The electricity trading platform Etana Energy – launched by the Chariot Energy Group and H1 Holdings – has signed a power purchase agreement with Growthpoint Properties, South Africa’s largest real estate investment trust.
The deal will supply Growthpoint with 195 gigawatt-hours (GWh) of renewable energy a year, representing 32% of its total annual electricity consumption, Chariot said in a statement on Wednesday. Etana will wheel electricity from various sources, mainly wind, to Growthpoint’s commercial buildings across South Africa.
Wheeling is a process where electricity is bought and sold between private parties, using the existing grid to transport power from the point of generation to end-users. The agreement is the first of its kind in South Africa, involving multiple jurisdictions, buildings and sources of renewable energy, Chariot said.
“We are very pleased to report this deal signed with Growthpoint as it is an excellent example of how the Etana business model works,” CEO of Chariot Transitional Power, Benoit Garrivier, said in the statement.
“In linking renewable power sources to customers through our trading platform we provide access to sustainable energy solutions and help underpin development fundamentals of new projects. Through Etana, we are directly facilitating the expansion of South Africa’s energy mix as well as providing energy that will have a positive impact on customers and their carbon footprints.”
Growthpoint, which owns and manages a diverse portfolio of properties in the retail, office and industrial sectors, has also secured the rights to purchase hydroelectricity from a 5-megawatt power plant developed by Serengeti Energy, which will be wheeled by Etana. The plant is expected to start production in the second quarter of 2025 and generate baseload power on a 24/7 basis.
Chariot, which is listed on the London Stock Exchange, owns a 49% stake in Etana. The company is also developing a 400-megawatt portfolio of wind projects in Morocco and Namibia.
Wheeling is a process where electricity is bought and sold between private parties, using the existing grid to transport power from the point of generation to end-users. The agreement is the first of its kind in South Africa, involving multiple jurisdictions, buildings and sources of renewable energy, Chariot said.
“We are very pleased to report this deal signed with Growthpoint as it is an excellent example of how the Etana business model works,” CEO of Chariot Transitional Power, Benoit Garrivier, said in the statement.
“In linking renewable power sources to customers through our trading platform we provide access to sustainable energy solutions and help underpin development fundamentals of new projects. Through Etana, we are directly facilitating the expansion of South Africa’s energy mix as well as providing energy that will have a positive impact on customers and their carbon footprints.”
Growthpoint, which owns and manages a diverse portfolio of properties in the retail, office and industrial sectors, has also secured the rights to purchase hydroelectricity from a 5-megawatt power plant developed by Serengeti Energy, which will be wheeled by Etana. The plant is expected to start production in the second quarter of 2025 and generate baseload power on a 24/7 basis.
Chariot, which is listed on the London Stock Exchange, owns a 49% stake in Etana. The company is also developing a 400-megawatt portfolio of wind projects in Morocco and Namibia.
