GREENBACKER RENEWABLE ENERGY COMPANY

GREC Annual Shareholder Letter

 For Greenbacker Renewable Energy Company LLC, 2022 was a year of historic expansion, even as we built additional foundations for future growth and financial returns.

GREC 2022 TAX INFORMATION

K-1 tax forms are available
5498 tax forms for our First Trust Retirement shareholders will be available by 5/31/2023
Investors may access their tax forms by logging into our Investor Portal, using the link below
Financial representatives/ advisors may access their customer tax forms on DST Vision
For Investor Portal help, you may call 833-404-4104 or for DST Vision help, you may call 800-435-4112

PERFORMANCE OVERVIEW

7.30%

ITD Returns1

6.56%

Current Annual Distribution Yield2

$8.810

Monthly Share Value3

Returns4

ClassMonthYTD1 Year3 Year5 Year
P-I0.61%1.14%6.88%6.41%6.55%

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%

6.13%

ITD Returns1

6.45%

Current Annual Distribution Yield2

$8.626

Monthly Share Value3

Returns4

ClassMonthYTD1 Year3 Year
P-A0.66%1.21%6.69%6.73%

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%

5.64%

ITD Returns1

6.54%

Current Annual Distribution Yield2

$8.828

Monthly Share Value3

Returns4

ClassMonthYTD1 Year3 Year
P-D0.63%1.19%6.54%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%

5.05%

ITD Returns1

6.52%

Current Annual Distribution Yield2

$8.864

Monthly Share Value3

Returns4

ClassMonthYTD1 Year3 Year
P-T0.45%0.93%5.61%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%

5.77%

ITD Returns1

6.51%

Current Annual Distribution Yield2

$8.872

Monthly Share Value3

Returns4

ClassMonthYTD1 Year3 Year
P-S0.65%1.13%6.21%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%

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 28, 2023. Inception to date (“ITD”) returns are annualized consistent with the IPA Practice Guideline 2018.

2 As of March 1, 2023. 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, 2022, 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, 2023. 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 12/31/22

3.1 GW

RATED SYSTEM CAPACITY¹

456

NUMBER OF ASSETS¹

35

STATES, PROVINCES, TERRITORIES, AND DISTRICTS

18.1 YEARS

WEIGHTED AVERAGE REMAINING TERM LENGTH²

266

OFFTAKERS WITH POWER PURCHASE AGREEMENTS (PPA)

91%

INVESTMENT-GRADE OFFTAKERS

Operational Growth Highlights

(Year Over Year)

AS OF 12/31/22

icon-growth

Fleet operating capacity increased by 17%

icon-projects

Fleet added 52 new assets, bringing the total project count to 456

For more details on our year-over-year highlights, please read our 3Q business update

Total Pre-Operating Capacity

(% Capacity)

Total-Pre-Operating-Capacity-2x
    Solar, 87.3%
    Solar + Storage, 9.0%
    Wind, 2.9%
    Battery Storage, 0.8%

Total Operating Capacity

(% Capacity)

Total-Operation-Capacity-2x
    Solar, 64.0%
    Wind, 31.1%
    Solar + Storage, 3.3%
    Biomass, 1.0%
    Battery Storage, 0.7%

High-Credit-Quality Offtakers

(% Capacity)

High-Credit-Quality-Offtakers-2x
    Investment-Grade Utility, 76.8%
    Investment-Grade Corporation, 9.8%
    Non-Rated39.0%
    Investment-Grade Municipality, 4.4%

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-taers are unrated by credit rating agencies.

ASSET MAP

TEAM

ELLE BRUNSDALE

AVP

ARMAND DEHANEY

VP, Investments

MIKE DUDUM

AVP

JACQUELINE FEDIDA

VP, INVESTMENTS

NEERAV JASHNANI

VP, INVESTMENTS

DONAL MAHONEY

AVP

Spencer Mash

SPENCER MASH

EVP, CHIEF FINANCIAL OFFICER | EXECUTIVE COMMITTEE

Mehul Mehta

MEHUL MEHTA

CHIEF INVESTMENT OFFICER | EXECUTIVE COMMITTEE

BAILEY PLUMMER

PRINCIPAL

BEN TILLAR

PRINCIPAL

CHARLES WHEELER

CEO | EXECUTIVE COMMITTEE

DELLA XU

ASSOCIATE, INVESTMENTS

MANDY YANG

ASSOCIATE, INVESTMENTS

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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