GREC 2023 Tax Information
K-1 tax forms are now available
Investors may access their tax forms by logging into our investor portal using the Investor Login link on this page, and financial representatives/advisors may access their customer tax forms on DST Vision using the Advisor Login link on this page.
Greenbacker Renewable Energy Company (GREC) is a publicly reporting, non-traded limited liability company that acquires and manages income-generating renewable energy and other energy-related businesses. Our business objective is to generate attractive risk-adjusted returns for our investors, consisting of both current income and long-term capital appreciation. We do this by acquiring and financing the construction and operation of income-generating renewable energy and sustainable development projects, primarily within North America. GREC invests in a diversified portfolio of income-producing renewable energy power facilities that sell long-term electricity contracts to off-takers with high credit quality, such as utilities, municipalities, and corporations.
PERFORMANCE OVERVIEW
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 As of February 29, 2024. Inception to date (“ITD”) returns are annualized consistent with the IPA Practice Guideline 2018.
2 As of March 1, 2024. 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. In no event, however, shall funds be advanced or borrowed for the purpose of distributions if the amount of such distributions would exceed the accrued and received revenues for the previous four quarters, less paid and accrued operating costs with respect to such revenues, and costs shall be made in accordance with generally accepted accounting principles, consistently applied. For the quarter ending December 31, 2023, 100% of distributions were funded from a return of principal, cash on hand and other financing sources. By funding distributions with a return of principal to investors, GREC will have less money to invest, which may lower its overall return. For a historical breakdown of the distribution funding sources, please see GREC’s SEC filings.
3 Monthly share value as of March 1, 2024. 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.
4 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.
PORTFOLIO STATISTICS
AS OF 12/31/23
3.3 GW
RATED SYSTEM CAPACITY¹
435
NUMBER OF ASSETS¹
35
STATES, PROVINCES, TERRITORIES, AND DISTRICTS
18 YEARS
WEIGHTED AVERAGE REMAINING TERM LENGTH²
263
OFFTAKERS WITH POWER PURCHASE AGREEMENTS (PPA)
93.3%
INVESTMENT-GRADE OFFTAKERS
Operational Growth Highlights
(Year Over Year)
AS OF 12/31/23
Fleet operating capacity increased by over 20%
Fleet generated 2,509,500 MWh of clean power, representing a year-over-year increase of 7%
Total Pre-Operating Capacity
(% Capacity)
Total Operating Capacity
(% Capacity)
High-Credit-Quality Offtakers
(% Capacity)
Portfolio metrics are unaudited and subject to change.
1Prior 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.
2Weighted average remaining contract term refers to the power purchase agreements (“PPA”) of our total assets.
3Non-rated off-takers are unrated by credit rating agencies.
TEAM
ELLE BRUNSDALE
VP, INVESTMENTS
DAN DE BOER
HEAD OF INFRASTRUCTURE, MANAGING DIRECTOR
ARMAND DEHANEY
PRINCIPAL, INVESTMENTS
MIKE DUDUM
VP, INVESTMENTS
JACQUELINE FEDIDA
VP, INVESTMENTS
NEERAV JASHNANI
VP, INVESTMENTS
DONAL MAHONEY
VP, INVESTMENTS
SPENCER MASH
EXECUTIVE VICE PRESIDENT
BAILEY PLUMMER
PRINCIPAL, INVESTMENTS
CHRIS SMITH
CHIEF FINANCIAL OFFICER
BEN TILLAR
PRINCIPAL, INVESTMENTS
CARL WEATHERLEY-WHITE
HEAD OF CAPITAL MARKETS
CHARLES WHEELER
CEO | EXECUTIVE COMMITTEE
DELLA XU
AVP, INVESTMENTS
MANDY YANG
AVP, INVESTMENTS
GREC Portfolio Activity
Greenbacker announces new Chief Financial Officer, expands team with new Head of Infrastructure and Head of Capital Markets
Greenbacker is pleased to announce the appointment of Christopher Smith, CFA as CFO, effective February 1, 2024. Greenbacker also welcomes Daniel De Boer as Head of Infrastructure and Carl Weatherley-White as Head of Capital Markets. These newly created roles, integral to the firm’s growth, underscore Greenbacker’s expanding strategy, capability, and commitment to investing in the energy transition.
Greenbacker delivers third quarter results
Greenbacker announces third quarter financial and operational results, including year-over-year increases in clean power operating capacity, production, and revenue, as well as valuation adjustments to address interest rates and rising insurance costs. The Company’s operating capacity increased by 305 MW, including its third largest operating project to date–the 99 MW Fall River solar project in South Dakota.
Greenbacker commits to exclusive, long-term recycling partnership with SOLARCYCLE
SOLARCYCYCLE was chosen as a partner because the recycler can meet Greenbacker’s rigorous sustainability and compliance goals for retired solar panels, including rapid testing for overall health and potential reuse of panels; low-cost, eco-friendly recycling to extract core materials; and advanced tracking and reporting of sustainability metrics.
Greenbacker acquires three solar power projects in Colorado
The 12 MW acquisition further scales Greenbacker’s clean energy footprint in the state, where the firm has over 100 MW of operational solar capacity. The projects are also part of Greenbacker’s second portfolio-level transaction with OneEnergy, a deal that also includes solar assets in Wisconsin, Maryland, and Iowa.
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