GREENBACKER RENEWABLE ENERGY COMPANY

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On April 29th, 2024, our existing investor portal was retired and replaced with a new, modernized portal to improve your online experience and upgrade user security. Existing login credentials remained the same, but you will be asked to supply your Greenbacker account number upon initial login. You will find this information on any previous quarterly statement. Please contact our Service Center at 833-404-4104 for assistance.

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PERFORMANCE OVERVIEW

5.44%

ITD Returns1

2.298%

2024 Distribution2

$7.907

Monthly Share Value3

Returns4

ClassMonthYTD1 Year3 Year5 Year
P-I-0.82%-1.88%-1.30%1.39%3.39%

Monthly Returns

YEARJANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYTD
2016----0.46%0.56%0.57%0.58%0.56%0.58%1.49%0.58%-
20170.58%-0.41%0.58%0.56%0.69%0.56%0.57%1.04%0.56%0.57%0.55%0.57%6.60%
20180.57%1.44%0.57%0.55%0.57%0.55%0.57%1.37%0.54%0.56%0.66%0.56%8.84%
20190.56%-0.97%0.57%0.55%0.45%0.55%0.57%0.45%0.55%0.57%2.29%0.56%6.89%
20200.56%0.52%0.33%0.54%1.02%0.54%0.56%1.13%0.54%0.56%2.79%0.54%10.07%
20210.54%-0.17%1.21%0.52%-0.52%0.53%0.55%0.45%0.53%0.55%-0.71%0.56%4.10%
20220.56%0.45%0.56%0.54%0.56%0.54%0.56%2.72%0.53%0.55%-1.54%0.56%6.71%
20230.56%0.61%0.56%0.54%0.83%0.54%0.56%-0.27%0.54%-5.31%0.58%0.59%0.15%
20240.59%0.88%0.59%0.57%-0.81%0.00%0.00%-2.86%0.00%0.00%-0.82%--1.88%

4.41%

ITD Returns1

2.257%

2024 Distribution2

$7.761

Monthly Share Value3

Returns4

ClassMonthYTD1 Year3 Year5 Year
P-A-0.59%-1.68%-1.11%1.35%3.66%

Monthly Returns

YEARJANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYTD
2016----0.46%0.56%0.57%0.58%0.56%0.58%0.56%0.58%-
20170.58%0.52%0.46%----------
2018-------0.56%0.56%0.58%-1.37%0.60%-
20190.60%-1.43%0.61%0.59%0.25%0.59%0.61%0.25%0.59%0.61%2.02%0.60%5.64%
20200.60%0.56%0.25%0.59%0.80%0.54%0.56%0.79%0.54%0.56%2.77%0.54%9.48%
20210.54%0.61%1.12%0.87%-0.35%0.53%0.54%1.15%0.52%0.54%-0.68%0.55%6.09%
20220.55%0.37%0.55%0.53%0.55%0.53%0.55%2.86%0.53%0.54%-1.81%0.55%6.40%
20230.55%0.66%0.55%0.53%0.84%0.53%0.55%-0.25%0.53%-5.36%0.57%0.58%0.10%
20240.58%0.92%0.58%0.56%-0.78%0.00%0.00%-2.92%0.00%0.00%-0.59%--1.68%

2.14%

ITD Returns1

2.294%

2024 Distribution2

$7.933

Monthly Share Value3

Returns4

ClassMonthYTD1 Year3 Year5 Year
P-D-0.58%-1.73%-1.15%1.28%N/A

Monthly Returns

YEARJANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYTD
2021-0.05%0.55%0.58%0.14%0.53%0.55%0.48%0.53%0.55%-0.62%0.55%3.94%
20220.55%0.31%0.55%0.54%0.55%0.54%0.55%2.39%0.53%0.56%-1.54%0.56%6.20%
20230.56%0.63%0.56%0.54%0.82%0.54%0.56%-0.29%0.54%-5.31%0.58%0.59%0.13%
20240.59%0.86%0.59%0.57%-0.84%0.00%0.00%-2.88%0.00%0.00%-0.58%-1.73%

1.58%

ITD Returns1

2.279%

2024 Distribution2

$7.966

Monthly Share Value3

Returns4

ClassMonthYTD1 Year3 Year5 Year
P-T-0.85%-1.92%-1.42%0.62%N/A

Monthly Returns

YEARJANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYTD
2021-0.26%0.47%0.51%0.14%0.46%0.47%0.88%0.46%0.47%-0.85%0.48%3.82%
20220.48%0.25%0.48%0.46%0.48%0.46%0.48%2.53%0.46%0.48%-1.71%0.48%5.41%
20230.48%0.45%0.48%0.47%0.68%0.46%0.48%-0.39%0.47%-5.40%0.50%0.52%-0.96%
20240.52%1.25%0.52%0.50%-0.89%0.00%0.00%-2.92%0.00%0.00%-0.85%--1.92%

1.78%

ITD Returns1

2.281%

2024 Distribution2

$7.947

Monthly Share Value3

Returns4

ClassMonthYTD1 Year3 Year5 Year
P-S-0.85%-2.18%-1.67%0.83%N/A

Monthly Returns

YEARJANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYTD
2021-0.47%0.52%0.55%0.39%0.50%0.52%0.27%0.50%0.52%-0.84%0.52%3.98%
20220.52%0.54%0.52%0.51%0.52%0.51%0.52%2.69%0.46%0.47%-1.71%0.48%6.13%
20230.48%0.65%0.48%0.47%0.65%0.46%0.48%-0.41%0.47%-5.41%0.50%0.52%-0.82%
20240.52%1.11%0.52%0.50%-0.95%0.00%0.00%-2.99%0.00%0.00%-0.85%--2.18%

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 November 30, 2024. Inception to date (“ITD”) returns are annualized consistent with the IPA Practice Guideline 2018.

2 As of November 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 March 31, 2024, 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. On April 26, 2024, the Board of Directors of GREC approved the reduction to $0 of the daily distribution rates for each of the Class A, C, I, P-A, P-I, P-D, P-T and P-S shares for the period from May 1, 2024 to December 31, 2024, or until such time as the Board affirmatively authorizes a change to these distribution rates.

3 Monthly share value as of November 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 9/30/24

3.2+ GW

RATED SYSTEM CAPACITY¹

425

NUMBER OF ASSETS¹

35

STATES, PROVINCES, TERRITORIES, AND DISTRICTS

17.5 YEARS

WEIGHTED AVERAGE REMAINING TERM LENGTH²

260

OFFTAKERS WITH POWER PURCHASE AGREEMENTS (PPA)

93.2%

INVESTMENT-GRADE OFFTAKERS

Operational Growth Highlights

(Year Over Year)

AS OF 9/30/24

icon-growth

Fleet operating capacity increased by 7%

icon-projects

Fleet generated 796,919 MWh of clean power, representing a year-over-year increase of 21%

Total Pre-Operating Capacity

(% Capacity)

Total Pre-Operating Capacity
    Solar, 70.8%
    Solar + Storage, 25.2%
    Wind, 3.3%
    Battery Storage, 0.7%

Total Operating Capacity

(% Capacity)

Pre operating
    Solar, 72.3%
    Wind, 24.6%
    Solar + Storage, 2.5%
    Battery Storage, 0.5%

High-Credit-Quality Offtakers

(% Capacity)

High-Credit-Quality Offtakers
   Investment-Grade Utility, 80.3%
   Investment-Grade Corporation, 10.3%
   Non-Rated,3 5.1%
   Investment-Grade Municipality, 4.3%

Portfolio metrics are unaudited and subject to change.

1 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.

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.

ASSET MAP

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

DONAL MAHONEY

VP, INVESTMENTS

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

MANDY YANG

AVP, INVESTMENTS

GREC Portfolio Activity

Greenbacker delivers third quarter results

By GCM | November 22, 2024

Greenbacker Renewable Energy Company has announced financial results for the third quarter of 2024, including year-over-year increases in revenue, operating capacity, and clean power production, as the company placed 22 new projects into service. Highlights included $55.4 million in total operating revenue, a 13% increase, driven by a 21% increase in wind and solar energy production from Greenbacker’s expanding fleet of operating assets. The Greenbacker Capital Management business segment increased its revenue 72%, year-over-year, while expanding its team with two seasoned capital raising professionals.

Solar Array Moves Middlebury College Closer to 100 Percent Renewable Energy Goal

By GCM | November 6, 2024

Representatives from Middlebury College, Encore Renewable Energy, and Greenbacker Renewable Energy Company came together for a ribbon cutting event celebrating the activation of Greenbacker’s 5 MWac solar asset, providing the College with 40% of its total electricity. The solar array is one of the largest in the state with 15,348 solar panels mounted on single axis trackers. “This solar powerplant is one of the first in Vermont that actually tracks the sun from east to west allowing us to generate between 15 and 20 percent more energy, which provides a cheaper cost of electricity for Middlebury,” said Matt Murphy, COO of Greenbacker.

Greenbacker broadens fundraising capabilities with new senior business development hires

By GCM | October 7, 2024

Greenbacker Capital Management has expanded its distribution and fundraising capabilities, particularly in markets where Greenbacker is seeing increasing investor demand for sustainable investments. As senior members of the business development team, Adam Evans, CAIA, CIMA and John Hennessey broaden Greenbacker’s ability to offer individual and institutional investors the opportunity—across all distribution channels—to participate in the energy transition.

Greenbacker delivers second quarter results

By GCM | August 16, 2024

Greenbacker Renewable Energy Company has announced financial results for the second quarter of 2024, including year-over-year increases in revenue, operating capacity, and clean power production, as the company brought online over two dozen additional solar assets and its recent wind repowers continued to benefit fleet performance. Quarterly highlights included $58 million in total operating revenue, 916,000 MWh of clean power produced, and $41 million raised in investment vehicles managed by Greenbacker Capital Management, boosting year-to-date capital raise to $85 million.

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

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