift reflects rising use of solar and other renewable power sources to supplement coal-generated electricity in malls and offices across South Africa.

Our earlier article on Equites Property Fund’s interim results explained how the Reit lifted its interim distribution after accelerating its exit from the UK and freeing up capital for South African growth. We noted that proceeds from the Aviva portfolio sale helped reduce leverage and boosted liquidity, supporting Equites’ ability to reinvest in domestic, ESG-aligned logistics properties while maintaining its FY27 guidance.

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