GREENBACKER RENEWABLE ENERGY COMPANY

GREC Share Repurchase Suspension

GREC Distribution Suspension


Greenbacker Renewable Energy Company LLC (“GREC”):

2024 K-1 tax forms are now available.

5498 tax forms for our First Trust Retirement shareholders will be available by 5/31/2025.

GREC did not generate Unrelated Business Taxable Income (UBTI) in 2024.

Investors may access their tax forms using the Investor Login button below and financial representatives/advisors may access their customer tax forms by using the Advisor Login button below.

For assistance with the Investor Portal, please call our Service Center at (833) 404-4104 and select option 1. 

For assistance with DST Vision, please call DST Vision Support at (800) 435-4112.

BY THE NUMBERS

Monthly Share Value (1)

YearJanFebMarAprMayJunJulAugSepOctNovDec
2016----$8.810$8.810$8.810$8.950$8.950$8.95$8.830$8.830
2017$8.830$8.760$8.760$8.760$8.690$8.690$8.690$8.730$8.730$8.730$8.750$8.750
2018$8.750$8.810$8.810$8.810$8.840$8.840$8.840$8.900$8.90$8.900$8.890$8.890
2019$8.890$8.760$8.760$8.760$8.760$8.760$8.76$8.770$8.770$8.770$8.930$8.930
2020$8.930$8.930$8.900$8.900$8.950$8.950$8.950$9.020$9.020$9.020$9.020$9.020
2021$9.020$8.960$9.020$9.0190$8.923$8.923$8.923$8.914$8.914$8.914$8.803$8.803
2022$8.803$8.798$8.798$8.798$8.798$8.798$8.798$8.987$8.987$8.987$8.801$8.801
2023$8.801$8.810$8.810$8.810$8.834$8.834$8.834$8.761$8.761$8.761$8.247$8.247
2024$8.274$8.274$8.274$8.274$8.207$8.207$8.207$7.972$7.972$7.972$7.907$7.907
2025$7.907$7.907$7.907$5.129$5.142-------

Monthly Share Value (1)

YearJanFebMarAprMayJunJulAugSepOctNovDec
2021$8.670$8.680$8.731$8.760$8.682$8.682$8.682$8.735$8.735$8.735$8.630$8.630
2022$8.630$8.619$8.619$8.619$8.619$8.619$8.619$8.817$8.817$8.817$8.612$8.612
2023$8.612$8.626$8.626$8.626$8.651$8.651$8.651$8.582$8.582$8.582$8.075$8.075
2024$8.075$8.105$8.105$8.105$8.042$8.042$8.042$7.807$7.807$7.807$7.761$7.761
2025$7.761$7.761$7.761$4.981$4.992-------

Monthly Share Value (1)

YearJanFebMarAprMayJunJulAugSepOctNovDec
2021-$9.005$9.005$9.005$8.968$8.968$8.968$8.962$8.962$8.962$8.859$8.859
2022$8.859$8.842$8.842$8.842$8.842$8.842$8.842$9.003$9.003$9.003$8.817$8.817
2023$8.817$8.828$8.828$8.828$8.851$8.851$8.851$8.776$8.776$8.776$8.261$8.261
2024$8.261$8.268$8.268$8.268$8.216$8.216$8.216$7.979$7.979$7.979$7.933$7.933
2025$7.933$7.933$7.933$5.152$5.163-------

Monthly Share Value (1)

YearJanFebMarAprMayJunJulAugSepOctNovDec
2021-$9.005$9.005$9.005$8.975$8.975$8.975$9.012$9.012$9.012$8.894$8.894
2022$8.894$8.878$8.878$8.878$8.878$8.878$8.878$9.059$9.059$9.059$8.863$8.863
2023$8.894$8.864$8.864$8.864$8.882$8.882$8.882$8.805$8.805$8.805$8.287$8.287
2024$8.287$8.350$8.350$8.276$8.276$8.276$8.276$8.034$8.034$8.034$7.966$7.966
2025$7.966$7.966$7.966$5.181$5.177-------

Monthly Share Value (1)

YearJanFebMarAprMayJunJulAugSepOctNovDec
2021-$9.005$9.005$9.005$8.994$8.994$8.994$8.972$8.972$8.972$8.852$8.852
2022$8.852$8.858$8.858$8.858$8.858$8.858$8.858$9.049$9.049$9.049$8.853$8.853
2023$8.853$8.872$8.872$8.872$8.887$8.887$8.887$8.808$8.808$8.808$8.289$8.289
2024$8.289$8.341$8.341$8.341$8.262$8.262$8.262$8.015$8.015$8.015$7.947$7.947
2025$7.947$7.947$7.947$5.114$5.104-------

Calendar Year Returns (2)

Class P-I (3) 5.52% 6.60% 8.84% 6.89% 10.07% 4.10% 6.71% 0.15% -1.88% -35.13%
Class P-A (4,5) 4.55% 1.58% 0.92% 5.64% 9.48% 6.09% 6.40% 0.10% -1.68% -35.82%
Class P-D (6) - - - - - 3.94% 6.20% 0.13% -1.73% -35.06%
Class P-T (6) - - - - - 3.82% 5.41% -0.96% -1.92% -34.96%
Class P-S (6) - - - - - 3.98% 6.13% -0.82% -2.18% -35.65%

Past performance is not indicative of future results. Return information is unaudited and subject to change. All returns shown assume reinvestment of distributions and are net of all expenses.

  1. Monthly Share Value (MSV) based calculations involve significant professional judgment. The calculated value of our assets and liabilities may differ from our actual realizable value or future value, which would affect the MSV as well as any returns derived from MSV, and ultimately the value of your investment. See the Private Placement Memorandum (“PPM”) for additional details related to the calculation of MSV. On February 4, 2025, GREC filed an 8-K with the SEC regarding an update to the Company's net asset value update process, upon which MSV is based. For more information, please view the 8-K filing.
  2. Returns shown reflect the percentage change in the MSV per share from the beginning of the applicable period, plus the amount of any distribution per share declared in the period. All returns are unaudited, assume the reinvestment of distributions, and are net of all expenses including G&A expenses, management fees, performance participation fees, and share class specific fees, as applicable.
  3. Fund launched in May 2016, no returns prior to launch.
  4. Fund launched in May 2016, no returns prior to launch.
  5. Class P-A shares were converted into Class P-I shares during the quarter ended June 30, 2017 and were not offered for sale for the period through April 15, 2018. Effective April 16, 2018, Class P-A shares were again offered.
  6. Fund launched in February 2021, no returns prior to launch.
  7. 2025 YTD figures are representative of the period of January 1, 2025 through April 30, 2025.

Operational Growth Highlights

(Year Over Year)

AS OF 12/31/24

icon-growth

Operating fleet grew by 8% as we turned on 22 new solar assets.

icon-projects

Greenbacker's solar assets generated over 1.5 million MWh of clean power, while its wind assets produced over 1.2 million MWh, representing year-over-year increases of 20% and 26%, respectively.

Converting pre-operating projects into assets generating revenue

Operating_pre operating_construction
pie-legend-battery

Operating

54%

Technology diversification

Pre-operating

23%

pie-legend-solar

Under construction

23%

callout1

3.1 GW

total clean power generating and storage capacity

callout1

1.6 GW

total operating capacity

callout6

23%

of project fleet is in construction, expected to be built by 2027

Long-term contracted cash flows1

Offtakers-1
pie-legend-solar

Investment-grade utility

80%

pie-legend-biomass

Investment-grade corporation

9%

pie-legend-battery

Non-rated3

7%

Technology diversification

Investment-grade municipality

4%

callout4

259

total unique offtakers contracted to purchase power from GREC

callout5

~10%

no single offtaker accounts for more than ~10% of our contracted revenue

callout6

17.4 years2

average remaining PPA term of total portfolio

Capturing value across strategic areas of the country

Technology diversification
Technology diversification

Solar

73%

pie-legend-battery

Wind

24%

Technology diversification

Solar + Storage

2%

pie-legend-solar

Battery Storage

1%

callout1

400+

renewable energy assets4 representing a total of 3.1 GW

callout2

Diversified

across solar, wind, and storage

callout3

35 States

provinces, territories, and Washington, D.C.

Diversification does not assure a profit or protect against loss in a declining market. Some figures may not add to stated totals due to rounding.

  1. References to cash flow reflect project-level cash flows and do not reflect investor-level cash flow or distributions.
  2. Weighted average remaining contract term refers to the power purchase agreements (“PPA”) of our total assets.
  3.  Non-rated off-takers are unrated by credit rating agencies.
  4. Prior to 3Q20 the Company did not formally track total asset and capacity statistics for projects the Company had contracted to acquire but had not yet closed.

ASSET MAP

TEAM

DAN DE BOER

INTERIM CHIEF EXECUTIVE OFFICER

ARMAND DEHANEY

PRINCIPAL, INVESTMENTS

MIKE DUDUM

VP, INVESTMENTS

JACQUELINE FEDIDA

VP, INVESTMENTS

DONAL MAHONEY

VP, INVESTMENTS

BAILEY PLUMMER

PRINCIPAL, INVESTMENTS

CARL WEATHERLEY-WHITE

INTERIM CFO | EXECUTIVE COMMITTEE

MANDY YANG

AVP, INVESTMENTS

GREC Portfolio Activity

Greenbacker’s Cider solar project awarded North American Solar Deal of the Year

By GCM | May 5, 2025

Greenbacker is proud to announce that its Cider solar project has been named the 2024 North American Solar Deal of the Year by Proximo. The award honors the multi-tranche financing package behind the project, which includes one of the market’s earliest tax credit transfer bridge loans, and underscores Greenbacker’s continued commitment to advancing the energy transition through strong industry partnerships and innovative financing packages. The nearly $1 billion project financing supports the construction and operation of the 674 MWdc utility-scale project—the largest solar project ever built in New York state and the largest clean energy asset in Greenbacker’s portfolio to date.

Greenbacker delivers 2024 results

By GCM | April 1, 2025

Greenbacker Renewable Energy Company has announced annual results for 2024, including year-over-year increases in revenue, operating capacity, and power production, driven by the company’s milestone wind repowers and the new solar energy assets it brought online over the year. 2024 portfolio highlights also included Greenbacker’s development, acquisition, and beginning of construction on the largest solar project in the state of New York. Additionally, the company announced valuation adjustments and a restructuring of the business to better position the Company to capitalize on future market opportunities and deliver value to shareholders.

ORES greenlights New York’s largest solar farm; spurs start of construction

By GCM | February 6, 2025

Hecate Energy LLC and Greenbacker Renewable Energy Company announce that the 674 MWdc / 500 MWac Cider Solar Farm is moving forward with construction as approved by the New York Office of Renewable Energy Siting and Transmission (“ORES”). With the ORES Siting Permit and a formal notice to proceed with construction with this flagship project, Hecate and Greenbacker reaffirm their commitments to powering New York’s clean energy future. The utility-scale solar project, spanning approximately 2,500 acres near the towns of Elba and Oakfield in Genesee County, is poised to bring transformative benefits to the region and help advance New York state’s renewable energy goals.

Large solar energy project

Greenbacker secures nearly $1 billion financing to support acquisition and construction of largest solar project in New York State

By GCM | January 27, 2025

Greenbacker has secured $950 million in financing to support the acquisition, construction, and operation of its largest clean energy project to date. After acquiring the project from Hecate Energy LLC, one of the largest renewables developers in the US, Greenbacker partnered with six of the world’s leading project finance banks and financial institutions to secure $869 million in construction-to-term, letter of credit, and tax equity bridge loan financing and with a global investment manager for an additional $81 million development loan facility. When complete, the 674 MWdc “Cider” utility-scale solar farm will power over 120,000 homes as the largest solar project in the state of New York.

Investor Center

For account-related inquiries, contact our Transfer Agent at (833) 404-4104

For completed Greenbacker paperwork:

Regular Mail
PO Box 219255
Kansas City, MO 64121-9255

Overnight Mail
430 W 7th St Ste 219255
Kansas City, MO 64105-1407