Greenbacker delivers annual results

Company announces record growth in 2021, raises almost $1 billion in new investor capital

Key Takeaways


New York, NY, March 31, 2022 — Greenbacker Renewable Energy Company LLC (“Greenbacker,” “GREC,” or the “Company”), a leading owner and operator of sustainable infrastructure and energy efficiency projects, has announced record financial results for 2021, with substantial growth and expansion across fleet size, production, revenue, capital deployed and raised, and portfolio value.1


Operating fleet capacity nearly doubles, driving sizable production and revenue increases

Greenbacker expanded the power-generation capacity of its operating fleet by 80% during 2021, putting a record amount of under-construction projects into commercial operation and continuing to acquire existing operational assets.

This greater capacity enabled the Company’s fleet of clean energy projects to produce 1.5 million megawatt-hours (MWh) of total power, representing yearly growth of 49%. (For these and other exact figures, please see Appendix at the end of this release).

Along with this additional production, Greenbacker’s total annual revenue from the sale of renewable energy and environmental attributes increased 39%, exceeding $107 million.


Acquisition activity accelerated

The Company added 149 net new assets to its fleet in 2021. This brought Greenbacker’s project count to over 400,2 representing a 58% increase in total number of assets.

These additions nearly tripled the fleet’s clean power–generating capacity, boosting it to 2.6 gigawatts (GW), an increase of 187% over the year. This figure includes both operating and pre-operational assets.

As of the end of the year, GREC was conducting business in 32 states, Canada, Puerto Rico, and Washington DC.


Company deployed over $1.1 billion in capital; investments more than doubled

Greenbacker deployed a record $1.1 billion of capital into new or existing investments in 2021, marking annual growth of 182%.

The fair value3 of Greenbacker’s investments4 increased 111% over the year, to reach $1.4 billion.


Charles Wheeler, CEO of Greenbacker, said:

“Despite supply chain challenges in 2021, our capital deployment and fleet expansion reached new highs. I’m happy to report that this growth brings even greater economies of scale throughout our operations, creating additional value for our investors and allowing us to deliver cheaper renewable power across the country.”


Company’s net assets nearly tripled, with almost $1 billion in new investor capital raised.

Greenbacker raised $928.3 million of new equity capital in 2021, increasing the Company’s net assets, which topped $1.4 billion by the end of the period.


Company expanded wind operations in the Midwest, driving economies of scale

During 2021, GREC closed on the acquisition of two operational wind projects in Minnesota—Ridgewind (25 MW) and WindShare (5 MW). The Company now owns three operating wind farms in the state, including CWS (31 MW).


Atop a Greenbacker turbine

The view from one of 11 turbine towers at Ridgewind, GREC’s 25-MW wind project in Murray County, MN.


Greenbacker also expanded its solar footprint in Minnesota with the purchase of the 11-MW Fillinona solar asset. This project is an example of another clean energy advantage the Company supports: multipurpose land use for ecological and agricultural benefits.

Fillinona is located on four separate sites across the state. At two of them, plans are in progress to plant pollinator-friendly vegetation beneath the solar panel arrays, to help support declining bee and butterfly populations and contribute to a healthy biosphere. At the other two sites, pasture mix will be planted to provide grazing for nearby farmers’ livestock. Land for Fillinona is leased from local farm families and towns, generating reliable income for the landowners over the lifetime of the project.


Company’s investment activities continued to deliver on ESG metrics, including carbon abatement, water conservation and green jobs

At the end of 2021, the cumulative amount of energy generated by the Company’s fleet grew to over 3.7 million MWh, abating nearly 2.7 million metric tons of carbon since 2016.5

The Company’s clean energy projects have saved over 2.5 billion gallons of water,6 compared to the amount of water it would have taken to produce the same amount of power from burning coal. The fleet’s business activities have also sustained over 4,600 green jobs.7


Greenbacker Renewable Energy Company closed to new equity capital

When GREC launched in 2014, the Company targeted an equity capital raise of approximately $1.5 billion, planning to close to new investment when that figure was reached. As it approached that amount, the Company (in consultation with its Board of Directors) made the decision to close to new equity capital as of March 17, 2022. 

This close allows Greenbacker to evaluate strategic directions for its portfolio, especially given ongoing industry innovation and the expected strong growth of institutional interest in sustainable infrastructure as an investment strategy. The Company also intends to use the close to solidify GREC’s portfolio, bringing its construction assets online and optimizing the portfolio’s financing.


David Sher, Director of Greenbacker, said:

“We believe GREC’s expansion will continue to illustrate the long-term earnings power of our strategy. And, as always, we’re excited to focus on new opportunities to drive the future of clean energy.”



Appendix – GREC Portfolio and Financial Metrics1

 20212020
Total energy produced (MWh)1,479,921990,891
Total revenue from the sale of energy and environmental attributes (millions)$107.0$77.1
Total number of fleet assets at end of period404255
Total power-generating capacity of fleet at end of period2.6 GW0.9 GW
Total capital deployed (millions)$1,113.7$395.0
Fair value3 of investments in controlled and non-controlled projects (millions)$1,368.3$648.8
Net asset value (millions) at end of period$1,439.3$555.6

1 The financial and portfolio metrics set forth herein are unaudited and subject to change. Past performance is not indicative of future results.

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 annual and quarterly financial statements. The quarterly figure is unaudited and subject to change.

4 This includes both controlled and non-controlled projects, as of December 31, 2021. 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 When compared with a similar amount of power generation from fossil fuels. Carbon abatement is calculated using the EPA Greenhouse Gas Equivalencies Calculator which uses the AVoided Emissions and geneRation Tool (AVERT) US national weighted average CO2 marginal emission rate to convert reductions of kilowatt-hours into avoided units of carbon dioxide emissions.

6 Gallons of water saved are calculated based on Operational water consumption and withdrawal factors for electricity generating technologies: a review of existing literature – IOPscience, J Macknick et al 2012 Environ. Res. Lett. 7 045802.

7 Green jobs calculations are sourced from both the National Renewable Energy Laboratory’s Energy Analysis and the US Energy Information Administration’s Independent Statistics & Analysis

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