Greenbacker announces second quarter business update

Company doubles year-over-year operating capacity, expands renewable energy production and fleet size

Key Takeaways

New York, NY, August 10, 2022 — Greenbacker Renewable Energy Company LLC (“Greenbacker,” “GREC,” or the “Company”), a leading green energy investment company and independent power producer, has announced an update on its business for the second quarter of 2022. Year-over-year trends—comparing the second quarter of 2022 with the second quarter of 2021—showed substantial growth across operating capacity, fleet size, and production.1

Company’s largest individual asset to reach commercial operation helped double fleet’s operating capacity

The power-production capacity of Greenbacker’s operating fleet doubled, growing just over 100% on a year-over-year basis. The Company added 610 megawatts (MW) of operational assets, as it acquired new operating projects and its under-construction projects entered commercial operation.

This expansion included a new milestone: Greenbacker’s largest operating clean energy asset to date. The 104 MWdc / 80 MWac Graphite Solar project reached commercial operation in late June, and has begun producing clean energy in Carbon County, Utah. (Previously, the Company’s largest operational asset was the 61 MWdc Turquoise Solar in Nevada.)

All power produced by Graphite is being purchased by an investment-grade utility via a long-term power purchase agreement.

Greenbacker’s largest operational renewables asset, the 104 MWdc / 80 MWac Graphite Solar, recently entered commercial operation in Utah.

Greater operating capacity drove considerable increases in renewable energy production

This capacity growth enabled the Company’s fleet of clean energy projects to produce well over 650,000 megawatt-hours (MWh) of total power during the second quarter of 2022, marking a year-over-year increase of 82%. The increased production included nearly 324,000 MWh of solar energy and more than 311,000 MWh of wind power, representing year-over-year growth of 87% and 90%, in the respective energy segments.

Fleet expanded by over 120 new assets, adding 768 megawatts of clean power capacity

Since the end of the second quarter of 2021, Greenbacker’s fleet of renewable energy projects increased by 123 net new projects, expanding the Company’s total asset count to 425.2

These assets added 768.4 MW of clean power–production capacity to the fleet, which now approaches 2.9 gigawatts (GW), a year-over-year increase of 37%. (This figure includes both operating and pre-operational assets.)

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

Renewables fleet had most efficient first half in Company history

During the first six months of 2022, Greenbacker’s fleet generated more than one billion kilowatt-hours (kWh) of total power, representing a 70% increase from the same period in 2021. The fleet also generated more clean energy in the first half of 2022 than it did in all of 2020.

Greenbacker’s fleet not only produced more clean power than in the first half of any other year, it also set a performance efficiency record. In the six months ended June 30, 2022, Greenbacker’s wind assets produced at 99.5% of forecast and its solar portfolio produced at 96.4% of forecast—better than in any other first half of a calendar year in Company history.

Charles Wheeler, CEO of Greenbacker, said:

“In the first two quarters of 2022 alone, Greenbacker’s fleet generated five times more clean energy than in 2011 through 2017 combined. We continue to reach new milestones and enter new territory, allowing us to bring even more renewable energy investment opportunities to market, while better positioning ourselves to drive a clean energy future.”

Wind portfolio entered new territory with first asset in New York

During the quarter, GREC closed on its first wind acquisition in the state of New York, purchasing the 55.4 MW Howard wind project from the BlackRock Global Renewable Power Fund II.

The operational wind farm produces enough clean energy to power approximately 12,500 New York homes a year. Located in Steuben County, it also supports local clean energy jobs, including several full-time service technicians and dozens of subcontractors for ongoing maintenance and special projects.

Greenbacker wind energy farm Howard
Greenbacker’s first wind asset in New York—the 55 MW Howard wind project—is also the second largest in the company’s entire wind energy fleet.

Business opportunities expand with anticipated launch of new vehicles

The Company and its recently acquired investment management subsidiary, Greenbacker Capital Management, LLC (“GCM”), expects to advise the second iterations of two new investment vehicles.

One is an infrastructure vehicle that began fundraising in early May 2022. The other is a separate vehicle providing capital to growth-stage clean energy developers, which is expected to commence in the second half of 2022 and hold two fund closings before year end. The growth of these vehicles is expected to generate new revenue streams beginning in 2022, contributing positively to the diversified growth of GCM and, ultimately, the Company. 

Through the investment advisory services offered to the two new investment vehicles—and potentially to other vehicles on the platform in the future—Greenbacker looks to continue growing its Assets Under Management related to the sustainable infrastructure and real assets industries.

Company’s investments support carbon abatement, water conservation, and green jobs

Greenbacker’s renewable energy investment activities continued to deliver on ESG metrics. As of June 30, 2022, the cumulative amount of clean power produced by the Company’s fleet increased to over 4.9 million MWh, abating more than 3.5 million metric tons of carbon since January 2016.3

The Company’s clean energy projects have saved roughly 3.3 billion gallons of water,4 compared to the amount of water needed to produce the same amount of power from burning coal. The business activities of the fleet will sustain over 5,200 green jobs.5

Company announces change in financial statement presentation as a result of the acquisition of its external advisor


As previously announced, on May 19, 2022, the Company completed the acquisition of GCM and certain other affiliated companies (the “Acquisition”). As a result of the Acquisition, the Company now operates as a fully integrated and internally managed company with its own executive management team and other employees to manage its business and operations.

Management believes that the Company and its shareholders will benefit from the addition of GCM’s asset management platform to its revenue base, creating two synergistic businesses that will open new opportunities for innovation, growth, and diversification. As also previously announced, management believes that the Acquisition has the potential to result in a substantial increase in the value of the Company, as the fully integrated and internally managed Company will represent a platform that can take advantage of market opportunities, while at the same time reducing the Company’s overhead and potentially increasing its profitability.

As a result of the Acquisition and other steps taken by the Company to transition the Company’s business from mostly an investor in clean energy projects to a diversified independent power producer coupled with an asset management business, the Company is required to transition the basis of its accounting. Since inception, the Company’s historical financial statements have been prepared using the investment company basis of accounting in accordance with ASC Topic 946, Financial Services – Investment Companies.

Going forward, with an effective date of May 19, 2022 (the closing of the Acquisition), the Company will present its financial statements in accordance with non-investment company accounting guidance. With this change, the Company’s financial statements will be prepared to capture the consolidated operating results of the Company’s business and its subsidiaries, which management believes will be a long-term benefit to its investors as further discussed below.

Benefits to Investors

When the Company started raising capital for investment in April 2014, it prepared its financial statements using investment company accounting largely because it fit the Company’s strategy at the time, which consisted exclusively of making financial investments in operating renewable energy power plants.

Over time, the Company has expanded its areas of investment that include assets in late-stage development and construction. GCM comprehensively grew its capabilities to accommodate these and other changes including technical asset management, procurement, construction management as well as late-stage development of renewable energy projects.

With the completion of the Acquisition, the Company now has many of the capabilities and characteristics of an actively managed owner-operator of renewable energy projects or an independent power producer (IPP), which is a growing category of the power generation business. In short, the Company is now a vertically integrated renewable energy infrastructure operating business.

All elements of the business, from raising capital to asset management—and from constructing assets to operating assets—are now managed in a single integrated organization, eliminating management fees and better positioning the Company to operate as an IPP that will continue to develop, manage, and operate its assets on a long-term basis for the generation of revenue through the sale of energy.

This change to the financial statement presentation constitutes the next step in Greenbacker’s evolution, enabling the Company to enhance and align the financial transparency of its operating results to both the underlying drivers of performance, as included herein, as well as the comparability to similar renewable energy and asset management businesses. Greenbacker believes that as it executes its strategy of owning and operating renewable energy assets as an IPP—while also expanding its funds management business as an internally integrated organization—this update to the Company’s financial presentation will better correspond with its business transformation.

Said Wheeler:

“Given the change in character and business capabilities, we believe these changes going forward will provide our investors with a better understanding of how our business is progressing and will enable the market to compare our results with publicly reporting peers and other companies within our space. We believe that by making this information available, we will be able to more clearly demonstrate how our strategy creates value for our shareholders.”

Schedule for Implementation

The Company’s implementation of the transition from investment company accounting to non-investment company accounting will be comprehensive and will require a substantial amount of time and attention. Additionally, this transition will include significant work performed by third-party specialists.  The Company’s independent auditors will also perform required procedures over the Company’s Q2 2022 financial results, which includes the impact of the transition to non-investment company accounting. As a result of the significant changes and time required to transition, the Company’s filing of its Quarterly Report on Form 10-Q for the period ended June 30, 2022 will be delayed.

No Changes for Investors

There will be no change to the valuation procedures utilized by the Company, and it will continue to publish a monthly share value in accordance with such internal procedures. Additionally, the Company will continue to allow shareholders to submit repurchase requests on a quarterly basis at a price equal to the then-current monthly share value for those shareholders who submit a repurchase request at least thirty days prior to the close of each quarter, consistent with the Company’s share repurchase program. Additionally, investors will remain able to participate in the Company’s distribution reinvestment plan, which currently occurs monthly at the prevailing monthly share value.

Inflation Reduction Act, if enacted, is expected to provide additional industry tailwinds

The anticipated passage of the Inflation Reduction Act of 2022 (the “Act”) would include a number of provisions that Greenbacker believes are positive for the renewables industry and that could potentially expand the Company’s business opportunities in the future.

Under previous legislation, owners of qualifying clean energy assets in the US were eligible for the federal investment tax credit (ITC), which offered a tax credit of up to 26% of an asset’s installation cost. The ITC, which offered up to 30% in 2019, had been gradually decreasing and was slated to step down again to 22% in 2023, before settling at 10% for commercial solar installations thereafter.6

The Act would restore the ITC up to 30% for projects that meet certain prevailing wage and other qualifications and would ensure that these rates remain at that level for at least another decade.7

It also introduces tax incentives for standalone storage and green hydrogen projects, as well as expanding and extending 45Q carbon capture tax credits. Greenbacker strategies have already been investing in battery storage opportunities and could potentially invest in these other sectors in the future.

Additionally, the new proposed legislation reinstates the Production Tax Credit, a federal incentive that primarily applies to wind projects, and includes other measures that encourage energy efficiency, electric vehicle adoption, and investment in advanced manufacturing for energy (and energy-saving) technologies.

In aggregate, these measures potentially provide substantial support for the renewable energy industry to continue its expansion and greater opportunity for clean energy asset development. This, in turn, could help quicken the pace of achieving state and federal clean energy–generation goals.

David Sher, CEO of GCM, said:

“We believe our position as both a leading renewable energy investor and an independent power producer would be strengthened considerably by these proposed policy tailwinds. The clean energy asset class is primed for even greater growth, and Greenbacker is poised to continue building on our momentum in the market.”

 Appendix – GREC Portfolio Metrics1

Power-production capacity of operating fleet at end of period1.2 GW608.6 MW
Power-generating capacity of pre-operational fleet at end of period1.6 GW1.5 GW
Total power-generating capacity of fleet at end of period2.9 GW2.1 GW
Total energy produced (MWh)656,125360,941
YTD total energy produced at end of period (MWh)1,161,792685,411
Total number of fleet assets at end of period425302

About Greenbacker Renewable Energy Company

Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability sustainable infrastructure company that both acquires and manages income-producing renewable energy and other energy-related businesses, including solar and wind farms, and provides asset management services to other renewable energy investment vehicles. We seek to acquire and operate high-quality projects that sell clean power under long-term contracts 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 asset management 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 Annual Report on Form 10-K for the year ended December 31, 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.

General Disclosure

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. The securities offered by Greenbacker’s managed investment vehicles have not been or will not be registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

1 The 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 the Company has contracted for the acquisition of the project pursuant to a Membership Interest Purchase Agreement (“MIPA”).

3 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. 

4 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.

5 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.

6 Guide to the Federal Investment Tax Credit for Commercial Solar Photovoltaics, U.S. Department of Energy, Office of Energy Efficiency & Renewable Energy.

7 What is the Inflation Reduction Act of 2022?, National Law Review, August 9, 2022.

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