GREENBACKER RENEWABLE ENERGY COMPANY

GREC Shareholders:

Vote to re-elect the GREC Board of Directors at the annual shareholder meeting, rescheduled for July 20, 2022.

PERFORMANCE OVERVIEW

ITD Returns1

7.31%

Current Annual Distribution Yield2

6.58%

Monthly Share Value3

$8.798

Returns4

ClassMonthYTD1 Year3 Year5 Year
P-I0.54%3.24%5.24%7.53%7.42%

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%

ITD Returns1

5.94%

Current Annual Distribution Yield2

6.47%

Monthly Share Value3

$8.619

Returns4

ClassMonthYTD1 Year3 Year
P-A0.53%3.11%5.84%7.86%

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%

ITD Returns1

5.23%

Current Annual Distribution Yield2

6.55%

Monthly Share Value3

$8.842

Returns4

ClassMonthYTD1 Year3 Year
P-D0.54%3.08%5.20%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%

ITD Returns1

4.73%

Current Annual Distribution Yield2

6.53%

Monthly Share Value3

$8.878

Returns4

ClassMonthYTD1 Year3 Year
P-T0.46%2.65%4.62%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%

ITD Returns1

5.34%

Current Annual Distribution Yield2

6.54%

Monthly Share Value3

$8.858

Returns4

ClassMonthYTD1 Year3 Year
P-S0.51%3.17%4.71%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%

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

2 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, or borrowings. 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, 2021, 100% of distributions were funded from a return of principal. 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 July 1, 2022. 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.

ASSET MAP

PORTFOLIO STATISTICS

AS OF 3/31/22

$2.04 B

GROSS INVESTMENT VALUE1

2.64 GW

RATED SYSTEM CAPACITY²

404

NUMBER OF ASSETS²

18.2 YEARS

WEIGHTED AVERAGE REMAINING TERM LENGTH

35

STATES, PROVINCES, TERRITORIES AND DISTRICTS

Portfolio metrics are unaudited and subject to change.

¹Gross investment value (GIV) reflects the fair value of our assets and cash as reported on GREC's annual and/or quarterly financial statements as filed with the SEC, as well as project-level debt related to our projects. The quarterly figures are unaudited and subject to change.

²Prior 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.

TEAM

ELLE BRUNSDALE

INVESTMENTS ASSOCIATE

MIKE DUDUM

INVESTMENTS ASSOCIATE

JACQUELINE FEDIDA

VP, INVESTMENTS

NEERAV JASHNANI

VP, INVESTMENTS

DONAL MAHONEY

INVESTMENTS ASSOCIATE

Spencer Mash

SPENCER MASH

EVP, STRUCTURED FINANCE | EXECUTIVE COMMITTEE

Mehul Mehta

MEHUL MEHTA

CHIEF INVESTMENT OFFICER | EXECUTIVE COMMITTEE

BAILEY PLUMMER

VP, INVESTMENTS

BEN TILLAR

VP, INVESTMENTS

CHARLES WHEELER

CO-CEO | EXECUTIVE COMMITTEE

DELLA XU

ASSOCIATE, INVESTMENTS

MANDY YANG

ASSOCIATE, INVESTMENTS

GREC Portfolio Activity

Greenbacker solar project

Greenbacker delivers first quarter results

By GCM | May 18, 2022

Greenbacker announces substantial year-over-year expansion in operating capacity, fleet size, production, revenue, and investments value, with net assets reaching a record high of over $1.5 billion.

Greenbacker acquires 55 MW operating wind project in New York

By GCM | May 5, 2022

Greenbacker has purchased the Howard wind project, a 55.4 MW operational wind farm, from BlackRock. Howard is now the second largest asset in the company’s wind fleet and also marks Greenbacker’s first wind project in New York, where it supports local green energy jobs and produces enough clean energy to power approximately 12,500 homes a year.

Greenbacker acquires three New York solar projects totaling 50 MWac

By GCM | May 3, 2022

Greenbacker announced today that it has purchased three pre-operational, utility-scale solar projects in New York from Hecate Energy. The projects, which are slated to reach commercial operation in 2023, will deliver 50 MWac of solar power to consumers in the tri-state area, generating enough clean energy to power nearly 10,000 homes.

Greenbacker secures $76 million credit agreement with Fifth Third Bank and PNC Capital Markets

By GCM | April 19, 2022

Greenbacker has entered into a senior credit agreement of $76.3 million with Fifth Third Bank and PNC. Morgan Stanley Renewables Inc. served as tax equity investor. Greenbacker will use the credit facility to expand its Celadon portfolio of solar projects, which comprises 36 projects totaling 107 MWdc of clean energy–generation capacity.

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