Greenbacker Delivers Third Quarter Results

Company shows significant quarter-over-quarter and year-over-year growth across revenue, production, and fleet size, as well as expanding land stewardship goals

New York, NY, November 15, 2021 — Greenbacker Renewable Energy Company LLC (“Greenbacker,” “GREC,” or the “Company”), a leading owner and operator of sustainable infrastructure and energy efficiency projects, recently announced financial results for the three-month period ended September 30, 2021.1 A number of positive trends were evident, both on a quarter-over-quarter basis (comparing the third quarter of 2021 with the second quarter of 2021) and on a year-over-year basis (comparing the third quarter of 2021 with the third quarter of 2020).

Production and revenue continued to grow, fleet continued to expand

Greenbacker delivered sizable quarter-over-quarter and year-over-year increases in total revenue from the sale of energy and environmental attributes, which rose 6.6% and 52.5% in the respective timeframes.

The Company’s fleet of sustainable infrastructure projects increased by 35 net assets during the third quarter, bringing its total project count to 337.2 At the end of the period, the total number of states, districts, territories, and provinces in which GREC conducts business activities had risen to 35.

The fleet generated 392,010 megawatt-hours (MWh) of total energy during the period, which represents quarter-over-quarter and year-over-year increases of 8.6% and 75.7%, respectively, as additional projects entered commercial operation and the Company acquired operational assets.

Total revenue from the sale of energy and environmental attributes (millions)$29.5$27.7$19.4
Total number of fleet assets at end of period337302259
Total energy produced (MWh)392,010360,941223,103

Company’s investment activity decreased quarter-over-quarter, but more than quadrupled year-over-year

Greenbacker had significant investment activity in the third quarter of 2021, deploying over $240 million into new or existing investments. Although this represents a decrease compared to the second quarter, when the Company deployed a record amount of new capital into additional assets, it amounts to more than four times the total invested during the third quarter of 2020.

In the same period, the fair value3 of Greenbacker’s investments in both controlled and non-controlled4 projects exceeded $1.2 billion, marking quarterly and year-over-year increases of 16.8% and 105.1%, respectively.

Total capital deployed (millions)$242.8$315.2$57.2
Fair value3 of investments in controlled and non-controlled projects (millions)$1,219.5$1,044.1$594.6

Charles Wheeler, CEO of Greenbacker, reflected on the drivers of this positive performance:

“Consumers are increasingly realizing the financial advantages of using clean power to meet their growing energy needs. We believe the case for our investment thesis, which seeks to provide durable yield from real assets with low correlation to other market segments, remains as strong as ever. Additionally, the renewable energy asset class itself continues to enjoy strong policy support and impact investor momentum, as more and more governments, institutional investors, and individuals appreciate how critical sustainable infrastructure is to addressing—and ultimately reversing—the climate crisis.

In the third quarter, our fleet grew by about three dozen new assets, bringing its total clean power–generating capacity to well over 2.2 gigawatts.2 Moreover, we’re proud of the strides we’re taking to be responsible stewards of the land at our project sites. On some of our solar assets, we’ve been planting pollinator-friendly groundcover beneath the panels to help support declining pollinator populations. On others, we can plant pasture mix around the solar arrays where local farmers can graze their livestock. Both types of vegetation also require less mowing and maintenance, reducing operating costs on sites where they’re introduced. We see this as a win-win for all involved.”

Fleet value and shareholder distributions continued to increase; pre-operational portfolio remained robust

At the end of the third quarter, Greenbacker’s total gross investment value (GIV)5 had surpassed $1.7 billion—a quarter-over-quarter increase of 12.4%, and a year-over-year increase of 80.9%.

Greenbacker’s shareholder distributions6 totaled $19.6 million in the quarter, up from $16.6 million in the second quarter and $8.1 million in the third quarter of last year, marking quarter-over-quarter growth of 18.0% and a 142.0% increase on a year-over-year basis.

Investment in the Company’s pre-operational portfolio has been a long-term growth strategy. During 2020, pre-operational assets grew from $128.6 million to $144.4 million. As of September 30, 2021, that number had reached $328.7 million. The Company’s pre-operational and non-earning assets more than doubled in size on a year-over-year basis. During the third quarter, several assets reached commercial completion, including Altamont (57.5 MW, California), Greenbacker’s largest wind project to date. This contributed to a 23.5% quarter-over-quarter decrease in the size of the pre-operational portfolio, as these assets came online and began generating revenue.

 September 30, 2021June 30, 2021September 30, 2020
Total gross investment value5 (millions)$1,735.1$1,543.0$958.9
Pre-operational and non-earning assets (millions)$328.7$429.8$134.6

Building out a footprint in New York, a compelling state for sustainable infrastructure investment

During the quarter, GREC closed on the acquisition of two 20-MW utility-scale solar projects from Hecate Energy LLC. The projects, Albany 1 and Albany 2, add 40 MW to Greenbacker’s fleet and showcase the Company’s continued expansion into New York—a market with policy tailwinds and a compelling backdrop for renewable energy investment.

The projects are among Greenbacker’s largest sustainable energy assets in the state and will be instrumental in helping the state reach its clean energy goals. Current legislation7 mandates a zero-emissions electricity sector by 2040, which is set to include 70% renewable energy power generation by 2030, as part of the state’s initiative to create clean energy jobs and foster a green economy. Additionally, New York recently retired Indian Point, a 2.1-GW nuclear plant outside of New York City that generated about 12% of the state’s electricity,8 due to safety concerns and increased operating costs. That emissions-free power can be replaced with renewables.

Beyond Albany 1 and Albany 2, Greenbacker has a number of signed commitments with Hecate to develop sustainable infrastructure projects in New York, a future pipeline that amounts to hundreds of MW of clean power over the next few years.

A community blade signing at GREC’s largest Maine asset

At the beginning of the quarter, Greenbacker’s RoxWind project in Roxbury, ME had entered the final stages of construction. At 15.3 MW, the wind farm represents the Company’s largest asset in the state. Greenbacker’s team members, including chief operations officer Matt Murphy, were on hand when the turbines and towers arrived in port, before moving on to the project location for assembly. Town residents, neighboring communities, project developers, and Greenbacker employees were then invited to a blade signing and dedication ceremony, where attendees could get a closer look at the 220-foot turbine blades and sign them with messages for a clean energy future in Maine.

Greenbacker COO Matt Murphy (center) and team members welcomed the arrival of towers and turbines for RoxWind—GREC’s 15.3-MW wind project in Roxbury, ME.

Increases in new capital investment, net asset value, and impact investor appeal

During the third quarter, Greenbacker raised $215.4 million in capital, bringing the Company’s year-to-date total to $768.2 million and providing significant capital for additional growth.

As of September 30, 2021, the Company’s net asset value (NAV) approached $1.3 billion, an increase of 18.2% from June 30, 2021, and an increase of 148.0% from September 30, 2020.9

 September 30, 2021June 30, 2021September 30, 2020
Net asset value (millions)$1,283.7$1,085.9$512.9

Past performance is not indicative of future results.

The Company also added around 790 new investors to its shareholder base during the third quarter (after adding roughly 485 new investors in the second quarter), bringing its total investor base to approximately 10,500.

These increases are a testament to the Company’s continued focus on delivering results to shareholders by executing on a core strategy of becoming long-term owner-operators of world-class sustainable infrastructure. Both strong fundamentals in the renewable energy sector and the current Administration’s supportive stance on sustainable infrastructure expansion have also helped underpin Greenbacker’s business and capital raising.  

Moreover, Greenbacker continues to draw the attention of an increasing amount of impact investors—people seeking investments that align with their values. As this demographic continues to swell10—and the demand for lucrative environmental, social, and governance (ESG) investment opportunities continues to grow11—Greenbacker has become an attractive destination for a marketplace that prioritizes reliable sources of yield and responsible investing.

The Company continues to believe in its strong ability to deploy its investor capital into new high-quality solar and wind assets. As of September 30, 2021, Greenbacker’s pipeline of potential transactions topped half a billion dollars, reaching a new high for a third consecutive quarter. The previous high was set in the second quarter of this year, when the pipeline exceeded $400 million for the first time (which, itself, surpassed the first quarter’s record of over $380 million).

 September 30, 2021June 30, 2021March 31, 2021
Forward pipeline of potential unlevered investment (millions)$527.1$436.9$383.9

David Sher, Director of Greenbacker, shared his thoughts on the Company’s performance and future:

“Greenbacker’s persistent strength and many positive quarter-over-quarter and year-over-year growth trends are a direct result of our commitment to facilitating the move toward a sustainable future. The clean energy produced by our fleet is an essential part of that transition. Our responsible land stewardship initiatives and proactive engagement with our communities are also important contributors to that sustainability.

One of Greenbacker’s key traits is our passionate advocacy for renewables. Simply put, they’re the most logical solution for today’s energy challenges. We also believe that investment capital plays an important role in the proliferation of that clean power. That’s why we continue to scale up our fleet of sustainable infrastructure assets and strive to provide a profitable avenue for investors to participate in the shift to a world powered by renewable energy.”

About Greenbacker Renewable Energy Company

Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability sustainable infrastructure company that acquires and manages income-producing renewable energy and other energy-related businesses, including solar and wind farms. We seek to invest in high-quality projects that sell clean power under long-term contract to high-creditworthy counterparties such as utilities, municipalities, and corporations. We are long-term owner-operators, who strive to be good stewards of the land and responsible members of the communities in which we operate. We believe our focus on power production and income generation creates value that we can then pass on to our shareholders—while facilitating the transition toward a clean energy future. For more information, please visit

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 and in subsequently filed periodic reports that we file with the SEC. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. The Company undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in the Company’s expectations.


This information has been prepared solely for informational purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, or to participate in any trading or investment strategy. The information presented herein may involve Greenbacker’s views, estimates, assumptions, facts, and information from other sources that are believed to be accurate and reliable and are, as of the date this information is presented, subject to change without notice.

1 The financial and portfolio metrics set forth herein are unaudited and subject to change.

2 Total assets and megawatts statistics include those projects where we have contracted for the acquisition of the project pursuant to a Membership Interest Purchase Agreement (“MIPA”).

3 Fair value figures reflect the fair value of the asset type as reported in GREC’s latest quarterly financial statements. These figures are unaudited and subject to change.

4 Controlled investments are defined as investments in companies in which the Company owns 25% or more of the voting securities of such company, have greater than 50% representation on such company’s Board of Directors, or are investments in limited liability companies for which the Company serves as managing member. Non-controlled investments consist of secured loans.

5 GIV reflects the fair market value of our investments and cash as reported in GREC’s latest quarterly financial statements, as well as project-level debt related to our projects. This figure is unaudited and subject to change.

6 There is no assurance GREC will pay distributions in any particular amount, if at all. Any distributions will be at the discretion of the board of directors. GREC may fund distributions entirely from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, or offering proceeds.

7 “New York’s Climate Leadership and Community Protection Act (CLCPA),” New York State website, November 11, 2021.

8 “Indian Point, closest nuclear plant to New York City, set to retire by 2021,” U.S. Energy Information Administration, February 1, 2017.

9 Past performance is not indicative of future results. Return information is unaudited and subject to change.

10 “The next 10 years of impact investment,” Stanford Social Innovation Review, March 16, 2021.

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